The Global Electric Scooter And Motorcycle Market Size is valued at 4.12 billion in 2022 and is predicted to reach 27.24 billion by the year 2031 at a 23.58% CAGR during the forecast period for 2023-2031.
The market for electric motorcycles and scooters was adversely affected by the COVID-19 outbreak. The global shutdown restrictions halted the manufacturing and sales of new vehicles, including electric motorcycles and scooters. Moreover, due to supply chain interruptions, production delays were brought on by the need for more raw materials to make various scooter and motorbike parts. Yet, the market anticipates a recovery in the economy following the COVID-19 pandemic due to the global trend toward cleaner mobility.
Furthermore, the market was heavily hit by the decline in car output and labor shortage. The market is anticipated to reverse during the forecast period as car manufacturers have resumed operations due to progressively increasing automobile sales in nations with low COVID-19 instances. Furthermore, the manufacturers are putting backup plans in place to reduce potential business risks and maintain customer relationships in crucial areas of the vehicle industry.
The long-term need for sustainable transportation is the main driver of market expansion. Rising government initiatives and environmental concerns are a few of the key drivers propelling the market's growth. The market's expansion is also anticipated to be fueled by rising energy prices and competition among newly developed energy-efficient technologies.
Recent Developments:
- In October 2022, KLB Komaki Pvt. Ltd., an electric scooter startup in India, debuted Venice Eco Electric, its eighth high-speed scooter, in the country. The scooter includes a TFT instrument cluster with navigational functions and a Lithium Ferro Phosphate battery that is said to lower fire risks.
Competitive Landscape:
Some of the Electric Scooter and Motorcycle market players are:
- AIMA Technology Group Co. Ltd
- Alta Motors
- Ampere Vehicles Pvt Ltd (Greaves Cotton)
- Bell Custom Cycles
- Blacksmith Electric
- Electric Motion
- Energica Motor Company S.p.A
- Essence Motorcycles
- Govecs Group
- Harley Davidson
- Hero Eco Vehicles Pvt Ltd
- Honda Motors
- Husqvarna Motorcycles GmbH
- Jiangsu Xinri E Vehicle Co. Ltd.,
- Johammer e-mobility GmbH
- KTM AG
- Lightning Motorcycles
- NIU International,
- Okinawa Autotech Private Ltd.
- Yadea Technology Group Ltd.,
Market Segmentation:
The Electric Scooter and Motorcycle market is segmented by vehicle type, battery type, distance covered, technology, voltage, vehicle class, and usage. The market is segmented as E-scooter and E-Motorcycle based on vehicle type. By the battery type, the market is segmented into sealed lead acid and lithium-ion. By distance covered, the market is segmented as below 75 miles, 75-1000 miles, and above 100 miles. By technology, the market is segmented into plug-ins and batteries. The market is divided into 36V, 48V, 60V, 72V, and above 72V by voltage. The market is segmented as economy and luxury based on vehicle class. Based on usage, the market is divided into commercial and private.
Based On Vehicle Type, The E-Scooters Segment Is Accounted As A Major Contributor In The Electric Scooter And Motorcycle Market
Due to reduced upfront costs and the availability of more models on the market, which give purchasers a variety of alternatives, e-scooters sell more frequently than e-motorcycles. The popularity of the e-scooter is being fueled by its attraction as a toy and a potential mode of transportation for commuting. As a result, numerous firms are starting to inundate large cities with thousands of scooters that can be rented by the minute.
The Private Usage Segment Witnessed Growth At A Rapid Rate
The industry was dominated by the personal use segment, which brought in a major part of the total revenue. Due to their environmental friendliness, low cost, light weight, low maintenance requirements, and ease of maneuverability, e-scooters are revolutionizing the personal vehicle market. They are generally favored above their electric competitors. E-scooters are also well-liked by millennials as well as low- and middle-income groups. To create a proactive driving experience, many manufacturers are incorporating linked car technology in these scooters.
The Asia Pacific Electric Scooter And Motorcycle Market Hold A Significant Revenue Share In The Region
The majority of worldwide industry revenue came from Asia Pacific, which also led the sector globally. China, Taiwan, and Japan have produced the majority of e-scooter manufacturers globally, accounting for the most considerable proportion. China has become a significant producer and exporter of e-scooters in addition to being one of the largest consumers. Jiangsu Xinri Electric Vehicle Co., Ltd., Yadea, AIMA Group, Zhejiang Luyuan, and Niu International are among the suppliers participating in the Chinese market.
Rapid urbanization, the rising affordability of e-scooters, and rising consumer awareness of clean energy mobility to reduce vehicle emissions are further factors driving the regional industry. Also, research and development activities will continue to improve this market over the following ten years significantly.
Electric Scooter And Motorcycle Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 4.12 Bn |
|
Revenue forecast in 2031 |
USD 27.24 Bn |
|
Growth rate CAGR |
CAGR of 23.58 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Vehicle Type, Battery Type, Distance Covered, Technology, Voltage, Vehicle Class, And Usage |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Yadea Technology Group Ltd., Jiangsu Xinri E Vehicle Co. Ltd., NIU International, Hero Electric, and Okinawa Autotech Private Ltd. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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