|Status : Upcoming||Report Code : VRAT4015||Industry : Automotive & Transportation||Available Format :|
Industry Insights by Product (Motorcycle and Scooter), by Battery Type (Lithium-Ion, and Sealed Lead Acid), by Voltage (36V, 24V, 48V, and 60V & 70V), and by Technology (Plugin and Battery)
Electric scooters and motorcycles are electricity-powered two-wheelers. The global electric scooters and motorcycles market is growing at a significant rate, due to promising government initiatives and support on eco-friendly vehicle, and surge in the requirement of the competent vehicle with zero carbon emission. Electric scooters majorly contributed to the electric scooters and motorcycles market size. The market has witnessed a high demand for scooters in the last few years due to its light weight and rapid adoption for daily commute in the urban areas.
Insight by Product
On the basis of product, the electric scooters and motorcycles market is subdivided into motorcycle and scooter. Of both products, scooters segment accounted the largest share in the market due to augmented acceptance in urban areas, and lightweight. In addition, the motorcycles segment is expected to grow at the fastest rate in the market due to mounting demand for high-speed two-wheelers.
Insight by Battery Type
On the basis of battery type, the market is subdivided into lithium-ion and sealed lead acid. Of all the battery type, the sealed lead acid segment accounted for the largest share in the market due to its low cost, and ease in compatibility. In addition, the lithium-ion segment is expected to grow at the fastest rate in the market due to lightweight, high charge efficiency, and technological benefits.
Insight by Voltage
On the basis of voltage, the market is subdivided into 36V, 24V, 48V, and 60V & 70V. Among all voltages, 48V batteries accounted the largest share in the market due to the optimum power output of these batteries, and higher compatibility. Moreover, 60V & 70V batteries are expected to grow at the significant rate in the market, due to high power range and constant research and development in improving the performance and speed of these vehicle.
Insight by Technology
On the basis of technology, the market is subdivided into plugin and battery. Among both technologies, battery segment accounted the largest share in the market.
The augmented acceptance of e-mobility for smaller distance is the key trend in the electric scooters and motorcycles market.
The promising government initiatives and support for eco-friendly vehicle such as subsidies and tax benefits; the increasing concern for air pollution casued by gasolie based vehicels; traffic congestion issues, and launch of novel technologies are the primary growth drivers for the electric scooters and motorcycles market. Moreover, low maintenance compared to vehicles equipped with internal combustion engines has resulted in augmented acceptance.
In addition, the surge in the requirement of the competent vehicle with zero carbon emission and efficient green energy vehicles, mounting alarm about environmental pollution and strict regulations regarding vehicle emission are also driving the growth of the market. For instance, according to the World Health Organization (WHO), globally exposure to ambient air pollution leads to 4.2 million deaths every year. In addition, 91% of the world’s population lives in a place where air quality exceeds WHO guidelines limit.
Availability of smart charging stations, food, and beverage delivery, improving charging infrastructure, reducing cost of lithium-ion batteries and EV charging stations motorized by solar panels are also facilitating the growth for the electric scooters and motorcycles market.
Deprived performance of the electric vehicle, lack of availability of charging infrastructure, and stringent rules for installation of charging stations are the major challenges for the growth of electric scooters and motorcycles market.
Globally industry players are leveraging market growth through launching new products. Different players are investing in the development of new battery technology to lower the cost of electric scooters and motorcycles to compete against gasoline vehicles in terms of price and performance. In the coming years, industry leaders are anticipated to significantly lower the cost of these vehicles and enhance the performance of these vehicles leading to adoption by masses.
Geographically, Asia-Pacific is the largest electric scooters and motorcycles market due to government support in the mode of permits, supports, and tax rebates. Rapid urbanization, mounting alarm about environmental pollution, traffic congestion, and mounting disposable income are also up surging growth of the Asia-Pacific electric scooters and motorcycles market.
In addition, China accounted the largest share in the Asia-Pacific market, due to the large population base. Moreover, availability of strong charging infrastructure and rapid urbanization are the factors driving the growth of the China electric scooters and motorcycles market. Moreover, India is expected to grow at the fastest rate in the Asia-Pacific market.
Key players in the electric scooters and motorcycles market are catering the demand by collaborating with small players and investing in technologically advanced EVs across the globe. In July 2018, The GOVECS Group acquired the ELMOTO brand, to improve its product portfolio. Amego Electric Vehicles Inc., Energica Motor Company S.p.A, Govecs Group, Alta Motors, Mahindra GenZe, Bayerische Motoren Werke (BMW) AG, Hero Electric Vehicles Pvt. Ltd., and AIMA Technology Co. Ltd. are the key players offering electric scooters and motorcycles.