Electric Scooter and Motorcycle Global Market Report 2023: Low Operating and Maintenance Costs Drives Adoption
Global Electric Scooter and Motorcycle Market
Dublin, April 13, 2023 (GLOBE NEWSWIRE) -- The "Electric Scooter and Motorcycle Market by Vehicle (E-Scooters/Mopeds & E-Motorcycles), Battery (Lead Acid & Li-Ion), Distance, Voltage (36V, 48V, 60V, 72V, Above 72V), Technology Usage(Private, Commercial), Vehicle Class & Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global electric scooter and motorcycle market, by value, is estimated to be USD 4.9 Billion in 2023 and is projected to reach USD 14.7 Billion by 2028, at a CAGR of 24.8% from 2023 to 2028.
Electric scooter and electric motorcycle market growth would be supported by favourable government policies for electric two-wheelers through subsidies and tax refunds and development towards charging infrastructure in collaboration with OEMs in the near future.
The rising price of gasoline has already an impact on consumers in developing nations. The operational costs of these vehicles will be decreased by electrical two-wheelers. These two-wheelers are more productive than standard models.
Electronic systems are more durable than mechanical ones because they malfunction less frequently due to less wear and, logically, friction As a result, compared to vehicles powered by fuel, electric two-wheelers survive longer and as a result have a lower environmental impact during use. Manufacturers are anticipated to create electric motorbikes and scooters with a greater range than the present generation of electric two-wheelers.
The 60V segment is expected to be the largest voltage segment in the Asia Pacific.
Over the forecast period, Asia Pacific is anticipated to have the largest and quickest market for the 60V segment. The majority of the electric scooters and motorbikes produced by major manufacturers in the Asia Pacific and around the world use these range of batteries. Key Asian manufacturers such as NIU International (China), Yadea Technology Group Co.,Ltd. (China), Jiangsu Xinri (China), Hero Electric (India), and Okinawa Autotech Internationall Private Limited (India) offer 60V batteries in their latest models.
Models such as YADEA A3 mini, YADEA C1S, NIU NQi GTS, NQi Sport, UQi GT, VMOTO VS2, etc., are some of the models equipped with the 60V battery. For instance, In November 2022, Vegh Automobiles have announced the launch of their new electric scooter VEGH S60, their first model in High-Speed Electric Scooters in India powred by 60V. There will be a high demand for batteries in this category of vehicles due to the variety of models available and the requirement for a cost-effective solution.
Economy segment is expected to be the largest vehicle class segment in Asia Pacfiic during the forecast period.
The adoption of electric scooters in Asia Pacific is estimated to be larger than in other regions, and North America is projected to grow at a faster rate. Demand from end users in countries such as France and Spain would also increase the adoption of electric scooters in the economy class segment in Europe. On the other hand, China and India represent the most important markets for economy class electric scooters due to the high inclination of the consumers toward low-cost commutes.
In Asia Pacific, electric scooters are primarily considered a flexible mode of transport for the daily commute and short-distance traveling. According to industry experts, most electric two-wheelers sold in India and China fall in the range of USD 400 to USD 1400 due to consumer spending patterns and current driving needs. Yadea G5, Hero Nyx LX, Hero Flash LX, Revolt RV 400, Ampere Zeal Li, Vmoto TC, and TS are a few of the models in this category. Thus, the rise in the adoption of economy class vehicles would drive the market for the economy segment.
Lithium-ion battery is estimated to be the largest battery segment in the forecast period.
Throughout the forecast period, the lithium-ion segment is anticipated to experience the fastest growth in the market for electric scooters and motorcycles. Manufacturers are working to create electric scooters and motorcycles with cutting-edge lithium-ion batteries For Instance, In February 2023, LML intends to introduce the LML STAR electric scooter in India. The lithium-ion battery inside the electric scooter has a capacity of about 4 kWh. It is a swappable battery.
It takes about 4-5 hours to fully charge the battery, which has a range of up to 120 kmph on a single charge. . The limited longevity and useable capacity of lead-acid batteries are predicted to shift attention to lithium-ion batteries and drive the market for electric scooters and motorcycles during the forecast period. In addition to this, lithium-ion batteries are thought to be more environmentally friendly, making them the better option. There is high adoption of lithium ion battery due to decrease in battery prices over last few years.
Market Dynamics
Drivers
Low Operating and Maintenance Costs
Government Incentives and Subsidies
Advancements in Battery Technology
Implementation of Battery Swapping Technology
Rapid Urbanization Fueling Need for Convenient Modes of Transportation
Restraints
Lack of Charging Infrastructure
Lack of Power Output and Limited Range
Battery Heating Issues and Long Charging Time
Opportunities
Government Bodies Backing Electric Two-Wheelers
Decreasing Prices of Batteries
New Revenue Pockets in Asia-Pacific and Europe
Use of IoT and Smart Infrastructure in Electric Two-Wheeler Charging Stations for Load Management
Challenges
Initial Investments and High Cost of Electricity
Lack of Compatibility, Interchangeability, and Standardization
Technological Barriers Related to Battery Development
Key Attributes:
Report Attribute
Details
No. of Pages
378
Forecast Period
2023 - 2028
Estimated Market Value (USD) in 2023
$4.9 Billion
Forecasted Market Value (USD) by 2028
$14.7 Billion
Compound Annual Growth Rate
24.8%
Regions Covered
Global
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Electric Scooter and Motorcycle Market, by Battery Type6.1 Introduction6.2 Sealed Lead-Acid6.2.1 Low Cost of Lead-Acid Batteries to Drive Market6.3 Lithium-Ion6.3.1 Asia-Pacific to Lead Lithium-Ion Battery Segment Due to Growing Usage of Modern Electric Two-Wheelers6.4 Nickel Metal Hydride Battery6.5 Sodium-Ion Battery6.6 Key Primary Insights
7 Electric Scooter and Motorcycle Market, by Distance Covered7.1 Introduction7.2 Below 75 Miles7.2.1 Asia-Pacific to Hold Major Market Share in Below 75 Miles Segment7.3 75-100 Miles7.3.1 Improving Battery Technologies to Drive Demand for 75-100 Miles Range Electric Two-Wheelers7.4 Above 100 Miles7.4.1 Developments in Battery Technology to Boost Demand for High-Range Electric Scooters and Motorcycles
8 Electric Scooter and Motorcycle Market, by Voltage Type8.1 Introduction8.2 36 V8.2.1 Rising Demand for Daily Short-Distance Travel to Drive Segment8.3 48 V8.3.1 Rising Demand for 48 V-Powered Electric Scooters and Motorcycles for Short Mobility Purposes8.4 60 V8.4.1 Growing Need for High-Performance Electric Two-Wheelers to Drive Segment8.5 72 V8.5.1 Advancements in Battery Technology and Growing Demand for High-Performance Two-Wheelers to Drive Market8.6 Above 72 V8.6.1 Advancements in Battery Technology for High-Performance Motorcycles to Drive Segment
9 Electric Scooter and Motorcycle Market, by Technology Type9.1 Introduction9.2 Plug-In9.2.1 Increasing Public Fast-Charging Stations for Electric Two-Wheelers to Drive Segment9.3 Battery9.3.1 Initial Cost-Benefit on Purchase of Battery Swapping Scooters and Motorcycles to Drive Market
10 Electric Scooter and Motorcycle Market, by Vehicle Class10.1 Introduction10.2 Economy10.2.1 Increased Sales of Electric Scooters in Asia-Pacific to Drive Segment10.3 Luxury10.3.1 Rising Adoption of Luxury-Class Electric Two-Wheelers to Drive Segment
11 Electric Scooter and Motorcycle Market, by Vehicle Type11.1 Introduction11.2 E-Scooters/Mopeds11.2.1 Growing Government Initiatives to Enhance E-Mobility11.3 E-Motorcycles11.3.1 Rising Demand for High-Performance Electric Motorcycles to Drive Market
12 Electric Scooter and Motorcycle Market, by Usage12.1 Introduction12.2 Private12.2.1 Varied Range of Products Clubbed with Government Incentives and Reducing Prices to Drive Segment12.3 Commercial Use12.3.1 High Initial Cost of Ownership and Low Operational and Maintenance Costs to Drive Segment
13 Electric Scooter and Motorcycle Market, by Region
14 Competitive Landscape
15 Company Profiles
16 Recommendations16.1 Rising Demand for Electric Scooters and Motorcycles in Asia-Pacific16.2 Technological Advancements to Help Develop Market for Battery Swapping16.3 Conclusion
17 Appendix
Companies Mentioned
Aima Technology Group Co. Ltd.
Alva
Askoll Eva S.P.A.
Ather Energy
Bajaj Auto Ltd.
Bf Goodrich
Bmw Group
Cake
Cezeta
Continental Ag
Damon Motors Inc.
Dongguan Tailing Electric Vehicle Co. Ltd.
Elvindo
Emflux Motors
Energica Motor Company S.P.A.
Gesits
Gogoro
Govecs
Greaves Electric Mobility Private Limited (Ampere Vehicles)
Harley Davidson
Hero Electric
Honda Motor Co. Ltd.
Jiangsu Xinri E-Vehicle Co. Ltd.
Johammer
Ktm Ag
Kwang Yang Motor Co. Ltd.
Lightning Motorcycles
Mahindra & Mahindra Ltd.
Migo Ebike
Nexzu Mobility Ltd. (Avan Motors India)
Nidec Corporation
Niu International
Nusa Motors
Okinawa Autotech Internationall Pvt. Ltd.
Ola Electric Mobility Pvt. Ltd.
Oyika
Piaggio Group
Pt Volta Indonesia Semesta (Volta)
Rakata Motorcycle
Revolt Intellicorp Private Limited (Revolt Motors)
Robert Bosch Gmbh
Seg Automotive
Selis
Shandong Incalcu Electric Vehicle Co. Ltd.
Silence Urban Ecomobility
Smoot Elektrik
Terra Motors Corporation
Tvs Motor Company
Ultraviolette Automotive
United Motor
Valeo
Viar Motor Indonesia
Vmoto Limited
Yadea Technology Group Co. Ltd.
Z Electric Vehicle
Zero Motorcycles, Inc.
Zhejiang Luyuan Electric Vehicle Co. Ltd.
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Global Electric Scooter and Motorcycle Market
ResearchAndMarkets.com's The 60V segment is expected to be the largest voltage segment in the Asia Pacific. Economy segment is expected to be the largest vehicle class segment in Asia Pacfiic during the forecast period. Lithium-ion battery is estimated to be the largest battery segment in the forecast period. Market Dynamics Key Attributes: Report Attribute Details Key Topics Covered: 1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights 5 Market Overview 6 Electric Scooter and Motorcycle Market, by Battery Type 7 Electric Scooter and Motorcycle Market, by Distance Covered 8 Electric Scooter and Motorcycle Market, by Voltage Type 9 Electric Scooter and Motorcycle Market, by Technology Type 10 Electric Scooter and Motorcycle Market, by Vehicle Class 11 Electric Scooter and Motorcycle Market, by Vehicle Type 12 Electric Scooter and Motorcycle Market, by Usage 13 Electric Scooter and Motorcycle Market, by Region 14 Competitive Landscape 15 Company Profiles 16 Recommendations 17 Appendix Companies Mentioned About ResearchAndMarkets.com Attachment