Asia-Pacific Electric Scooters And Motorcycles Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Fastest Growing Market||Asia Pacific|
|Largest Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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Asia-Pacific Electric Scooters And Motorcycles Market Analysis
Asia-Pacific electric scooter and motorcycle market was valued at USD 767.45 billion in the current year and is expected to reach USD 2,984.24 billion by the next five years, registering a CAGR of 25.4% during the forecast period.
- Although the demand for e-bikes increased across the region, there has been a challenge faced by motorcycle and scooter sales. The market took a hit during the first half of 2020 because of the outbreak of the COVID-19 pandemic, when several major economies were forced into lockdown, and the whole supply chain was disrupted. The sales were also down because the markets were closed. However, the second half showed a quick recovery, and the demand is recovering at a high rate.
- Over the medium term, The rise in vehicular gas emissions and noise is leading to a high level of pollution in major countries across the region. The demand for clean energy and high-powered vehicles is witnessing a healthy growth rate, and this factor is driving the market for electric scooters and motorcycles around the region.
- The rise in shared micro-mobility services, especially in developing countries such as China and India, is leading to the deployment of electric scooters in cities. The affordable price structure and app-based operations are attracting more customers every day, thus driving the demand for electric scooters.
- The advancement and innovations in battery technology are propelling the growth of electric two-wheelers around the globe, especially in the Asia-Pacific region. The growth in the demand for rechargeable Lithium-ion batteries has led to the growth of several Lithium-ion battery manufacturers in countries such as China and Japan.
Asia-Pacific Electric Scooters And Motorcycles Industry Segmentation
Electric two-wheelers are defined as two-wheelers driven by one or two electric located on the board. The electric motors derive their power from a rechargeable battery which is usually of lead acid or lithium-ion type.
The Asia-Pacific electric scooters and motorcycles report covers the latest trends, the COVID-19 pandemic’s impact, and technological developments in the market. The scope of the report covers segmentation based on vehicle type, battery type, and country. by vehicle type, the market is segmented into e-scooters and e-motorcycles. By battery type, the market is segmented into lithium-ion and sealed lead-acid, and by Country, the market is segmented into China, India, Japan, South Korea, and the Rest of Asia-Pacific.
For each segment, the market sizing and forecast have been done based on the value (USD).
|By Vehicle Type|
|By Battery Type|
|Rest of Asia-Pacific|
Asia-Pacific Electric Scooters And Motorcycles Market Trends
Increased Adoption of Electric Two-Wheelers In Various Sectors
- The electric vehicles industry is slowly revolutionizing the automobile sector, with more efficient and powerful electric vehicles being released yearly. Apart from being viewed as a cleaner and greener mode of transport for a short distance, e-bikes, e-scooters, and e-motorcycles are finding varied uses across the world in different sectors and applications.
- While electric bikes and scooters are said to be more expensive to purchase than regular two-wheelers, the amount of money saved with respect to rising fuel costs is encouraging several players across logistics, food, delivery, tourism, etc. Accordingly, the companies are investing in procuring these electric two-wheelers and are entering strategic agreements with these vehicle manufacturing companies to gain a notable edge over other competitors in the market.
- E-scooters witness higher sales than e-motorcycles due to lower upfront costs and the availability of more models in the market, which provide ample options for buyers. The allure of the e-scooter, both as a toy and as a potential vehicle for commuting, is driving its adoption. Thus, several startups are beginning to flood major metropolitan areas with hundreds of ‘rent by minute’ scooters.
- Several pilot programs have been initiated to introduce e-scooters in a phased manner to reduce vehicle emissions in cities. The popularity of e-scooters is also encouraging conventional two-wheeler manufacturers to enter the market. India is emerging as a lucrative market for e-scooters. Hence, several two-wheeler manufacturers are gearing up to launch their models in the segment. For instance,
- In March 2022, Hero MotoCorp, the largest two-wheeler manufacturer in India, revealed its future electric car brand, VIDA. The first image of the logo, which demonstrates how the new branding would appear, was also made public by the corporation.
- Several manufacturers are expanding facilities in the region to improve battery technology in the region. For instance,
- In November 2022, JIOS Aerogel announced plans to build a cutting-edge factory in Singapore to develop cutting-edge technology for battery makers. The factory will employ a ground-breaking, automated production technique designed with the assistance of the Singapore Economic Development Board (EDB).
- With the above-mentioned development across the region, the market is witnessing major growth during the forecast period.
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China is Expected to Dominate the Asia-Pacific Market
- China, India, and Japan are the major economies in the regional market, which are expected to influence the overall market. These countries are witnessing the entry of an increasing number of startups and well-established and conventional manufacturers in the market.
- China’s electric two-wheeler market is well-developed, with local manufacturing, sales, and import and export operations. The country produced 113.1 million two-wheelers in 2020. Exports accounted for 59.2 percent of total output, while domestic sales accounted for 40.8 percent of total production. China manufactured 33.9 million electric two-wheelers in 2020, with more than 100 OEMs handling the majority of the manufacturing. The majority of China's electric two-wheelers are sold domestically (95.1%), with a tiny number exported (4.9 percent ). In China's electric two-wheeler market, leading OEMs control more than half of the market. Yadea, Aima, Tailg, Luyuan, and Xinri are key players. Niu and Ninebot are two more major OEMs that have joined the electric two-wheeler industry with premium products and exports.
- In August 2021, Honda's Chinese arm Wuyang-Honda added a new electric scooter. The U-GO e-scooter comes in two models. A 1.2 kW continuous-rated hub motor with a peak rating of 1.8 kW and a maximal speed of 53 km/h is standard on the base model. The second model has a lower power rating of 0.8 kW and a maximal speed of 43 kilometers per hour. According to the article, both versions come with a detachable Lithium-ion battery with a maximum capacity of 1.44 kW. When you update to a larger battery pack, this might be doubled.
- In June 2021, Qianjiang Motor, a two-wheeler manufacturer owned by Geely, which is also the parent company of Benelli, unveiled its first-ever electric motorcycle, the QJ7000D. It is powered by a 72V, 60 Ah battery pack that is fed by a mid-mounted electric motor. The business promises a 100-kilometer range and a peak speed of 105 kilometers per hour. It has USD forks in the front, a mono-shock in the back, disc brakes on both ends, a completely digital TFT instrument panel, and alloy wheels.
- As China continues to increase production of electric two-wheelers, the market is aided by increased demand and new product launches to complement it.
- Government initiatives and incentives play a major role in the adoption of electric bikes in India. Delhi government is now planning to promote electric bikes by offering financial incentives under the Delhi EV policy. The state government's transport department has released a draft proposal for considering electric bikes as a new segment under the Delhi Electric Vehicle Policy 2020. For electric cycles, it plans to subsidize 25% of the cycle's cost (up to Rs 5,500) and give a fixed additional incentive of Rs 2,000 on the first 10,000 electric cycles. A purchase incentive of 33% of the price, up to Rs 15,000 per cargo e-bike, will be given to buyers of the first 10,000 cargo e-bikes.
- The central and state governments have been encouraging EV adoption, and the finance minister even stated plans to develop a strategy for battery swapping in the FY22 budget. It's just a matter of time until battery-switching facilities become commonplace, thanks to the market and government's backing for electric vehicles. To decrease the price of electric bikes in India, major players have invested heavily in research and development and localization of the critical components. The plan is to localize the entire production, including controllers and the battery. This will help cut down the electric bicycles' cost and make them much more affordable to the masses. This aspect is crucial as 65% of the demand for electric bicycles is from tier 2 and tier 3 cities.
- According to a new study from the Society of Manufacturers of Electric Vehicles (SMEV), sales of electric two-wheelers in India climbed by 132 percent in 2021. During the year, 233,971 electric two-wheelers were sold, up from 100,736 the previous year. SMEV has attributed this to the subsidies given to high-speed electric two-wheelers under the FAME 2 policy that have made them more affordable than low-speed two-wheels. FAME 2, or Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India, is an incentive-based scheme by the government to subsidies the making and buying of electric vehicles, including two-wheelers.
- With the ongoing demand for low-cost electric 2-wheelers, major players are rolling out plans to launch electric versions of their top-selling models. For instance,
- In February 2022, Honda Motorcycle and Scooter India confirmed that it is planning to launch an electric version of its best-selling scooter Activa. The new EV could be called the Activa E.
- Hero announced an upcoming electric scooter in August 2021, and the brand later confirmed in November that the scooter would debut in March 2022. The company has officially launched its new Vida brand, under which electric vehicles will be sold, with the first model set to debut on July 1, 2022.
- With the rapid increase in electric bike manufacturing companies, changing customer preferences, and government incentives are poised to witness a growth rate during the forecasted period.
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Asia-Pacific Electric Scooters And Motorcycles Industry Overview
The electric scooter and motorcycle market is dominated by several key players, such as Yadea, NIU, Hero Electric, Gogoro Inc, Dongguan Tailing Electric Vehicle Co., Ltd., and others. Players are investing in new technologies to gain a competitive edge over other players. For instance,
In February 2023, Hero Motors opened a new transmission plant. The Hero Motors Thai plant is a world-class facility strategically located at Asia Industrial Estate, a large industrial estate near Suvarnabhumi International Airport. Production will begin in the first quarter of 2023, with an annual capacity of 25,000 gearboxes and 1.2 Million individual gear components that can be expanded up to three times.
In October 2022, Indian electric scooter startup KLB Komaki Pvt. Ltd. launched its seventh high-speed scooter Venice Eco Electric, in India. The scooter has a Lithium Ferro Phosphate battery which is claimed to reduce fire risks and features a TFT instrument cluster with navigation capabilities.
Asia-Pacific Electric Scooters And Motorcycles Market Leaders
Dongguan Tailing Electric Vehicle Co., Ltd.
Yadea Technology Group Co., Ltd.
Hero Electric Vehicles Pvt. Ltd.
*Disclaimer: Major Players sorted in no particular order
Asia-Pacific Electric Scooters And Motorcycles Market News
- February 2023: At the 2023 Indonesia International Motor Show, Yadea, the world's leading electric two-wheeler brand, announced an exclusive strategic partnership with Indonesian listed company Indomobil. Indomobilwill be Yadea'ssole distributor in Indonesia, and the two companies will collaborate to provide high-quality electric vehicles and excellent customer service to Indonesian consumers.
- May 2022: Yamaha Motor unveiled the "E01" electric scooter. Yamaha's "E-01" is an electric bike that combines motorcycle technology and EV technology. The company also stated that it would begin its demonstration in five Asian countries, including China.
- February 2022: Hero MotoCorp announced a partnership with Gogoro to set up battery swapping stations across India as well as launch electric scooters in India powered by Gogoro batteries.
APAC Electric Scooters & Motorcycles Market Report - Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increasing Demand For Lightweight, Technologically Advanced, And Energy Efficient Vehicles
4.2 Market Restraints
4.2.1 Product Recalling May Hamper the Market Growth
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value - USD Billion)
5.1 By Vehicle Type
5.2 By Battery Type
5.2.2 Lead Acid
5.3 By Country
5.3.4 South Korea
5.3.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Gogoro Inc.
6.2.2 NIU Technologies
6.2.3 Hero Electric Vehicles Pvt. Ltd.
6.2.4 Ather Energy Private Limited
6.2.5 Dongguan Tailing Electric Vehicle Co. Ltd
6.2.6 AIMA Technology Group Co. Ltd
6.2.7 Yadea Group Holdings Ltd
6.2.8 Piaggio & C. SpA
6.2.9 Yamaha Motor Corporation
6.2.10 VinFast LLC
6.2.11 Zero Motorcycles Inc.
6.2.12 Vmoto Limited
6.2.13 Ola Electric Mobility Pvt Ltd.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
APAC Electric Scooters & Motorcycles Market Research FAQs
What is the study period of this market?
The Asia-Pacific Electric Scooters And Motorcycles Market is studied from 2018 - 2028.
What is the growth rate of Asia-Pacific Electric Scooters And Motorcycles Market?
The Asia-Pacific Electric Scooters And Motorcycles Market is growing at a CAGR of 25.4% over the next 5 years.
What is Asia-Pacific Electric Scooters And Motorcycles Market size in 2018?
The Asia-Pacific Electric Scooters And Motorcycles Market is valued at 767 Billion USD in 2018.
What is Asia-Pacific Electric Scooters And Motorcycles Market size in 2028?
The Asia-Pacific Electric Scooters And Motorcycles Market is valued at 2984 Billion USD in 2028.
Which region has highest growth rate in Asia-Pacific Electric Scooters And Motorcycles Market?
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Asia-Pacific Electric Scooters And Motorcycles Market?
Asia Pacific holds highest share in 2022.
Who are the key players in Asia-Pacific Electric Scooters And Motorcycles Market?
Dongguan Tailing Electric Vehicle Co., Ltd. , Yadea Technology Group Co., Ltd., Hero Electric Vehicles Pvt. Ltd., Gogoro Inc. , NIU Technologies are the major companies operating in Asia-Pacific Electric Scooters And Motorcycles Market.
Asia-Pacific Electric Scooters and Motorcycles Industry Report
Statistics for the 2023 Asia-Pacific Electric Scooters And Motorcycles market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Electric Scooters And Motorcycles analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.