|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
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The electric scooters and motorcycles market was valued at USD 2 billion in 2020, and it is anticipated to reach USD 3.5 billion by 2026, registering a CAGR of over 10% during the forecast period.
The COVID-19 pandemic had a negative impact on the electric scooters and motorcycles market. The worldwide lockdown restriction has resulted in a halt of production and sales of new vehicles, including electric scooters and motorcycles. Also, due to the disruption of the supply chain, the raw materials required for the production of different parts of the scooters and motorcycles were unavailable, causing delays in production. This has led to the rapid downfall of the industry's economy. However, with the growing inclination toward cleaner mobility across the world, the industry is looking forward to the economic revival during the post-COVID-19 pandemic.
The electric scooters and motorcycles market has noticed significant growth, owing to the growing need for sustainable transportation. Increasing environmental concerns, coupled with favorable government initiatives, are some of the major factors driving the market's growth. Rising energy costs and competition among the emerging energy-efficient technologies are also expected to fuel the market's growth.
- The electric scooters and motorcycles market is in its initial phase, majorly driven by start-ups. However, conventional motorcycle giants are finding future opportunities in this burgeoning market. For instance, Piaggio announced and launched its new Piaggio ONE at the Beijing Motor show in May 2021, indicating the fact that conventional motorcycle giants are keen on expanding their product portfolio to electric vehicles as well.
- The acceptance of bikes and scooters is different in various regions, as bikes and scooters are a less expensive and more sustainable form of transportation than cars. Southeast Asia, South America, and Africa have huge potential, as these regions primarily use normal scooters and motorcycles with lower engine capacities for the daily commute or short-distance transport.
Scope of the Report
The electric scooters and motorcycles market is segmented by type (e-scooters and e-motorcycles), battery type (Li-ion and sealed lead acid), and geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers market size and forecasts for the electric scooters and motorcycles market in volume and value (USD billion) for all the above segments.
|By Battery Type|
|Sealed Lead Acid|
Key Market Trends
Government Initiatives are Adding to the Market Growth
Currently, the price of electric two-wheelers is higher than that of conventional motorcycles, owing mostly to the cost of batteries. Although governments of different countries are offering subsidies for electric vehicle purchases, the final expenditure on the vehicle is still high. Hence, companies and local governing bodies are pushing hard to promote and provide more fuel for the growth of electric two-wheelers.
Many countries where two-wheelers are popular have come up with new incentive schemes for e-scooters and motorcycles. For instance, in February 2021, the Indian government announced its plan to support the country's electric bikes market, which is currently at around 1.5 million units.
The government provides subsidies for the buyers via its Faster Adoption and Manufacturing of Electric-Vehicles (FAME) scheme, which invests a total of INR 10,000 crore in the market. The increasing trend of e-bike sales in India is an example of government and corporate efforts.
Also, in April 2021, the renowned electric bike startup Ather Energy announced the set up of 128 fast-charging stations across Mumbai as part of a network of charging stations that can be used by all-electric two-wheelers, thus, further aiding the growth of electric scooters and motorcycles.
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Asia-Pacific is Expected to Lead the E-scooters and E-motorcycles Market
Asia-Pacific is anticipated to lead the market over the forecast period. China, India, and Japan are the major economies in the regional market, which are anticipated to influence the overall market. These countries are witnessing the entry of an increasing number of start-ups and well-established and conventional manufacturers in the market.
In 2020, Taiwan began providing a subsidy of up to USD 900-1000 for the purchase of new electric motorcycles/scooters. Owing to such plans in the past, in December 2019, Gogoro, a local start-up, sold a record of 22,500 units. It also ended 2019 with a record of 145,000 sales in Taiwan.
India, one of the largest two-wheeler markets, is witnessing the entry of many new start-ups, which are marking their presence by launching new models and expanding current models and existing infrastructure. For instance,
- In 2020, BattRE Electric Mobility launched an IoT e-scooter, which has features such as navigation assist, ride statistics, remote diagnostics, anti-theft alarm, speedometer call alerts, and ride behavior suggestions.
Corporate efforts for better vehicle and battery technology employed in the vehicles are important steps for the market. For instance, four major Japanese manufacturers, namely, Honda Motor Co. Ltd, Kawasaki Heavy Industries Ltd, Suzuki Motor Corporation, and Yamaha Motor Co., have established the Swappable Battery Consortium that standardizes the batteries used in all these electric motorcycles.
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The electric scooters and motorcycles market is moderately fragmented, and it has a number of local players. The conventional companies are expanding their presence in this new market, which was earlier dominated by startups. Conventional companies are entering the market by introducing new plants and converting the existing scooters and motorcycles into e-vehicles. For instance,
- In April 2021, Singapore's EuroSports technologies (EST) signed an MoU with Strides Transportation to develop, market, and supply smart electric motorcycles design.
- In 2019, Yamaha finalized an agreement with Gogoro to commercialize its new line of scooters, which may be produced in the Gogoro plant. The two companies launched their first model, Yamaha EC-5, with a technology that enables users to swap batteries for a quick recharge.
In June 2021, Harley Davidson announced the reveal of its first production electric motorbike, LivWire.
In April 2021, Zero Motorcycles launched the DSR Electric Motorcycle that is built for dual-sport adventures appealing to a large group of motorists.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - 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
5.1 By Type
5.2 By Battery Type
5.2.2 Sealed Lead Acid
5.3 By Geography
5.3.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.3.4 Rest of the World
22.214.171.124 South America
126.96.36.199 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share**
6.2 Company Profiles*
6.2.1 Zero Motorcycles Inc.
6.2.2 Hero Electric
6.2.3 Vmoto Limited
6.2.4 AIMA Technology Group Co. Ltd
6.2.5 Tailing Electric Vehicle Co. Ltd
6.2.6 Piaggio Group
6.2.7 Ather Energy Pvt. Ltd
6.2.8 Energica Motor Company
6.2.9 Honda Motor Co. Ltd
6.2.10 Gogoro Inc.
6.2.11 NIU International
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Electric Scooters and Motorcycles Market market is studied from 2018 - 2026.
What is the growth rate of Electric Scooters and Motorcycles Market?
The Electric Scooters and Motorcycles Market is growing at a CAGR of 10% over the next 5 years.
What is Electric Scooters and Motorcycles Market size in 2018?
The Electric Scooters and Motorcycles Market is valued at 2 Billion USD in 2018.
What is Electric Scooters and Motorcycles Market size in 2026?
The Electric Scooters and Motorcycles Market is valued at 3 Billion USD in 2026.
Which region has highest growth rate in Electric Scooters and Motorcycles Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Electric Scooters and Motorcycles Market?
Europe holds highest share in 2020.
Who are the key players in Electric Scooters and Motorcycles Market?
Zero Motorcycles Inc., NIU International, AIMA Technology Group Co. Ltd, Tailing Electric Vehicle Co. Ltd, Vmoto Limited are the major companies operating in Electric Scooters and Motorcycles Market.