Electric Motorcycles & Scooters Market Size, Share, Growth, and Industry Analysis, By Type (By Product, Motorcycles, Scooters and By Battery), By Application (Personal Use and Commercial) and Regional Forecast to 2032

Updated On: 04 November 2024

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ELECTRIC MOTORCYCLES & SCOOTERS MARKET REPORT OVERVIEW

The Electric Motorcycles & Scooters Market Size was Valued at US$ US$ 5218.44 Million in 2023. The Market is likely to Surpass US$ 8231.6 Million by 2032 at a CAGR of 4.66% During the Forecast period [2024-2032].

Electric motorcycles as well as scooters are two-wheeled vehicles that operate through an electric motor different from the internal combustion engines. These vehicles are intended to be green, low noise and energy efficient compared to gasoline operated motorcycles and scooters. Electric motorcycles are generally designed for higher speed and more extensive use than scooters; however, they look similar to motorcycles in structure and work in a similar manner, although they come equipped with batteries and electric motors.

COVID-19 Impact: Market Growth restrained by the Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

This shook the supply chain industry around the world including motorcycle and scooters manufacturing industries. Developing nations’ factory closures, labor-shortage issues, and constraints in procuring important components, such as batteries, electronics, and raw materials, all contributed to manufacturing slowdowns. Transportation and Logistics issues posed additional challenges in the movement of finished products and the parts leading to long delivery time and realized inventories.

LATEST TRENDS

"Urban Mobility Solutions to Propel Market Growth"

Solutions for urban mobility are emerging as a major trend in the area of motorcycles and scooters because cities in all parts of the world are getting congested with pollution and people are facing pressure for efficient transport systems. This trend is one of developing and expanding lightweight small and compact vehicles easily maneuverable particularly in the urban environment, primarily designed for people’s daily commuting needs. Scooters, especially electric ones, are on the frontline of this phenomenon because they are convenient, cheap and eco-friendly. They are among the practical substitutes of cars by ensuring quick and efficient movement within short distances without traffic jams and parking hassles.

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ELECTRIC MOTORCYCLES & SCOOTERS MARKET SEGMENTATION

By Type

Based on type the market can be categorized into By Product and By Battery.

• By Product- These are suited for daily, regular use, back and forth to work and other short and moderate distance travels. They normally have moderate power and aren’t very fast, being ideal for use in urban and suburban areas. They are usually characterized by such aspects as proper and comfortable seating, enough space for storing some items as well as high performance.

• By Battery- Electromeric lead-acid batteries remain one of the oldest forms of rechargeable batteries applied to electric scooters. They are cheaper, but they are heavier and their life expectancy is not as long as the other types of battery that are found today. Among all the available types of batteries, Lithium-ion batteries are the most used in today’s emitter motorcycles & scooters. They are praised for their ability to store higher amounts of energy in comparison to the weight, as well as a longer lifetime.

By Application

Based on application the market can be categorized into Personal Use and Commercial.

• Personal Use- As a means of transport for private use, electric motorcycles and scooters are convenient, cheap and friendly to the natural environment. One of the groups of consumers that benefit from using electric scooters are urban consumers; this is because the scooter is easy to maneuver through crowded city roads and they do not occupy much space when parked.
• Commercial- Electric motorcycles and scooters have been adopted in commercial use in different ways such as delivery, fleets, and ride-sharing. Last-mile delivery by firms in the Foods and parcel delivery industries rely on the electric scooters to make deliveries faster and at a lesser cost.

DRIVING FACTORS

"Environmental Concerns and Regulations to Drive Market Advancement"

One of the key driving factors in the Electric Motorcycles & Scooters market growth is the Environmental Concerns and Regulations. Certainly a major factor influencing electric motorcycles and scooters is the environmental consideration and regulatory laws spurred by the increasing global concerns for emission of greenhouse gasses and climate change. That old technology of gasoline motorcycles and scooters is one of the sources of air pollution leading to emission of greenhouse gasses which is detrimental to human health as well as the natural ecosystem. As a result, most governments and regulatory organizations are putting into practice severe emissions standards and regulations.

"Urbanization and Traffic Congestion to Expand the Market"

The factors that are pushing the electric motorcycles and scooters market are urbanization and traffic jams. This paper focuses on the following emerging issues for urban areas: traffic congestion, pollution, and shortage of parking in urban areas as the population increases in urban centers. They cause these problems and traditional gasoline-powered automobiles intensify them, hence the need for cleaner forms of transport. The problems of urban mobility can be solved using electric motorcycles and scooters.

RESTRAINING FACTOR

"High Initial Costs Poses Potential Impediments to Market Growth"

The high initial costs of production are thus a major challenge in the electric motorcycles and scooters market. Most of these vehicles are normally more costly than their gasoline-controlled counterparts to start with, seeing that they use costly battery technology and high tech electric motors. At the same time, the size of this first payment retails a number of potential purchasers, particularly, those users operating in price-demanding sectors. The consumers may never be in a position to justify the higher costs of the purchase even though year after year they would be saving on fuel and maintenance.

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ELECTRIC MOTORCYCLES & SCOOTERS MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific to Dominate the Market due to High Urban Population Density"

Asia Pacific has emerged as the most dominant region in the Electric Motorcycles & Scooters market share due to a convergence of factors that propel its leadership in this dynamic industry. Asian Pacific nations have large populated cities that experience traffic build-up and pollution issues. Electric motorcycles and scooters are the ideal substitutes for short distance and commuting within these highly congested cities.

KEY INDUSTRY PLAYERS

"Key Players Transforming the Electric Motorcycles & Scooters Landscape through Innovation and Global Strategy"

Major industry players are pivotal in shaping the Electric Motorcycles & Scooters market, driving change through a dual strategy of continuous innovation and a well-thought-out global presence. By consistently introducing inventive solutions and staying at the forefront of technological progress, these key players redefine the industry's standards. Simultaneously, their expansive global reach enables effective market penetration, addressing diverse needs across borders. The seamless blend of groundbreaking innovation and a strategic international footprint positions these players as not only market leaders but also as architects of transformative shifts within the dynamic domain of Electric Motorcycles & Scooters.

LIST OF MARKET PLAYERS PROFILED

• Honda Motors (Japan)
• Z Electric Vehicle (Australia)
• Victory Motorcycles(S.)
• Harley Davidson(S.)
• BMW (Germany)

INDUSTRIAL DEVELOPMENT

2023: Yadea Group, a producer of electric cars, launched its latest car named the Yadea Keeness VFD in Consumer Electronics Show (CES) held in Las Vegas. This electrical variant includes a 10KW Mid mounted high output motor that delivers a top speed of 100 km/h with the ability to sprint from 0 to 50 km/h in a mere 4 seconds.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.