New York, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The global electric motorcycles & scooters market size is predicted to expand at ~6% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 56 billion by the end of 2035, up from a revenue of ~USD 31 billion in the year 2022.The price of lithium, a crucial component of electric vehicle (EV) batteries, decreased by more than 15% between January and March 2023.
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Moreover, since lithium-ion battery cells are usually the most expensive component of an EV, lowering the cost of batteries could result in more affordable EVs, and wider customer acceptance. Furthermore, by 2030, it is predicted that the cost of EV batteries will fall to between USD 39 and USD55 per kWh worldwide.
Growing Concern of Climate Change to Boost Market Growth
Governments everywhere are promoting the use of electric motorcycles as they understand how urgent it is to decarbonize transportation to promote carbon-neutral mobility and stop climate change. Moreover, governments around the world have put in place a variety of tax breaks, subsidies, and incentives to raise public awareness of the need for electric mobility and to accelerate the shift to sustainable modes of transportation. Additionally, it is estimated that to meet the worldwide climate goals of keeping global warming to 1.5 degrees Celsius and averting many of the negative effects of climate change, electric vehicle (EV) sales must increase to over 75% of passenger car sales globally by 2030.
Electric Motorcycles & Scooters Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Air Pollution to Drive the Growth in the Asia Pacific Region
The electric motorcycles & scooters market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. Due to its rapid population growth and environmental degradation, India has become the seventh most polluted country in the world, with an average yearly PM2.5 concentration of around 53 micrograms per cubic meter. As a result, a growing number of people in the region are considering electric two-wheelers as a practical substitute since these E-bikes have no emissions coming from their exhaust as they don’t run on gasoline. Moreover, in recent times, electric bikes have become more and more popular in the country and it is anticipated that by 2030, more than 60% of new sales will be electric two-wheelers. Additionally, the Indian government has implemented several subsidies and incentives to lower the cost of electric automobiles, and under the 'Make in India' campaign, the Indian government aims to produce all EVs domestically.
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Growing Focus on Sustainability to Drive Growth in the Europe Region
The Europe electric motorcycles & scooters market is estimated to garner the largest revenue by the end of 2035. The new EU growth strategy places a strong emphasis on sustainability and achieving carbon neutrality by 2050, which has led to an increase in the adoption of electric motorcycle scooters in the region. For instance, Governments have passed climate-focused laws like the Fit for 55 regulation which mandates that all new cars and vans registered in Europe be zero-emission by 2035. Furthermore, in 2022, there were more than 43,482 registered electric bikes in Italy, France, Germany, Spain, and the UK—with Italy alone having the maximum number of registered electric motorcycles at 11,390.
Electric Motorcycles Scooters Segmentation by Voltage Type
- 36V
- 48V
- 60V
- 72V
The 48V segment in electric motorcycles & scooters market is anticipated to hold the largest revenue by the end of 2035. The growth can be attributed to the rising disposable income. For instance, both family spending and disposable income are predicted to increase by more than 2% globally in 2022. This is anticipated to fuel the market demand for 48V electric motorcycle scooters often called as well E-motorbike as they can achieve higher top speeds and better acceleration, and can supply energy to a hybrid motor, which uses less fuel to accelerate more quickly and smoothly.
Electric Motorcycles 333Scooters Segmentation by Product
- Motorcycles
- Scooter
The motorcycles segment is anticipated to hold the largest revenue by the end of 2035. This is largely due to the growing sale of electric motorcycles. For instance, it is projected that the number of e-motorcycles sold globally annually will increase from approximately 1 million in 2021 to more than 3 million by 2030, with around 14% compound annual growth rate. Over the past few years, there has been a notable increase in the sales of electric motorcycles as these vehicles are particularly well-liked by middle-class and lower-class individuals, as well as millennials. Moreover, the abrupt rise in popularity of electric motorcycles can also be attributed to several factors, including increasing desire for sustainable and environmentally friendly products, growing incorporation of technology to improve product efficiency and quality, and integration of cutting-edge technology such as blockchain, machine learning, and artificial intelligence.
Electric Motorcycles Scooters Segmentation by Battery Type
- SLA (Sealed Lead Acid)
- Lithium-Ion (Li-Ion) Battery
Electric Motorcycles Scooters Segmentation by Distance Covered
- Below 75 Miles
- 75-100 Miles
- Above 100 Miles
Electric Motorcycles Scooters Segmentation by Technology Type
- Plug-in
- Battery
A few of the well-known industry leaders in the electric motorcycles & scooters market that are profiled by Research Nester are Lightning Motorcycles, Niu International Co. Ltd., Terra Motors India Pvt. Ltd., Vmoto Limited ABN, Z Electric Vehicle, Zero Motorcycles, Inc., BMW AG, Harley-Davidson, Inc., Hero MotoCorp Ltd., KTM Sportmotorcycle GmbH, and other key market players.
Recent Development in the Electric Motorcycles & Scooters Market
- BMW AG announced a collaboration with Vagabund Moto GmbH for the production of BMW CE 04, a multipurpose e-scooter, with a stylish color scheme that includes dark green, beige, white, and black along with many practical features primarily aimed towards young people.
- Hero MotoCorp Ltd declared that around 4,50,152 motorbikes and scooters were sold in March 2022 compared to that of February. Furthermore, after the pandemic, the company managed to rebound and sell over 358,250 scooter and motorcycle units in February 2022.
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