Electric Motorcycles and Scooters Market size to exceed USD 55 million by 2023
Escalating fuel prices in various nations is likely to drive the industry demand for electric vehicles from 2016 to 2023.
Entrance of several huge original equipment manufacturers (OEMs) is expected to fuel the industry demand. These vehicles offer numerous benefits in contrast with internal combustion engine powered vehicles such as zero emission and fuel economy of pollutants namely carbon monoxide, nitrogen oxide and hydrocarbons. In addition, decreasing battery prices is estimated to propel the industry growth over the forecast period.
Lack of recharge infrastructure especially in developing countries might pose a challenge to the global electric motorcycles and scooters market. Lower gross domestic product (GDP) growths accompanied by restrictive congestion or emissions policies are forecast to hamper the industry demand from 2016 to 2023. In addition, high cost of vehicles along with limited availability in the market might pose as challenge to the industry demand.
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Various factors such as integrated mobility, inclination towards eco-friendly transportation and development of mega cities are anticipated to positively impact the industry demand. In addition, increasing environmental apprehension accompanied by availability of these electric vehicles at affordable prices is anticipated to fuel the industry growth over the several forth coming years. Advent of several awareness initiatives taken by governments to promote the adoption of electric vehicles is likely to boost the industry demand over the forecast period. Attributes such as low operational and maintenance costs offered by these electric vehicles is estimated to augment electric two wheelers market demand.
Innovations of nano technology in lithium-ion batteries used in these vehicles are likely to provide potential growth avenues over the forth coming years. Researchers are now working on improvising the battery performance along with minimising the manufacturing cost. Thus, the availability of superior quality batteries at economical cost might help in lowering the prices of these electric vehicles. Manufacturers are now entering into numerous emerging economies where fuel prices are a serious matter of concern.
The global electric motorcycles and scooters market can be segmented on the basis of power, technology of battery. On the basis of power the industry can be segmented into high powered and low powered electric motorcycles (e-motorcycles) and electric scooters (e- scooters). On the basis of technology of battery, the industry can be segregated into Sealed -ionLead Acid (SLA), Nickel Metal Hydride (NiMH) and Lithium-Ion (Li-Ion). Li-Ion can be further segmented into lithium iron phosphate and lithium metal chemistries. Proliferating use of Li-ion batteries enables in having longer battery lifespan as well as improved power densities unlike sealed lead-acid (SLA) batteries.
Asia Pacific electric motorcycles and scooters market size is estimated to witness significant growth. The surge in the industry can be subjected to the presence of large number of developing economies. China is expected to lead the industry owing to rising demand for these vehicles in the region. In addition, development of mega cities, shift towards eco-friendly transportation accompanied by integrated mobility in the nations namely Japan, China and India.
Europe electric two wheelers market size is estimated to witness significant gains forecast period owing to the technological innovation and advancements. In addition, availability of developed infrastructure is also likely to boost the industry demand from 2016 to 2023. Furthermore, rigorous regulatory initiatives for reducing dependency on fuel are likely to exhibit high growth prospects to various industry participants over the forecast period.
Key industry players occupying significant electric motorcycles and scooters market share in the industry include BMW Motorrad International, Polaris Industries, GOVECSJiangsu Xinri E-Vehicle Co., Ltd., Yamaha Motor Co., BOXX Corp, Greenwit Technologies (Motorino), Terra Motors, AllCell Technologies, Green Energy Motors, Alta Motors, Chaowei Power, E.T Scooter, Yadea Technology Group Co, Gogoro, Peugeot Scooters, Zero Motorcycles, Inc., Harley-Davidson, Hollywood Electrics, iO Scooter, Honda Motor Co., Ltd., Huafu High Technology Energy Storage Co., Ltd., Yadea Technology Group Co, Ltd. KTM, Lightning Motorcycles, Mahindra GenZe, Mission Motors and Yadea Technology Group Co., Ltd among others.
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