Electric Scooter and Motorcycle Market Size, Share, Growth and Demand Forecast to 2025
The electric scooter and motorcycle market is growing rapidly. The key reasons the growth of such industry, is the constant push by the government in order to protect environment, by giving ease in polices and helping the companies to setup manufacturing plants.
In the term of product segmentation, the electric scooter is expected to grow more in the comparison of electrical motorcycles, in the near future. The main reason behind this is lower cost compare to electric motorcycles, in addition, electric scooters were introduced before motorcycles globally. Still, the motorcycle category is likely to show higher CAGR in the coming time.
In the terms of battery type, SLA-powered electric two-wheelers held the highest market revenue share, however, the lithium-ion are estimated to grow more in the near future time. The primary reason behind the growing demand is, these batteries are more eco-friendly, and because of this, manufactures are leaning more toward this category of batteries.
Based on voltage, electric motorcycles and scooters powered with 48 V, are estimated to hold the largest market share during the forecast period, the major reason behind this is 48 V batteries are more cost efficient.
APAC is the largest market for electric two-wheelers. Due to increase in income, supportive government policies and growing urbanization, people are leaning more toward electric scooters and motorcycles, these are the main reason behind the adoption of electric two-wheelers in such region. Still, the market is projected to show the fastest growth in Europe in near future.
E-commerce market is a growing industry and effecting the electric scooter and motorcycle market positively, Furthermore, the online channel is quite effective in helping many companies carry out their operations and growing their reach to a bigger customers base.
In order to protect environment, and to control pollution and reduce environment degradation, electric vehicle was introduced. governments of many countries are inspiring to grow the usage of electric vehicles, which in turn, is helping the growth of the electric two-wheeler industry. government is taking several steps, such as, helping to set up manufacturing plants, relaxation in tax, for instance, Hong Kong government came up with many taxes’ realisation polices in order to grow the sales of electric tow-wheelers.
Hence, to protect environment, the demand for the electric vehicle will rise in the years to come.
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