Market overview
Electric motorcycles and scooters market research will register worth 17.21 billion with ta CAGR of 11.90% during the forecast period. Electric motorcycles market are two-wheeled motorcycles whose power is generated by a motor using electricity in transportation fuel. Electric-powered two-wheeler show themselves as the electric-powered two-wheeler. A motor and a battery are installed inside the cycle to store and transform the electricity.
Electric motorcycles market are also called e-bikes and are available of several kinds. The growing technological advancement in motors and management systems increases the growth of the market. The demand for eco-friendly products and bikes with less pollution propels the Electric Motorcycles Market.
The growing population and decreases in the cost of electric scooters will drive the market in the forecast period. Cost-efficient maintenance and high efficiency drive the market. Government initiatives towards sustainable growth and the presence of OEM form many new opportunities for the market. Advancements like compact size, reduced motor weight, better acceleration, high-speed handling, etc., have increased electric motorcycles.
The motorcycles can withstand the high wind, and the availability of higher cargo storage are some of the market's growth factors. Due to the shutdown by the government, sales and manufacturing decreased. The factories were shutting down, and closing manufacturing units to limit the spread had a negative pitfall to the market. The market scenario is improving with the reopening of the automotive industry, which expects to make the market regain its growth. The high initial cost and less speed and reach of electric vehicles are hindering the growth of the electric motorcycle market. Limited battery capacity and shortage of charging infrastructure in many areas are challenging the growth market.
Market segmentation
The market is segmented into battery type, vehicle range, by voltage; based on the vehicle range segment, the market is segmented into Below 75 Miles, 75-100 Miles, and Above 100 Miles. By battery type, the market is bifurcated into Li-ion, Lead Acid and Nickel Metal Hydride. The electric motorcycles market is divided into Below 24 Volt, 24-48 volt, 48-60 volt and Above 60 volt by the voltage segment. Consumers adopt the 48 Volt battery as the 48 Volt provides motorcycles with a long battery range that avoids constant battery charging.
Regional analysis
The electric motorcycles market is studied in Asia Pacific, North America, Europe, and the rest of the world. The Asia Pacific region holds the market share. It will continue to grow in the forecast period as the region's government is involved in making efficient green vehicles for the control of increasing air pollution. The decreasing price of automotive vehicles, increasing population and improvement in traffic congestion make the region dominate the market. The presence of high-end market players in the North America and Europe region makes the region grow constantly. More fast-charging stations are constructed, and the shift to electric motorbikes propels the overall market share, and the market is rising globally.
Industry news
A new electric motorcycle company, livewire, aims to achieve 1 lakh sales by 2026.
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