CHICAGO, Jan. 11, 2021
CHICAGO, Jan. 11, 2021 /PRNewswire/ -- According to the new market research report "Electric Scooter and Motorcycle Market by Vehicle Type (E-Scooter/Moped & E-Motorcycle), Battery (Sealed Lead Acid & Li-Ion), Distance Covered, Voltage (36V, 48V, 60V & 72V), Technology (Plug-in & Battery), Vehicle Class, Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Electric Scooter and Motorcycle Market size is projected to grow from 861 thousand units in 2020 to reach 5,948 thousand units by 2027, at a CAGR of 31.8%.
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Factors such as growing demand for energy-efficient commuting and governments supporting electric two-wheelers through subsidies & tax rebates have compelled two-wheeler OEMs to explore beyond the use of conventional internal combustion engines (ICE) in two-wheelers.
Growing concerns over increased pollution by the automotive industry is the prime reason government bodies are promoting electric two-wheelers over conventional ones. They have recognized the need for promoting energy-efficient vehicles to reduce the increasing pollution. To attract and encourage people to buy electric two-wheelers, government bodies of different countries are introducing lucrative schemes and incentives that include formidable discounts, free electricity (initially), and free public charging stations.
Asia Pacific is expected to be the largest market in the forecast
Large sales production and sales volumes in China, growing demand for affordable electric scooters for short-distance commuting in developing economies, and governments promoting electric two-wheelers are expected to drive the Asia Pacific market during the forecast period. China's rapidly growing economy is driving the expansion of advanced technologies to improve electrification in the country. China has spent approximately USD 2.4 billion till 2020 to improve the charging facility infrastructure in the country. The Indian government is taking initiatives such as FAME-II, offering subsidies, and tax exemptions to buyers to promote electric two-wheelers in the country.
Europe is expected to be the second-largest market during the forecast
The Electric Scooter and Motorcycle Market in Europe is projected to be the second-largest during the forecast period. The Netherlands, which focuses a lot on greener vehicles, is estimated to be the largest market in Europe in 2020. The increasing concerns over carbon emissions due to conventional ICE two-wheelers and the efficiency of electric two-wheelers have led the European authorities to develop a large charging infrastructure network that has propelled the growth of the Electric Scooter and Motorcycle Market. Moreover, Europe is home to many leading electric two-wheeler manufacturing companies, such as Piaggio (Italy), Energica Motor Company (Italy), KTM (Austria), Silence (Spain), GOVECS (Germany), and Askoll (Italy).
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The below 75 miles segment is expected to be the largest segment in the forecast
The below 75 miles segment is estimated to dominate the global Electric Scooter and Motorcycle Market, as the majority of the electric scooters/mopeds have a range of up to 75 miles. Asia Pacific is leading the segment of below 75 miles range in 2020 due to the dominance of electric scooters/mopeds over electric motorcycles, especially in China. These scooters/mopeds are used daily to commute and have a range below 75 miles on a single full charge. Yadea, NIU, and Xinri are major manufacturers of electric two-wheelers in China, providing electric scooters with a traveling range of below 75 miles. Hero Electric, Ampere, and Okinawa are the Indian companies offering electric scooters with this range.
The Electric Scooter and Motorcycle Market is dominated by established players such as Yadea Group Holdings Ltd. (China), Jiangsu Xinri E-Vehicle Co., Ltd. (China), NIU International (China), Silence Urban Ecomobility (Spain), and Hero Electric (India).
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