Press release
Electric Motorcycles & Scooters Market Key Growth Analysis on Alta Motors, Hero Eco, BMW, KTM, Terra Motors Corp., Zero Motorcycle and AIMA Hi-tech
Global electric motorcycles & scooters market is anticipated to exceed USD 22 billion over the forecast timeframe. Shifting trends towards usage of e-vehicles owing to environmental benefits will drive the electric motorcycles & scooters market. Increasing consumer awareness towards e-mobility assisting in reducing carbon emissions over the conventional vehicles will improve the product penetration.
Some of the key participants include Alta Motors, Hero Eco, BMW, KTM, Terra Motors Corp., Zero Motorcycle and AIMA Hi-tech. Improving the battery and motor performance, enhancing the speed range and power output are the key focus area of the industry participants. Strong value chain development and increasing the product visibility will improve electric motorcycles & scooters sales.
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Less driving range of these vehicles along with low power output may hamper the industry growth. In addition, less presence of charging stations is the major challenge faced for the product penetration. Government are offering infrastructure development to increase the number of charging stations and reducing the time required to charge the battery.
E-motorcycles are estimated to witness strong growth over 10% from 2018 to 2024 owing to new product offerings and reduced price of the product. Industry players are focusing on competing the e-motorcycles with gasoline powered vehicles with improved speed and superior power output. Electric scooters dominate the industry share owing to less priced compared to electric motorcycles.
SLA battery dominates the electric motorcycles & scooters industry share accounting over 85% share in 2017. Low cost, ease in compatibility, and robust structure are among the key factors for segment dominance. However, these are estimated to lose its market share with introduction of lithium-ion and NiMH batteries offering reduced charging time and superior efficiency of the product.
48V batteries accounted over 35% of the electric motorcycles & scooters market share in 2017. The higher volume share can be credited to superior compatibility of these products with the e-vehicles along with desirable power output of these batteries. Adoption of 60V & 70V batteries will witness surge over the forecast timeframe. Consistent development in these batteries with reduced weight and higher power range will fuel the segment growth.
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Asia Pacific dominates the electric motorcycles & scooters market volume share owing to strong demand of the product from China, Indonesia, India & Japan. Proliferating population, less price of the product, low maintenance cost and no requirement of license are the key factors for volume dominance in the region.
North America electric motorcycles & scooters market will witness growth over 16% from 2018 to 2024. The growth can be attributed to new product offering in the region. In May 2015, the European Union initiated project European Green Vehicle related to e-vehicles focusing on improving the public private partnership, reducing economic challenges and reducing carbon emissions.
Complete report for 2018-2024 on Electric Motorcycles & Scooters Market is now available at https://bit.ly/2wQkHWm
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