Need to Protect the Environment Propelling the Electric Scooter and Motorcycle Market

Due to government initiatives toward the adoption of eco-friendly vehicles in the form of tax concessions, rapid urbanization, growing concern for carbon emission, and low maintenance cost of electric vehicles, the market for electric two wheelers is growing. The electric scooter and motorcycle market size is projected to grow to $13,864.0 million by 2025, increasing at a 7.3% CAGR during the forecast period (2018–2025).

The domain has been segmented by product, battery type, voltage, technology, and geography. As the name suggests, the market, based on the product, is divided into scooter and motorcycle. In 2017, the scooter category dominated the market by holding the largest share in terms of value (over 95.0%). The reason for this was the easy availability of a variety of e-scooter models and their low cost. However, during the forecast period, the demand for electric motorcycles is expected to increase, thus leading to the electric scooter and motorcycle market growth.

Similarly, the technology segment of the electric scooter and motorcycle market is categorized into plug-in and battery. Of the two, the plug-in category, due to its easy operability and low cost, had higher sales volume share (more than 95.0%) in the market. On a global ground, Asia-Pacific (APAC) accounted for the largest revenue share (more than 90.0%) in 2017. China, due to its rapid urbanization and large population, accounted for the major share in APAC. While China will still lead the market during the forecast period, India is projected to be the fastest growing.

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Across the globe, rising carbon emissions have been a great concern for every environmentalist and government. This concern has resulted in a rise in e-vehicle sales, thus leading to the growth of the electric scooter and motorcycle market. Furthermore, electric scooters and motorcycles have been appreciated by various governments across the world as an efficient and reliable light motor vehicle alternative. In several countries, governments are offering tax concessions to encourage people to adopt eco-friendly vehicles, such as the Government of India under its FAME scheme.

The global electric scooter and motorcycle market is quite fragmented, where the top five players held less than 35.0% share of the total revenue. All of the five major players — Zhejiang Luyuan Electric Vehicle Co. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., Yadea Technology Group Co. Ltd., Dongguan Tailing Electric Vehicle Co. Ltd., and AIMA Technology Co. Ltd. — are based in China. Other market players who have an impressive regional presence are Mahindra GenZe, Vmoto Limited, Hero Electric Vehicles Pvt. Ltd., Energica Motor Company S.p.A., GOVECS AG, BMW AG, and Ampere Vehicles Pvt. Ltd.

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With increasing global warming levels, the need and demand of eco-friendly products, such as electric scooters and motorcycles, is expected to rise, thus leading to the growth of the market.

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This release was published on openPR.