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Electric Scooter and Motorcycle Market Projected to Reach $14.7 billion by 2028

Electric Scooter and Motorcycle Market Projected to Reach $14.7

The global electric scooter and motorcycle market, by value, is estimated to be 4.9 USD Billion in 2023 and is projected to reach 14.7 USD Billion by 2028, at a CAGR of 24.8% from 2023 to 2028. electric Governments' backing of electric two-wheelers through subsidies and tax breaks, as well as factors like rising demand for energy-efficient commuting, have forced two-wheeler OEMs to look beyond the usage of traditional internal combustion engines (ICE) in two-wheelers.

Due to a number of factors, such as expanding charging infrastructure, cutting-edge battery technologies, rising demand for efficient commuting options, and improved design and performance requirements, the market for electric scooters and motorcycles has a promising growth potential. The sale of inexpensive electric scooters is expanding quickly in Asia Pacific, notably in China, which has fueled the expansion of the world market for electric scooters and motorcycles.

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The market for plug-in electric two wheelers is estimated to be the largest and grow faster due to the larger adoption of Lithium-ion batteries. The plug-in option offers advantages such as the convenience of home charging and public charging facilities provided by the manufacturers and governments. They also offer the option of better battery optimization as in many e-scooters and motorcycles, an option of dual battery is offered, which can be used while the other one is charging, thus reducing the waiting time.

As of 2022, a majority of the manufacturers have been offering plug-in electric scooters and motorcycles. Yadea, Luyuan, and NIU are some major players providing plug-in electric vehicles in China. In contrast, Hero Electric (India), Okinawa Autotech Pvt Ltd (India), Ather Energy (India), and Ampere Vehicles (India) caters to the increasing demand for plug-in electric vehicles in India. GOVECS, KTM AG, and Super Soco provide plug-in electric two-wheelers in European countries. Battery swapping falls under the larger category of the Battery-as-a-Service (BaaS) business model, which entails customers buying an E2W without the battery, significantly reducing upfront costs, and paying a regular subscription fee (daily, weekly, monthly, etc.) to service providers for battery services throughout the lifetime of the vehicle. Fixed and removable batteries can both use the BaaS model, which is the channel to implement swapping solutions. Players such as Gogoro (Taiwan), NIO Power and Aulton are offering battery swapping services. It is a leading open platform that includes battery swapping capability. The Gogoro Network offers cities and operators to deploy battery swapping quickly and cost effectively in the urban areas. Also, SUN Mobility, and Swobbee are some of the major providers of manual swapping stations So, these are the key factors that would drive the market over the forecasted period.

The Asia Pacific region is expected to lead the electric scooter and motorcycle market during the forecast period. Large sales production and sales volumes in China and India, growing demand for affordable electric scooters for short-distance commuting, and governments promoting electric two-wheelers are during the projected period, is anticipated to drive the Asia Pacific market. Important Asian manufacturers include Okinawa Autotech Internationall Private Ltd (India), Hero Electric (India), Yadea Technology Group Co., Ltd. (China), Jiangsu Xinri (China), NIU International (China), and others. NIU Technologies, the top supplier of smart urban mobility solutions in the world, and init Esports, the Esports Powerhouse that specialised in sim racing competitions & motorbike tournaments, announced their cooperation in April 2022. Rising electric two-wheeler usage and a supportive policy environment, including a number of tax breaks and subsidies, would be the main market drivers in Europe. Hence, these are the main elements that would propel the market's expansion over the prediction period.

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The economy class segment is projected to be the larger segment in the electric scooter and motorcycle market during the forecast period due to the lower initial price compared with the luxury segment and the growing demand for affordable commuting. These electric scooters and motorcycles sell mostly in developing countries as an affordable alternative to other commuting options such as public transport and trains. Several well-established two-wheeler manufacturers have entered the Economic segment. For instance, companies such as Hero Electric (India), Pure EV, Okinawa (India), Ampere (India), and TVS (India) cater to the economy segment in the Indian market. Similarly, the Chinese market is dominated by two-wheelers manufactured by Yadea (China), Jiangsu Xinri (China), and Luyuan (China). Also, the Vietnamies market is dominated by two wheeler manufactured by VinFast, Pega, Anbico, Detech, DK bike, and Datbike.

The market for electric scooters and motorcycles is still growing. The demand for high-performance electric scooters and motorcycles is still likely to remain subdued over the shorter run. On the other hand, demand for luxury motorcycle in Europe is growing at a faster rate compared to other regions. For instance, in 2022, the sales of electric motorcycle in Italy 11,399 units, which is increase of 82.9% compared to last year. Demand for a low-cost option is estimated to be the most popular option among end-users, including users buying it for private use as well as fleet operators for commercial use, owing to lower fixed costs. These are the key factors estimated to drive the market over the forecast period

Key Players

The major players in global electric scooter and motorcycle market include Yadea Technology Group Co.,Ltd. (China), Jiangsu Xinri E-Vehicle Co., Ltd (China), NIU International (China), Hero Electric (India), and Okinawa Autotech Internationall Private Limited (India). These companies offer extensive products and solutions for the electric two-wheeler industry; have strong distribution networks at the global level, and invest heavily in R&D to develop new products.

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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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