Electric Motorcycle Market market is expected to grow at a CAGR of 35.1% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Electric Motorcycle Market size accounted for USD 160.1 Billion in 2023, growing at a CAGR of 35.1% from 2023 to 2033. An electric motorcycle is a two-wheeled vehicle powered by electricity, typically using one or more electric motors for propulsion. These motorcycles replace traditional internal combustion engines with electric motors and are powered by rechargeable batteries. The batteries store electrical energy, which is then used to drive the electric motor and propel the motorcycle.

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With increasing awareness of environmental issues and a growing emphasis on sustainability, there is a rising demand for cleaner and more eco-friendly transportation options. Electric motorcycles produce zero tailpipe emissions, making them an attractive choice for environmentally conscious consumers. Many governments around the world are offering incentives to promote the adoption of electric vehicles, including motorcycles. These incentives may include tax credits, subsidies, and other benefits, making electric motorcycles more financially appealing to consumers. The development of advanced and high-performance battery technologies, such as lithium-ion batteries, has significantly improved the range, power, and overall performance of electric motorcycles. As battery technology continues to evolve, electric motorcycles are becoming more practical and competitive with their gasoline-powered counterparts.

Key Players
Some of the major Electric Motorcycle Market players holding high market shares include Yadea Group Holding Ltd., Hero Electric, Vmoto Limited, Electrotherm Ltd., Jiangsu Xinri E-Vehicle Co., Ltd. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Energica Motor Company, Piaggio Group, Mahindra and Mahindra Ltd., Harley Davidson, and TORROT ELECTRIC EUROPA S.A.

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Segmental Analysis
Based on product, the Electric Motorcycle market is segmented into E-Scooter/Moped and E-Motorcycle. E-scooters and mopeds are the largest segment of the Electric Motorcycle market. This is due to their lower price, shorter range, and ease of use. E-scooters and mopeds are popular for commuting in urban areas, where they can provide a convenient and emissions-free alternative to cars and buses.

Based on battery type, the Electric Motorcycle market is Sealed Lead Acid and lithium-ion. Lithium-ion batteries are the largest segment of the Electric Motorcycle market. This is due to their higher energy density, longer range, and shorter charging times. Lithium-ion batteries are more expensive than sealed lead acid batteries, but they are becoming more affordable as production costs continue to decline.

Based on voltage, the Electric Motorcycle market is 36V, 48V, 60V, 72V. 48V batteries are the largest segment of the Electric Motorcycle market. This is due to their balance of range and performance. 48V batteries are more powerful than 36V batteries, but they are also more compact and lighter than 60V and 72V batteries.

Based on technology, the Electric Motorcycle market is Plug-In and battery. Plug-in electric motorcycles are the largest segment of the Electric Motorcycle market. This is due to their ease of use and convenience. Plug-in electric motorcycles simply require the rider to plug the battery into a charger, and the motorcycle is then ready to use.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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