Press release
Electric Motorcycle & Scooter Market Insights 2024: Growth Opportunities for Businesses and Key Trends
Electric Scooter and Motorcycle MarketThe global Electric Scooter and Motorcycle market was valued at US$ 5682.6 million in 2023 and is anticipated to reach US$ 8169.5 million by 2030, witnessing a CAGR of 5.4% during the forecast period 2024-2030.
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Major Factors
The global electric scooter and motorcycle market is driven by growing environmental concerns and the need for sustainable urban mobility solutions. Electric scooters and motorcycles offer a cost-effective, eco-friendly alternative to traditional combustion engines, appealing to urban commuters and governments promoting green transportation. Additionally, technological advancements in battery life, charging infrastructure, and vehicle design have made electric two-wheelers increasingly practical for daily use. Governments worldwide are also offering incentives and subsidies to promote electric vehicle adoption, further boosting market demand.
Electric Scooter and Motorcycle Market Trends
One of the major trends in this market is the integration of connected technologies, such as GPS tracking and smartphone connectivity, into electric scooters and motorcycles. These features enhance user experience by providing real-time data on battery levels, range, and navigation, making electric two-wheelers more appealing to tech-savvy consumers. Connectivity also enables manufacturers to offer remote diagnostics and software updates, improving vehicle performance over time.
Battery technology improvements are another significant trend. With advancements in lithium-ion and solid-state batteries, electric two-wheelers now offer extended range and faster charging times, addressing one of the main barriers to electric vehicle adoption. Manufacturers are investing in battery research to enhance efficiency, providing users with longer-lasting, reliable transportation solutions.
Moreover, the shift toward shared mobility services is shaping market growth. Electric scooters, in particular, are becoming popular in ride-sharing and rental services in urban areas, where space constraints make electric two-wheelers more practical than cars. This trend is especially pronounced in cities across Europe and Asia-Pacific, where governments support shared electric mobility initiatives to reduce congestion and emissions.
Electric Scooter and Motorcycle Market Share
Established brands hold a significant market share in the electric scooter and motorcycle segment, leveraging their established manufacturing capabilities and robust distribution networks. These companies continually innovate with new models, focusing on design, speed, and battery efficiency to attract a broader audience.
Emerging brands and startups, especially in Asia-Pacific, are gaining market share by focusing on affordable, locally produced electric two-wheelers tailored for urban use. These players benefit from lower production costs and the support of government initiatives, making them strong competitors in the entry-level market segment.
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By Companies
• Yadea Group Holdings Ltd.,
• Hero Electric,
• Vmoto Limited,
• Jiangsu Xinri E-Vehicle Co., Ltd.,
• Johammer,
• Saietta Group,
• Energica,
• Alta Motors,
• Lightning,
• Yamaha,
• BMW,
• KTM,
• Victory motorcycles,
• Zero
By Type
• Sealed Lead Acid
• Li-Ion
By Application
• Traffic
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