Electric Scooter and Motorcycle Market Forecast to Reach $33.5B by 2034 Amid Rising Green Mobility Trends

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Electric Scooter and Motorcycle Market Size, Share & Trends Analysis Report By Vehicle (E-Scooters/Mopeds & E-Motorcycles), Battery (Lead Acid & Li-Ion), Distance (below 75 miles, 75-1000 miles, and above 100 miles), Voltage (36V, 48V, 60V, 72V, Above 72V), Technology Usage(Private, Commercial), Vehicle Class (economy and luxury)- Market Outlook And Industry Analysis 2034"

The Global Electric Scooter and Motorcycle Market is estimated to reach over USD 33.5 Billion by the year 2034, exhibiting a CAGR of 21.2% during the forecast period.

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The electric scooter and motorcycle market is experiencing robust growth, driven by a combination of factors such as heightened government support for electric mobility, rising fuel prices, and increasing consumer preference for environmentally sustainable transportation solutions. Despite this growth, market expansion is moderated by high initial purchase costs and regulatory limitations in certain major Chinese cities.

Advancements in battery technologies and enhancements in charging infrastructure are generating new opportunities for market participants. Governments globally are promoting the adoption of low-emission vehicles through the enforcement of strict emissions standards, the provision of financial incentives-including subsidies and tax reductions-and the development of supportive regulatory frameworks.

For instance, in June 2019, the Government of India reduced the Goods and Services Tax (GST) on electric vehicles, including electric scooters and motorcycles, from 12% to 5% to encourage market penetration. Furthermore, ongoing investments in the research and development of high-performance electric two-wheelers, featuring advanced components and innovative technologies, are anticipated to further drive market growth over the coming years.

List of Prominent Players in the Electric Scooter and Motorcycle Market:
• AIMA Technology Group Co. Ltd
• Alta Motors
• Ampere Vehicles Pvt Ltd (Greaves Cotton)
• Bell Custom Cycles
• Blacksmith Electric
• Electric Motion
• Energica Motor Company S.p.A
• Essence Motorcycles
• Govecs Group
• Harley Davidson
• Hero Eco Vehicles Pvt Ltd
• Honda Motors
• Husqvarna Motorcycles GmbH
• Jiangsu Xinri E Vehicle Co. Ltd.,
• Johammer e-mobility GmbH
• KTM AG
• Lightning Motorcycles
• NIU International,
• Okinawa Autotech Private Ltd.
• Yadea Technology Group Ltd.,

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Market Dynamics
Drivers:
Rising concerns over the environmental impact of fossil fuel-powered vehicles have prompted governments globally to implement policies aimed at reducing carbon emissions by promoting electric mobility solutions. This includes the endorsement of electric bicycles, scooters, motorcycles, and other light electric vehicles as sustainable alternatives for urban transport.

Many nations are investing in cycling-friendly infrastructure to encourage the use of bicycles as a primary mode of commuting. Concurrently, electric two-wheelers-comprising e-bikes, scooters, and motorcycles-are increasingly recognized for their efficiency, reliability, and potential to contribute substantially to emission reduction objectives. To accelerate adoption, governments are offering financial incentives, such as tax reductions and subsidies, to support the transition toward electric mobility.

Challenges:
Despite positive market momentum, the high upfront cost of electric scooters and motorcycles continues to pose a significant barrier to widespread adoption. Elevated pricing, primarily attributable to advanced battery systems and sophisticated technological components, renders electric two-wheelers less competitive relative to conventional vehicles offering comparable performance at lower costs.

The reliance on expensive lithium-ion batteries and intricate motor mechanisms further contributes to the overall expense. As a result, adoption rates outside of China remain limited, although rapid global market growth is expected to gradually reduce these cost constraints through economies of scale and ongoing technological advancements.

Regional Trends:
The Asia-Pacific region is projected to retain a dominant position in the global electric scooter and motorcycle market over the forecast period. Key economies, including China, India, South Korea, and Japan, are expected to drive regional expansion through a combination of supportive government policies and heightened market engagement by both emerging and established manufacturers.

For instance, in 2021, the Taiwanese government offered subsidies of USD 900-1,000 to consumers purchasing electric two-wheelers, resulting in sales of approximately 94,000 units, representing 11.9% of the total 809,000 scooters sold that year. Notably, Gogoro Inc. accounted for over 79,000 of these sales. Taiwan has set a strategic target for 70% of all new scooter sales to be electric by 2035, highlighting the region's commitment to advancing sustainable urban transportation.

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Recent Developments:
• In October 2022, KLB Komaki Pvt. Ltd., an electric scooter startup in India, debuted Venice Eco Electric, its eighth high-speed scooter, in the country. The scooter includes a TFT instrument cluster with navigational functions and a Lithium Ferro Phosphate battery that is said to lower fire risks.

Segmentation of Electric Scooter and Motorcycle Market-
By Vehicle Type-
• E-scooter
• E-Motorcycle
By Battery Type-
• Sealed lead acid,
• Lithium-ion
By Distance Covered-
• Below 75 miles,
• 75-1000 miles
• Above 100 miles
By Technology-
• Plug-in
• Battery
By Voltage-
• 36V,
• 48V,
• 60V,
• 72V,
• Above 72V
By Vehicle Class-
• Economy
• Luxury
By Usage-
• Commercial
• Private
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.