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Electric Scooter and Motorcycle Market Exclusive Report on the Latest Revenue and Future Scope
The Global Electric Scooter and Motorcycle Market is estimated to reach over USD 33.5 billion by 2034, exhibiting a CAGR of 21.2% during the forecast period.
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The demand for electric scooters and motorcycles is witnessing significant growth, driven by several key factors such as rising government initiatives supporting electric mobility, escalating fuel prices, and increasing consumer preference for environmentally sustainable transportation solutions. The shift toward eco-friendly commuting has positioned electric two-wheelers as a viable alternative to conventional vehicles.
However, the market expansion is expected to face certain challenges, including the high upfront cost associated with electric scooters and motorcycles, as well as regulatory restrictions on their usage in major Chinese cities. Despite these barriers, advancements in battery technology and improvements in charging infrastructure present substantial growth opportunities for leading market players. Globally, governments are encouraging the transition to clean energy through stringent emission regulations, financial incentives, and policy frameworks that support the early adoption of electric vehicles.
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.,
Market Dynamics:
Drivers-
In response to growing awareness regarding the environmental impact of fossil fuel-powered vehicles, governments across various nations are actively implementing measures to reduce carbon emissions. These efforts include promoting the adoption of electric mobility solutions such as electric bicycles, scooters, and motorcycles.
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Challenges:
Despite these advancements, the high initial cost of electric scooters and motorcycles remains a major barrier to market growth. The expense is primarily driven by the cost of lithium-ion batteries and advanced drive mechanisms, making electric two-wheelers more expensive than their conventional counterparts. Consequently, many consumers perceive traditional scooters and motorcycles as offering superior performance at a lower price point.
Regional Trends:
Asia-Pacific is projected to lead the global electric scooter and motorcycle market during the forecast period. Major regional economies such as China, India, South Korea, and Japan are expected to play a pivotal role in market development. These countries are witnessing increased participation from both emerging startups and established industry players. For instance, in 2021, the Taiwanese government introduced subsidies of approximately USD 900-1,000 for the purchase of new electric scooters and motorcycles.
As a result, out of the 809,000 scooters sold in Taiwan that year, approximately 94,000 were electric-accounting for 11.9% of total scooter sales. Gogoro Inc. alone sold over 79,000 electric scooters in Taiwan during the same period. In line with its sustainability goals, Taiwan aims for 70% of new scooter sales to be electric by 2035.
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.
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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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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.
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