Electric Motorcycles & Scooters Market to hit USD 55 billion by 2024

Electric Motorcycles & Scooters Market size is set to surpass USD 55 billion by 2024, according to a new research report by Global Market Insights, Inc. Global consumption is forecast to be over 60 million units by 2024.

Considerable environmental benefits associated with these vehicles over gasoline-powered alternatives will be instrumental in driving the electric motorcycles & scooters market size. Increasing awareness of adopting e-mobility for shorter distances will reduce the COx and NOx emissions in the environment, supporting the e-vehicles industry. Lower maintenance requirements as well as superior quality and reliability initiatives have increased product popularity among consumers. These vehicles are vibration-free due to fewer moving parts as compared to traditional products, thus eliminating periodic servicing requirements.

Regulatory bodies across several countries have encouraged the adoption of eco-friendly vehicles by providing tax concessions. The technological focus lies on reducing battery costs by using solar energy, thus providing more efficient electric two-wheelers. Electric motorcycle & scooter market price trend varies due to high battery and motor costs, which has a direct impact on the price point. The batteries can be recharged from any external source of electricity and frequent charging is required as these vehicles have shorter driving range. The lack of the charging infrastructure will hinder electric motorcycles & scooters market growth.

Sealed lead acid batteries were used initially due to their benefits such as robustness, tolerant to abuse, and low costs. Properties such as bulkiness and the likelihood of overheating due to charging are some of the disadvantages of lead acid batteries, which make them discharge quickly even without handling heavy loads.

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Electric motorcycles & scooters market includes both commercial and personal use cases. Logistics companies can use these products for their small delivery requirements. Food and beverage delivery sector is an attractive segment for this industry. The rental business also presents growth potential in the coming years.

Electric scooters market size will be driven by convenience and easy mobility. They usually do not have insurance or driver’s permit/license requirements as they have lower speed and power specifications. The urban population prefers these vehicles for quick, short mobility, and commonly favors them over bicycles.

China electric motorcycles & scooters market will remain the leading industry, with over 80% of the global shipments in 2015. Europe electric motorcycles & scooters market constituted over 15% of the global revenue in 2015, major companies include BMW, Energica Motor Company, and KTM. The European government is planning to increase EV sales to improve the air quality of the region. Twenty-seven EU countries have started imposing taxes on carbon dioxide emissions related to vehicles and 15 nations are providing tax incentives for e-vehicles.

In May 2015, the EU started a project under the European Green Vehicle initiative co-founded by the European Commission related to electric two wheelers. EGVI is a public-private partnership delivering green vehicles matching social, environmental, and economic challenges.

The ecosystem includes a large number of players, with presence across regional and global markets. Major electric motorcycles & scooters market players are focusing on developing efficient batteries and motors to ensure high performance.

Polaris acquired Brammo’s electric motorcycle business to enter the industry. It has acted as a leading investor for the recapitalization of Brammo, which will further focus towards development, design, and integration of electric vehicle powertrain.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.