Electric Scooters and Motorcycles Market: Segmented: By Products (Scooters, Motorcycles), By Battery (Sealed Lead Acid, Lithium-Ion), By Voltage (24V, 36V, 48V, Others), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2031
[170+ Pages Research Report] Electric Scooters and Motorcycles Market to surpass USD 86.61 billion by 2031 from USD 7.14 billion in 2021 at a CAGR of 28.4% in the coming years, i.e., 2021-31.
Electric Scooters and Motorcycles are transportation vehicles running on electricity. They are also called plug-in electric vehicles. The electricity is stored in rechargeable batteries which can operate one or two motors. The batteries used are generally SLAs or Lithium-Ion. Electric scooters and vehicles are cost-efficient and at the same time, they are environment friendly. Rising concerns about air pollution and sustainability have given much scope for the augmentation of electric vehicles in major economies.
The Global Electric Scooters and Motorcycles market is expected to project a notable CAGR of 28.4% in 2031.
The market is being driven by rising product awareness from various end-user applications, which are looking for alternate fuel options. Government initiatives supporting the extensive use of electric mobility will drive the demand for Electric Scooters and Motorcycles.
Electric Scooters segment to grow with the highest CAGR during 2021-31
Based on products the electric vehicle market is distributed mainly into electric scooters and electric motorcycles. During the forecast period, the electric scooter market is expected to grow more than the electric motorcycles market. In the two-wheeler market, customers' interests are shifting to scooters be it electric or not, because of their easy accessing features which can be used by both male and female riders. Further, scooters are more compatible and low maintenance than motorcycles.
Lithium-Ion segment to grow with the highest CAGR during 2021-31
The Global electric scooters and motorcycle market is classified by Batteries into SLA and Lithium-Ion in the electric vehicle market. The Lithium-Ion segment is expected to grow during the forecast period. Owing to the advancement in technology, market players are equipping their electric vehicles with Lithium-Ion batteries. These batteries are more durable, fast chargeable and have comparatively more shelf life.
Increasing fuel prices all over the world
Skyrocketing fuel prices all over the world have made both customers and manufacturers consider alternatives to conventional fuels. Electric vehicles are cost-efficient as their operating cost is much lower than petrol or diesel. The maintenance cost is low compared to other vehicles available in the market. Due to less friction in electric vehicles, the breakage is minimal and it makes the EVs more efficient and durable. With manufacturers shifting their focus to EVs an increase in R&D will drive the growth for the global electric scooters and motorcycles market.
Government Initiatives and efforts to reduce carbon footprints
As the world is becoming more cautious towards emerging environmental issues, many nations have pledged to turn their economies carbon neutral. To achieve this goal, governments around the world are focusing to promote electric vehicles in the market. They are providing tax rebates and subsidies to increase the market share of electric vehicles.
Lack of charging infrastructure, high charging time and high cost of batteries
The lack of proper charging stations for electric vehicles is one of the major factors affecting the growth of the EV market. Many customers who are willing to buy EVs have to choose motor vehicles because of unavailability of proper infrastructure for charging. The other issue is the high charging time needed to charge EVs. In today’s fast-moving world, customers are looking for quick services and thus the issue is much of a concern for EV manufacturers. Lastly, the cost of acquiring a Lithium-Ion battery is considerably high and it increases overall cost of electric vehicles.
Global Electric Scooters and Motorcycles market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Increased demand for electric vehicles by end users coupled with government subsidies and tax rebates will drive the market in Asia Pacific region. Furthermore increased market share of two wheelers in this region had made the key market players to take huge steps to cater to the needs of this transitioning world.
The strict lockdowns imposed by nations worldwide in the wake of Covid-19 pandemic have resulted in a dip of the manufacturing of electric scooters and motorcycles. The pandemic has disrupted the global supply chains and the shortage of labor amidst the lockdown has reduced the global supply of EVs. The industry is now recovering from the adverse impacts and due to increased alertness towards greener economies, the demand is accelerating slowly.
Electric Scooters and Motorcycles is further segmented by region into:
Electric Scooters and Motorcycles Market Segments:
|Market size value in 2021||USD 7.14 billion|
|Revenue forecast in 2031||USD 86.61 billion|
|Growth Rate||CAGR of 28.4% from 2021 to 2031|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Product, Battery, Voltage, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Yadea Technology Co. Ltd., KTM, Mahindra GenZe, Lightning Motorcycles, Ampere Vehicles, Harley Davidson, Z Electric Vehicle, Zero Motorcycles, Hero Electric, Tailing Electric Vehicle Co. Ltd., Govecs Group, Terra Motors Corporation , Vmoto Limited, and Other Prominent Players.|
Electric Scooters and Motorcycles market size was estimated at USD 7.14 billion in 2021 and is expected to reach USD 86.61 billion in 2031.
Electric Scooters and Motorcycles are transportation vehicles running on electricity. They are also called plug-in electric vehicles. The electricity is stored in rechargeable batteries which can operate one or two motors.
Scooters, Lithium-Ion battery and 48V segment accounted for the largest Electric Scooters and Motorcycles market share.
The key players in the Global Electric Scooters and Motorcycles market include Yadea Technology Co. Ltd., KTM, Mahindra GenZe, Lightning Motorcycles, Ampere Vehicles, Harley Davidson, Z Electric Vehicle, Zero Motorcycles, Hero Electric, Tailing Electric Vehicle Co. Ltd., Govecs Group, Terra Motors Corporation , Vmoto Limited, and Other Prominent Players.
The rise in fuel prices globally along with increasing awareness about alternatives to petrol and government initiatives has all contributed to the growth of the global Electric Scooters and Motorcycles market.
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