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Saturday, 03 December 2022 10:03 GMT

Electric Scooter And Motorcycles Market Size Analysis & Growth Opportunities 2022-2031

(MENAFN- America News Hour)

The electric scooter and motorcycles market was valued at USD 2 Billion in 2022 and is anticipated to reach USD 3.5 Billion by 2031, registering a CAGR of over 10% during the forecast period.
The Covid-19 pandemic had a negative impact on the Electric Scooter and Motorcycles Market. The worldwide lockdown restriction has resulted in a halt of production and sales of new vehicles including electric scooters and motorcycles. Also, due to the disruption of the supply chain, the raw materials required for the production of different parts of the scooters and motorcycles were unavailable, causing delays in production. This has led to the rapid downfall of the industry's economy. However, with the growing inclination towards cleaner mobility across the world, the industry is looking forward to economic revival post-Covid-19 pandemic.
The electric scooter and motorcycles market has noticed significant growth, owing to the growing need for sustainable transportation. Increasing environmental concerns, coupled with favorable government initiatives, are some of the major factors driving the market's growth. Rising energy costs and competition among the emerging energy-efficient technologies are also expected to fuel the market's growth.

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The electric scooter and motorcycle market is in its initial phase, majorly driven by start-ups. However, conventional motorcycle giants are finding future opportunities in this burgeoning market. For instance, Piaggio announced and launched it's new Piaggio ONE in the Beijing Motor show in May 2021, indicating to the fact that conventional motorcycle giants are keen in expanding their product portfolio to electric vehicles as well.
The acceptance of bikes and scooters is different in different regions, as bikes and scooters are a less expensive and more sustainable form of transportation than cars. Southeast Asia, South America, and Africa have huge potential, as these regions primarily use normal scooters and motorcycles with lower engine capacities for daily commute or short distance transport.
Key Market Trends
Government Intiitatives are Adding to The Market Growth

Currently, the price of electric two-wheelers is higher than that of conventional motorcycles, owing mostly to the cost of batteries. Although governments of different countries are offering subsidies for electric vehicle purchases, the final expenditure on the vehicle is still high. Hence, companies and local governing bodies are pushing hard to promote and provide more fuel for the growth of electric two-wheelers.
Many countries where two-wheelers are popular have come up with new incentive schemes for e-scooters and motorcycles. For instance, in February 2021, the Indian government has announced its plan to support the electric bikes market in the country which is at around 1.5 million units currently.
The government is providing subsidies for the buyers via its Faster Adoption and Manufacturing of Electric-Vehicles (FAME) scheme, which invests a total of INR 10,000 Crore in the market. the increasing trend of e-bike sales in India is an example of the government and corporate efforts.
Also, in April 2021, the renowned electric bike startup Ather Energy announced the set up of 128 fast Charging stations across Mumbai, as part of a network of charging stations that can be used by all electric two wheelers, further aiding the growth of electric scooters and motorcycles.
Asia-Pacific is Expected to Lead the E-scooter and E-motorcycle Market
Asia-Pacific is anticipated to lead the market studied, over the forecast period. China, India, and Japan are the major economies in the regional market, which are anticipated to influence the overall market. These countries are witnessing the entry of an increasing number of start-ups and well-established, conventional manufacturers in the market.
From 2020, Taiwan began providing a subsidy of up to USD 900-1000 for the purchase of new electric motorcycles/scooters. Owing to such plans in the past, in December 2019, Gogoro, a local start-up, sold a record of 22,500 units. It also ended 2019 with a record of 145,000 sales in Taiwan.
India, one of the largest two-wheeler markets, is witnessing the entry of many new start-ups, which are marking their presence by launching new models and expanding current models and existing infrastructure. For instance,
In 2020, BattRE Electric Mobility launched an IoT e-scooter, which has features, such as navigation assist, ride statistics, remote diagnostics, anti-theft alarm, speedometer call alerts, and ride behavior suggestions.
Corporater efforts for better vehicle and battery technology employed in the vehicles is another important step for the market. For instance, 4 major Japanese manufacturers Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., Suzuki Motor Corporation and Yamaha Motor Co., have established The Swappable Battery Consortium that standardizes the batteries used in all these electric motorvyvles.

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Competitive Landscape
The electric scooter and motorcycles market is moderately fragmented and has a number of local players. The conventional companies are expanding their presence in this new market, which was earlier dominated by startups. Conventional companies are entering the market by introducing new plants and converting the existing scooters and motorcycles into e-vehicles. For instance,
In April 2021, Singapore's EuroSports technologies (EST) signed an MoU with Strides Transportation to develop, market, and supply smart electric motorcycles design.
In 2019, Yamaha finalized an agreement with Gogoro, to commercialize its new line of scooters, which may be produced in the Gogoro plant. The two companies launched their first model, Yamaha EC-5 with a technology that enables users to swap batteries for a quick recharge.

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness – Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1 By Type
5.1.1 E-scooters
5.1.2 E-motorcycles
5.2 By Battery Type
5.2.1 Li-ion
5.2.2 Sealed Lead Acid
5.3 By Geography
5.3.1 North America United States Canada Rest of North America
5.3.2 Europe Germany United Kingdom France Rest of Europe
5.3.3 Asia-Pacific India China Japan South Korea Rest of Asia-Pacific
5.3.4 Rest of the World South America Middle-East and Africa
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Zero Motorcycles Inc.
6.2.2 Hero Electric
6.2.3 Vmoto Limited
6.2.4 AIMA Technology Group Co. Ltd
6.2.5 Tailing Electric Vehicle Co. Ltd
6.2.6 Piaggio Group
6.2.7 Ather Energy Pvt. Ltd
6.2.8 Energica Motor Company
6.2.9 Honda Motor Co. Ltd
6.2.10 Gogoro Inc.
6.2.11 NIU International

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