Electric Scooter and Motorcycle Market worth 6,193 thousand units by 2027

The global electric scooter market and electric motorcycle market is expected to account for 6,193 thousand units by 2027, growing at a CAGR of 33.1% during the forecast period. Factors such as favorable government policies, growing demand for energy-efficient commuting, rising concern for emission free vehicles, rising fuel prices have compelled two-wheeler OEMs to explore beyond the use of conventional internal combustion engines (ICE) in two-wheelers.

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Market Dynamics:

Driver: Low operating and maintenance costs

One of the most important factors driving the electric scooter and motorcycle market is the increasing prices of petroleum products. The increasing price of petroleum products is the primary factor driving the electric scooter and motorcycle market. Consumers from emerging countries are already affected by the increased cost of petrol. Electrical two wheelers operating on electricity would reduce the operating cost and increase their efficiency than conventional vehicles. Electronic systems are more efficient and durable than mechanical models because they break less often due to less friction and less wear. As a result, electric two wheeler vehicles last longer and reduce the environmental impact compared to fuel-powered vehicles. Manufacturers are expected to develop electric scooters and motorcycles with a higher range than the current breed of electric two wheelers. Manufacturers are expected to develop electric scooters and motorcycles with a higher range than the current breed of electric two wheelers.

Opportunity: Decreasing Battery Prices

As per the pricing analysis of current electric scooters & motorcycles, batteries account for around

60%-70% of the total cost of an electric two-wheeler. Apart from this, the majority of the vehicles require the replacement of batteries after every 4 to 5 years of usage. Thus, battery cost is the most important factor in making electric scooters and motorcycles affordable in terms of maintenance and initial cost. As the majority of the OEMs are using lithium family batteries in their electric two-wheelers, the continuous fall in the lithium battery prices would make electric scooters and motorcycles much more affordable. The price of these batteries has drastically reduced from USD 684 in 2013 to USD 132 in 2021. As per the industry experts, the price of the lithium-ion battery is likely to fall below USD 100 per kWh. A fall in battery price is critical for larger adoption in the market that would create a huge opportunity for the OEMs, as more customers would be able to afford electric scooters & motorcycles.

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The E-Motorcycle segment is expected to be the fastest-growing segment during the forecast period

The e-motorcycle segment is the fastest-growing market. Earlier, manufacturers were focusing on developing e-scooters/mopeds as they have a design more suitable to incorporate the electric propulsion system. However, e-scooters/mopeds have range and performance constraints; also, they serve the limited purpose of short distance commuting only. With e-motorcycles, users could serve different purposes such as cruising, racing, off-roading, and commuting, which would increase their demand in the future.

The Asia Pacific market is projected to hold the largest share by 2027

With the increased production of electric two-wheelers and expansion of the charging facilities network, the Asia Pacific region is estimated to be the largest electric scooter and motorcycle market, with a share of 86% in 2022 by volume. The market growth in the region can also be attributed to the rising demand for energy-efficient commuting along with several initiatives by private organizations as well as governments. The rapidly growing economy of China is driving the expansion of the electric two wheelers to reduce pollution caused by ICE vehicles in the country.

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This release was published on openPR.