Electric Motorcycle and Scooter Market to Exceed USD 103.45 billion by 2031, Expanding at a 17.22% CAGR: TMR Report
Growing eco-consciousness is driving demand for electric motorcycles and scooters, reducing emissions and promoting sustainable urban mobility.
Wilmington, Delaware, United States, Oct. 04, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The electric motorcycle and scooter market was estimated to have acquired US$ 21.12 billion in 2021. It is anticipated to register a 17.22% CAGR from 2022 to 2031 and by 2031; the market is likely to gain US$ 103.45 billion. Creating a standardized battery-swapping infrastructure could be the next big leap in the industry. This allows riders to quickly exchange depleted batteries for fully charged ones at convenient swapping stations, significantly reducing charging downtime and addressing range limitations.
Similar to car-sharing services, subscription-based models for electric motorcycles and scooters could democratize access to electric mobility. Monthly or pay-per-ride subscriptions could make electric two-wheelers affordable and accessible to a wider audience. Electric motorcycles designed for off-road and adventure riding are an emerging niche. These bikes offer eco-friendly exploration in ecologically sensitive areas while creating opportunities for adventure tourism and eco-conscious riders.
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As urban delivery services expand, electric cargo bikes are poised for growth. These electric two-wheelers are ideal for last-mile delivery, reducing emissions and congestion in urban areas while offering businesses cost-effective logistics solutions. Electric motorcycles with retro and vintage aesthetics have the potential to attract a niche market of riders looking for classic styling combined with modern electric propulsion. These bikes appeal to enthusiasts seeking a blend of tradition and innovation.
Electric two-wheelers equipped with V2G technology could become power sources during grid demand peaks. When parked and connected to the grid, they can feed surplus energy back, offering grid support and potential revenue for owners. Sustainable manufacturing practices focusing on recyclable materials could become a significant selling point.
Electric motorcycles and scooters designed with eco-friendly materials and processes resonate with environmentally conscious consumers. Implementing blockchain technology for ownership records and service histories can enhance transparency and security, mitigating risks associated with buying pre-owned electric motorcycles and scooters.
Key Findings of the Market Report
- In the electric motorcycle and scooter market, e-scooter/moped vehicles dominate, driven by their urban-friendly design and cost-effective efficiency.
- Lithium-ion batteries dominate the electric motorcycle and scooter market, offering higher energy density and lighter weight for improved performance.
- In the electric motorcycle and scooter market, the dominating range falls within the 75–100 miles category, offering versatility for urban commuting.
Market Trends for Electric Motorcycles and Scooters
- Advancements in battery technology are extending electric motorcycle and scooter ranges, reducing range anxiety for consumers.
- Expansion of fast-charging networks enhances the convenience and adoption of electric two-wheelers.
- Electric two-wheelers increasingly feature IoT and smartphone integration for navigation, security, and remote monitoring.
- Electric scooters are being adopted for last-mile delivery services, reducing emissions in urban logistics.
- Manufacturers are focusing on improving the speed, acceleration, and overall performance of electric motorcycles, attracting performance-oriented riders.
Market for Electric Motorcycles and Scooters: Regional Outlook
- North America, led by the United States and Canada, is experiencing substantial growth in the Electric Motorcycle and Scooter market. The region’s increasing environmental consciousness, urbanization, and congestion challenges drive the demand for electric two-wheelers.
- Europe, with a strong presence in countries like Germany, France, and the Netherlands, is at the forefront of electric mobility adoption. Stringent emissions regulations, congestion pricing, and a focus on sustainable transportation make electric motorcycles and scooters an attractive choice.
- The Asia-Pacific region, including China, India, and Southeast Asian nations, is a dominant force in the electric motorcycle and scooter market. Rapid urbanization, traffic congestion, and the need for affordable and eco-friendly transportation options fuel the adoption of electric two-wheelers.
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Global Electric Motorcycle and Scooter Market: Key Players
The electric motorcycle and scooter market boasts fierce competition with established players, emerging startups, and traditional manufacturers all racing to capture the growing demand for sustainable urban mobility solutions. The following companies are well-known participants in the global Electric Motorcycle and Scooter market:
- BMW Group
- Electrotherm Ltd.
- Energica Motor Company
- Harley Davidson
- Hero Electric
- Jiangsu Xinri E-vehicle Co. Ltd.
- KTM AG
- Mahindra & Mahindra Ltd.
- NIU International
- Piaggio Group
- Vmoto Limited
- Yadea Group Holding Ltd.
- Ampere Vehicles
- Ather Energy
- Avan Motors India
- Avon Cycles
- Bajaj Auto Ltd.
- BMW Group offers a comprehensive product portfolio encompassing luxury automobiles under the BMW, MINI, and Rolls-Royce brands. They also provide premium motorcycles, financial services, and mobility solutions, embracing innovation and sustainability in the automotive industry.
- Electrotherm Ltd. specializes in metallurgy and engineering products, including induction heating systems, electric scooters, and renewable energy solutions. Their portfolio emphasizes cutting-edge technology and sustainability.
- Energica Motor Company is renowned for its electric motorcycles, delivering high-performance and eco-conscious two-wheelers. Their product range focuses on innovative electric mobility, catering to enthusiasts seeking a thrilling riding experience.
Global Electric Motorcycle and Scooter Market Segmentation
By Vehicle Type
By Battery Type
- Sealed Lead-acid
- Below 75 Miles
- 75–100 Miles
- Above 100 Miles
By Voltage Type
- 36 V
- 48 V
- 60 V
- 72 V
- 98 V
By Vehicle Class
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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