Electric Scooter and Motorcycle Market Share to Reach $12.4B by 2030
The Electric Scooter and
Motorcycle Market Share is projected to grow significantly, reaching a
value of $12.4 billion by 2030. This growth is largely driven by the increasing
shift toward sustainable urban mobility, as electric two-wheelers provide a
cleaner alternative to traditional fuel-powered options. Factors like
advancements in battery technology, extended range, and faster charging
capabilities are enhancing the appeal of electric scooters and motorcycles,
allowing them to capture a larger share of the overall two-wheeler market.
Supportive government policies and incentives worldwide are further driving the
expansion of the Electric Scooter and Motorcycle Market Share, as
more consumers and businesses prioritize eco-friendly transportation solutions.
In terms of Electric Scooter and Motorcycle Market Share,
Asia-Pacific dominates due to rapid urbanization, government support, and
strong demand in countries like China and India. Europe and North America are
also experiencing growth, thanks to eco-friendly policies and an increasing
preference for zero-emission personal mobility. Key players are focusing on
expanding their product portfolios with cost-effective, high-performance models
to capture a larger share in this competitive landscape. As a result, electric
two-wheelers are anticipated to capture a substantial market share globally,
catering to the demand for convenient, low-maintenance transportation
solutions.
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Improved battery technology and charging infrastructure
are needed to drive the segment.
Compared to lower voltage options (like 36 V or 48 V), 72 V
batteries generally offer more power. This translates to better acceleration
with higher speeds. 72 V batteries are mostly preferred where high performance
is required. Compared to other batteries, these batteries are expensive and are
mostly used in high-performance electric scooters and motorcycles. Due to
recent advancements in lithium-ion battery technology, manufacturers may now be
able to resolve the high energy-to-weight ratio of high voltage batteries, like
the 72 V. This helps further to improve the energy efficiency and range of
electric two-wheelers. Hero Electric offers its electric scooter Photon, with a
72 V battery, for customers who do not want to compromise performance.
Manufacturers are introducing new vehicle models to cater to the market’s
demand for high-voltage electric scooters and motorcycles. For instance, in
November 2023, Yadea Technology Group Co., Ltd. unveiled the Yadea Kemper
electric motorcycle at the EICMA 2023 Milan Motorcycle Show. The motorcycle has
a top speed of 160 km/h (99.4 mph) and a centrally-mounted motor rated for 23
kW of continuous power and 40 kW of peak power with a battery of 72 V.
“The commercial use of electric scooter is expected to
show significant growth during the forecast period.”
Fleet owners delivering goods and services to their
customers increasingly rely on electric scooters and motorcycles. Electric
two-wheelers often come equipped with advanced telematics and fleet management
systems. These technologies enable real-time tracking, route optimization, and
efficient fleet management, improving delivery efficiency. Businesses can
monitor vehicle performance, schedule maintenance, and analyze data to optimize
operations. Using electric scooters/mopeds and motorcycles can significantly
reduce delivery costs and improve profitability. Meal delivery companies across
the globe use electric scooters. For instance, in December 2023, Uber Eats (US)
partnered with Gogoro (Taiwan) for Green Delivery Program. The partnership is
word USD 30 million. Uber Eats delivery partners will receive discounts on new
Gogoro Smartscooters and battery swapping programs and be given incentives for
deliveries on Gogoro Smartscooters. Through the program, Uber Eats expects EV
deliveries in Taiwan to double from nearly 20% to 40% by the end of 2025. Also
increasing fuel prices, the need to rationalize costs, favorable government
policies, and rising awareness of emission-free vehicles would boost the
adoption of electric scooters for commercial use in the forecasted period.
Asia Pacific is the largest market for electric scooter
during the forecast period.
The electric scooter and motorcycle market has witnessed
rapid year-on-year growth in the Asia Pacific region, which comprises some of
the fastest-developing economies globally, such as China, Japan, and India. The
market has witnessed rapid growth year-on-year in the Asia Pacific region.
India is one of the largest markets for electric scooters. Apart from the
manufacturers recognizing the growth potential of the market, the positives of
electrification of two-wheelers, such as noise-free operation and low
maintenance cost, have led to an increase in the development of electric
two-wheelers over the years, catering not only to domestic demand but overseas
demand as well. 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. For instance, Indonesia’s
government aims to put 1 million electric two-wheelers on the road through
2024. Thailand’s government offers a subsidy of THB 10,000 (USD 275) for
e-motorcycles manufactured in Thailand with batteries smaller than 3 kWh but
with a range of over 75 kilometers per charge.
Key Players
The electric scooter and motorcycle market is dominated by
established players such as Yadea Technology Group Co., Ltd. (China), Ola
Electric (India), TVS Motor Company (India), Ather Energy (India), and Gogoro
(Taiwan).
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