The global electric scooter and motorcycle market size is projected to reach 5,948 thousand units by 2027, from an estimated 861 thousand units in 2020, at a CAGR of 31.8%
Governments are supporting electric two-wheelers through subsidies & tax rebates and by building charging infrastructure with the help of OEMs, which is compelling two-wheeler OEMs to explore beyond the use of conventional internal combustion engines (ICE) in two-wheelers.
New York, Jan. 15, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Scooter and Motorcycle Market by Vehicle Type, Battery, Distance Covered, Voltage, Technology, Vehicle Class, Region - Global Forecast to 2027" - https://www.reportlinker.com/p05796719/?utm_source=GNW
Increased demand for efficient and eco-friendly vehicles will boost the electric scooter and motorcycle market.Consumers from developing countries are already feeling the heat of the increasing cost of petrol.
Electrical two-wheelers will run on electricity, which is expected to reduce the operating cost of these vehicles.However, the lack of charging infrastructure creates a hurdle for the growth of the electric scooter and motorcycle market.
To make the electric two-wheeler market grow, a large charging infrastructure network is needed so that users could cover long distances without bothering about searching for a charging station.
However, COVID-19 pandemic is expected to have a slight impact on the electric scooter and motorcycle market.Both the production and sales of new rail vehicles have come to a halt across the globe as the whole ecosystem has been disrupted.
OEMs had to wait until lockdowns were lifted to resume production, which affected their business.Post the pandemic, the demand for two-wheelers might increase, as people will avoid public transport, preferring private vehicles to avoid crowds.
In addition, component manufacturing is also suspended, and small Tier II and Tier III manufacturers could face liquidity issues.The automotive industry is capital-intensive and relies on frequent financing to continue operations.
Thus, the production suspension during the outbreak and lower demand post the pandemic will have an unprecedented impact on electric scooter and motorcycle providers.
The 48V segment is expected to be the largest voltage segment in the forecast.
The 48V segment is larger due to its extensive usage in electric scooters/mopeds, as it provides a better range per charge compared to 36V in low-speed electric scooter applications.Players such as Hero Electric and Okinawa have experienced huge growth in the 48V segment.
It is estimated that the 72V segment will grow at a higher rate than other segments due to its higher energy efficiency and increasing demand for high-performance electric scooters and electric motorcycles.
*Economy segment is expected to be the largest vehicle class segment during the forecast period.*
The economy class segment is projected to be the larger segment in the electric scooter and motorcycle market during the forecast period due to the less initial price as compared with the luxury segment and growing demand for affordable commuting.These kinds of electric scooters and motorcycles sell mostly in developing countries as an affordable alternative to other commuting options such as public transport buses and trains.
Several well-established two-wheeler manufacturers have entered the Economic segment.For instance, companies such as Hero Electric, Pure EV, Okinawa, Ampere, TVS cater to the economy segment in the Indian market.
Similarly, the Chinese market is dominated by such two-wheelers manufactured by Yadea, Jiangsu Xinri, and Luyuan.
*Sealed Lead Acid segment is expected to be the largest battery segment in the forecast period.*
The sealed lead acid battery is one of the earliest types of rechargeable battery, and it consists of lead peroxide and sponge lead that convert chemical energy into electrical energy.Low cost, delivery of high currents, and low internal impedance are some advantages of lead acid batteries.
Asia Pacific is expected to lead the lead acid segment of the electric scooter and motorcycle market during the forecast period.Asia Pacific is dominated by affordable electric scooters/mopeds.
Hence, lead acid batteries are being used by many Asian manufacturers to keep the pricing on the lower side. For instance, Hero Electric and Ampere Vehicles have been offering electric scooters with Li-ion as well as lead acid battery options in the Indian market.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
• By Company Type: Tier I - 37%, Tier II - 48%, and OEMs - 15%
• By Designation: C Level Executives - 26%, Directors - 42%, and Others - 32%
• By Region: North America - 37%, Europe - 33%, and Asia Oceania - 30%
The electric scooter and motorcycle market comprises major companies such as Yadea Group Holdings Ltd. (China), Jiangsu Xinri E-Vehicle Co., Ltd. (China), NIU International (China), Silence Urban Ecomobility (Spain), and Hero Electric (India).
*Research Coverage:*
The market study covers the electric scooter and motorcycle market size and future growth potential across different segments such as by vehicle type, battery type, distance covered, voltage, technology, vehicle class, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
*Key Benefits of Buying the Report:*
• The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall electric scooter and motorcycle market and its subsegments.
• This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
• The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05796719/?utm_source=GNW
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