Research Nester assesses the growth of global electric motorcycles & scooters market which is anticipated to be on account of the regulations to curb carbon emissions and concerns regarding air pollution.
New York – October 10, 2022 – Research Nester’s recent market research analysis on “Electric Motorcycles & Scooters Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global electric motorcycles and scooters market in terms of market segmentation by product, battery type, voltage type, distance covered, technology type, and by region.
Governmental Initiatives Encouraging the Use of Electric Vehicles (EV) to Drive Growth of Global Electric Motorcycles and Scooters Market
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The global electric motorcycles and scooters market is estimated to grow majorly on account of initiatives by various governments worldwide to encourage the use of electric vehicles among citizens. The various measures taken by the Indian government over the years could be mentioned as instances of such initiatives. Some of these thoughtful measures include a special electric mobility zone, a reduction in the tax on EVs, and battery-swapping policies. A recent initiative by the Government of India to encourage EV consumption was the approval of the second phase of the FAME scheme. The FAME scheme, or the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles scheme, is a step taken by the Indian Government to encourage the use of EVs by granting subsidies to the users. The second phase of the scheme allowed about 86% of an amount equivalent to ~USD 1 billion towards this end.
Further regulations such as the European Green Deal, unveiled by the European Commission in 2020 to help the European Union (EU) achieve climate neutrality by 2050, are going to boost the market growth. The deal is a stringent regulation on carbon emissions. It suggests a strategic reduction of greenhouse gases emitted from vehicles in the EU for the region to attain its goal of climate neutrality by 2050. As per the deal, the European Union should cut its emissions of greenhouse gases from various means of transportation by more than 89% to become climate neutral by 2050. Such measures are expected to increase demand for all EVs.
Some of the major growth factors and challenges that are associated with the growth of the global electric motorcycles & scooters market are:
- Conscious Efforts to Reduce the Difficulties Poses by Air Pollution
- Considerable Price Drop for the Different Types of Batteries Used in EVs
One of the major risks related to EVs is the overheating of the batteries used. Though it happens rarely, the overheating could lead to the vehicle catching fire. The concern regarding this risk is expected to be a main hindrance to the market’s growth. More than 2,820 electric cars all over the world have been observed to catch fire every year. This number is very low compared to similar incidents related to gas-powered vehicles. However, the overheating of batteries is still considered a threat to the passenger’s safety and this could affect the market’s growth adversely. Further, the hesitation of customers towards EVs owing to the lack of awareness about their different ranges and the insufficient public infrastructure for the successful charging of the batteries of EVs is anticipated to hamper the growth of the global electric motorcycles & scooters market.
By voltage type, the global electric motorcycles & scooters market is segmented into 36V, 48V, 60V, and 72V. The 48V segment is to garner considerable revenue by the end of 2035 by growing at a significant CAGR over the forecast period. Electric motorcycles and scooters with a 48V battery collected about 41% of the global market revenue in the year 2022. With a 48V, electric scooters, and motorcycles allow a power supply between 9 and 41 amperes, and this has been observed to provide a good acceleration to the EV while minimizing power lags. The good performance of the EV at 48V is the major reason for the growing demand for the voltage segment. Further, the considerable duration of charging cycles at this voltage and the modifications integrated into a 48V battery in an EV to enhance the overall ride experience are thought to improve the growth of the segment in the market.
By region, the Asia Pacific electric motorcycles & scooters market is to generate the highest revenue by the end of 2035. This growth is anticipated to be a result of the immense need to control air pollution in the region by reducing carbon emissions. The share of the global market revenue held by the region in 2022 amounted to ~91%. Asia Pacific has stood responsible for a considerable share of total global carbon emissions in recent years. For instance, the region contributed to more than 51% of the total emissions of carbon dioxide worldwide in 2020. Further, the region also includes China and India, two of the major contributors to greenhouse gas emissions in the world. In 2020, China was responsible for about 60% of the emitted carbon dioxide in Asia Pacific, whereas the share of India stood at ~14%.
This report also provides the existing competitive scenario of some of the key players of the global electric motorcycles & scooters market which includes company profiling of Lightning Motorcycles, Niu International Co. Ltd., Terra Motors India Pvt. Ltd., Vmoto Limited ABN, Z Electric Vehicle, Zero Motorcycles, Inc., BMW AG, Harley-Davidson, Inc., Hero MotoCorp Ltd., KTM Sportmotorcycle GmbH, and others.
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