The Worldwide Electric Scooter and Motorcycle Industry is Expected to Grow at a CAGR of 31.8% Between 2020 and 2027 – ResearchAndMarkets.com Leave a comment


DUBLIN–()–The “Global Electric Scooter and Motorcycle Market by Vehicle Type (e-Scooter/Moped, e-Motorcycle), Battery (Sealed Lead Acid, Li-Ion), Distance Covered, Voltage (36V, 48V, 60V, 72V), Technology (Plug-in, Battery), Vehicle Class, and Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.

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.

The 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 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 over the forecast period

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 over 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.

Market Dynamics

Drivers

  • Low Operating and Maintenance Costs
  • Government Incentives and Subsidies
  • Advancements in Battery Technologies

Restraints

  • Lack of Charging Infrastructure
  • Lack of Power Output and Limited Range

Opportunities

  • Government Bodies Backing Electric Two-Wheelers
  • Established Players Yet to Enter the Market
  • Decreasing Prices of Batteries
  • New Revenue Pockets in Asia-Pacific and Europe

Challenges

  • Design and Performance Standards
  • Initial Investments and High Cost of Electricity
  • Lack of Compatibility, Interchangeability, and Standardization

Companies Mentioned

  • Aima Technology Group Co. Ltd.
  • Ampere Vehicles
  • Askoll
  • Ather Energy
  • Avan Motors India
  • Avon Cycles
  • Bajaj Auto Ltd.
  • BMW Group
  • Dongguan Tailing Electric Vehicle Co. Ltd.
  • Eezeta
  • Emflux Motors
  • Energica Motor Company
  • Gogoro
  • GOVECS
  • Harley Davidson
  • Hero Electric
  • Honda Motor Co. Ltd.
  • Jiangsu Xinri e-Vehicle Co. Ltd.
  • Johammer e-Mobility GmbH
  • KTM AG
  • Mahindra & Mahindra
  • Niu International
  • Okinawa Autotech Pvt. Ltd.
  • Piaggio Group
  • Shandong Incalcu Electric Vehicle Co. Ltd.
  • Silence Urban Ecomobility
  • Terra Motors Corporation
  • TVS Motor Company
  • Vmoto Limited
  • Yadea Group Holding Ltd.
  • Z Electric Vehicle
  • Zero Motorcycles
  • Zhejiang Luyuan Electric Vehicle Co. Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/yk9efe



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

SHOPPING CART

close