The global electric scooter and motorcycle market, by value, is estimated to be USD 4.9 billion in 2023 and is projected to reach USD 14.7 billion by 2028, at a CAGR of 24.8% from 2023 to 2028.
With rising emission levels, increasing prices, and the limited availability of petroleum, the demand for zero-emission alternative fuel vehicles has increased. This has, in turn, increased the demand for electric two-wheelers during the last few years.
The below 75 miles segment is expected to be the largest segment in the forecast
The below 75 miles segment is estimated to lead the global electric scooter and motorcycle market, as most electric scooters/mopeds have a range of up to 75 miles. The below 75 miles range market will be the largest and fastest growing over the forecast period. Many models within this range are popular in the Asia Pacific region, which will play a vital role in driving the market growth. Yadea G5, Xinri Shiny, Hero Optima HX (single battery), Okinawa R30 (Lithium Ion) and Flash LX (lead-acid battery) are some of the popular electric scooters and motorycles. Manufacturers have created battery technology with a higher range due to ongoing advancements in battery R&D. Thus, the above 100 miles segment is anticipated to grow at a higher CAGR than other segments. In 2022, iVOOMi Energy launched iVOOMi S1, vehicle is equipped with the 4.2 Kwh twin removable battery setup on the iVOOMi S1 provides a range of 240 km/charge under Indian Driving Conditions (IDC). In addition to this, Revolt RV 400, Ola S1, ZERO SR, Johammer J1, Zero Motorcycle DSR/X, Energica Experia etc., offer a range of over 100 miles. The market is therefore expected to expand in the future as OEMs prepare to introduce vehicle models for electric two-wheelers in the higher range.
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Driver: Implementation of Battery Swapping Technology
Battery swapping is a new technology that allows owner of electric vehicle to swap out their dying or dead battries with fully charged one. This development could completely transform the E2W market and improve the comfort and ease of long-distance driving for motorists. Automatic and manual battery switching are the two main methods that are use in battery swapping. The automated approach involves changing batteries with a robotic arm, much like changing of oil at a gas station. In manual technique where drained battery must be removed from the car and replaced with the fully charged.
The E-scooter/moped segment is expected to be the largest segment during the forecast period
E-scooter/moped is projected to form the largest segment in the electric scooter and motorcycle industry during the forecast period due to the lower initial price than e-motorcycles and growing demand for affordable commuting. For instance, Nexzu Mobility has evolved into a holistic electric mobility company that operates in both B2B and B2C segments for electric two wheeler with the intention of bringing stylish and futuristic eco-friendly vehicles to consumers at an affordable price the segment is also estimated to be the fastest growing due to the higher adoption rate in the market across the globe. Electric scooters are suited for multiple end-use applications, making them preferable to electric motorcycles.
The Asia Pacific market is projected to hold the largest share by 2028
Electric scooters for short-distance commuting, and governments promoting electric two-wheelers are expected to drive the Asia Pacific market during the forecast period. Key Asian manufacturers such as NIU International (China), Yadea Technology Group Co.,Ltd. (China), Jiangsu Xinri (China), Hero Electric (India), and Okinawa Autotech Internationall Private Limited (India) and others key players in the region. In April-2022, Init Esports, the Esports Powerhouse that specializes in sim racing events & motorcycle tournaments, announced its partnership with NIU Technologies, the world’s leading provider of smart urban mobility solutions. The market in Europe would be driven by the rising adoption of electric two wheelers and a strong policy environment, including various tax breaks and subsidies supporting the growth of the market. So, these are the key factors that will drive the growth of the market over the forecast period.
Key Market Players
The global electric scooter and motorcycle companies is dominated by major players such as Yadea Technology Group Co.,Ltd. (China), Jiangsu Xinri E-Vehicle Co., Ltd (China), NIU International (China), Hero Electric (India), and Okinawa Autotech Internationall Private Limited (India).
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