Global Low-powered Electric Motorcycle and Scooter Market Size, Share, and COVID-19 Impact Analysis, By Vehicle Type (Electric Scooters, Electric Motorcycles), By Technology (Plug-in, Battery), By Battery (Lead Acid, Lithium-ion), By Voltage (36V, 48V, 60V & 72V) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The global Low-Powered Electric Motorcycle and Scooter Market was valued at USD 1,140 Mn in 2021. The market is projected to grow USD 6,384 million by 2030, at a CAGR of 23.4% due to rising demand for long-range electric motorcycles with excellent performance.
Two-wheeler OEMs have been obliged to look beyond the usage of conventional internal combustion engines (ICE) in two-wheelers due to factors such as rising demand for energy-efficient commuting and governments promoting electric two-wheelers through subsidies and tax rebates. Innovative battery technologies, improved performance and design criteria, and improved charging infrastructure are the main drivers of industry growth. In addition, it requires less maintenance than an internal combustion engine scooter or motorbike, and there is a growing desire for efficient commuting solutions, which is propelling the industry forward.
Due to a shift in consumer preference toward electric bikes as a result of increased hazardous carbon emissions, demand for electric motorcycles will rise in the future. Electric bikes have much lower CO2 emissions, noise pollution, and carbon footprints, therefore internal combustion engine (ICE) power-driven motorcycles are becoming more popular in electric motorcycles.
COVID-19 ANALYSIS
The outbreak of COVID-19 is anticipated to have a negative impact on the low-powered electric motorcycle and scooter market growth. Brought the entire ecosystem to a standstill, halting the development and sale of new automobiles all over the world. OEMs had to wait for the lockdowns to be released before they could resume production, which had a negative impact on their operations.
As a result, automakers will need to modify their manufacturing volumes. In addition, component manufacturing has been halted, and tiny tier ii and tier iii manufacturers may encounter cash flow problems. The automotive sector is a high-capital-intensive industry that requires periodic funding to stay afloat. As a result, the production halt and lower demand during the outbreak will have an extraordinary impact on electric scooter and motorbike producers.
For instance, the Society of Electric Vehicle Manufacturers (SMEV), said that electric vehicle registrations fell by 20% in 2021.
LATEST TREND
Surging Adoption of Electric Scooters and Motorcycles for Shared Mobility and Delivery Fleets
One of the primary factors driving the growth of the low-powered electric motorcycle and scooter labels market is the increased use of labels in the pharmaceutical sector around the world. The use of low-powered electric motorcycles and scooter labels in supply chains in the food and beverage, pharmaceutical, and chemical industries, as well as increased demand for intelligent packaging solutions, are propelling the market forward. The market is also influenced by the increased focus on cold storage infrastructure as a part of supply chains in the food and beverage industry, as well as the increased necessity for temperature control in medicine shipping.
DRIVING FACTORS
Increasing Focus to Curb Pollution and Lesser Dependency on Fossil Fuels
Low operating and maintenance expenses are a significant component driving the popularity of electric bikes and scooters. Consumers are being compelled to switch to battery-powered electric motorcycles and scooters as fuel costs go up. Electric bikes and scooters have fewer moving parts than I.C. engines or diesel-powered two-wheelers, resulting in lower maintenance costs.
Furthermore, the market data will be boosted by environmentally friendly regulations aimed at reducing pollution and reducing reliance on fossil fuels. Furthermore, increased environmental awareness and government efforts to reduce CO2 emissions are expected to benefit the growth of the low-powered electric motorcycle and scooter market throughout the forecast period.
Declining Cost of Li-ion Batteries
One of the most significant factors in the entire cost of an electric motorbike or scooter is the battery. Due to the growing popularity of electric-powered passenger cars and buses, the cost of Li-ion batteries has decreased over time. To improve car production efficiency, manufacturers are increasingly turning to Li-ion batteries, which are both efficient and cost-effective. The use of low-cost or economical Li-ion batteries helps to reduce the overall production cost of low-powered electric motorcycles and scooters. Furthermore, with decreased pricing for raw materials like battery-grade lithium carbonate and lithium hydroxide, Li-ion battery prices are expected to fall further during the projection period. As a result of the falling cost of Li-ion batteries, the industry will grow.
RESTRAINTS
Concerns Pertaining to the Lack of Charging Stations In the World
Electric scooters and motorcycles are expected to be produced in a greater diversity than the present generation of electric two-wheelers. However, the lack of charging infrastructure could stymie industry growth. Users like a widespread and extensive charging infrastructure network, which is a major hindrance to market growth.
SEGMENTATION
The global low-powered electric motorcycle and scooter market is segmented by Vehicle Type (Electric Scooters, Electric Motorcycles), By Technology (Plug-in, Battery), By Battery (Lead Acid, Lithium-ion), By Voltage (36V, 48V, 60V & Others) and Region. Based on the type, the market is categorized into electric scooters & electric motorcycles. Based on technology, the market is categorized into plug-in, battery. Based on battery, the market is categorized into lead acid, lithium-ion. Based on voltage, the market is categorized into 36V, 48V, 60V & 72V. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
REGIONAL INSIGHTS
North America region is expected to dominate the market share of global low-powered electric motorcycle and scooter market due to presence of major market players and American Department of Energy (ADOE) supporting the development of new charging infrastructure. Along with the technological advancements with latest innovations fueling the growth of this region.
However, the Asia Pacific region is expected to witness the highest growth rate through 2030 due to governments of developing countries offering attractive incentives for registrations of new electric vehicles such as zero or low registration fees, and the free charging infrastructure of electric vehicles.
Moreover, China accounts for a huge share in the region’s market. China has invested around USD 2.4 Billion in improving the charging infrastructure in the country till 2020. The Indian government is promoting electric two-wheelers in the country through initiatives like FAME-II, which provides buyers with subsidies and tax slabs.
INDUSTRY PLAYERS
- Electrotherm
- Greaves Cotton Ltd.
- Hero Electric
- Mahindra & Mahindra Ltd.
- Niu International
- Songuo Motors Co., Ltd.
- Tacita
- ZEV
- Zhejiang Luyuan Electric Vehicle Co.,Ltd
- ONYX Motorbikes
- SEGWAY INC.
- Zero Motorcycles, Inc.
- KTM Sportmotorcycle GmbH
- Harley-Davidson
- YED ELECTRIC PVT.LTD
- OLA
- Simpleenergy
- Piaggio Group
KEY INDUSTRY DEVELOPMENTS:
April 2022, Greaves Cotton Limited get into partnership with Mesha Energy Solutions Pvt Ltd company aims to improve the battery technology for its products across the portfolio and expand its presence.
April 2022- ONYX Motorbikes, a California-based electric moped manufacturer, has just unveiled a new step-through bike known as the ONYX CTY2.
March 2022- Hero Electric made a strategic move by getting partnered with Sun Mobility To Deploy 10,000 Electric Swappable Two-Wheelers In 2022-23 to integrated with the smart- swappable battery technology. Hero Electric is planning to launch a new e-scooter, Hero Eddy, at short commutes powered by electricity.
February 2022- Hero Electric has tied up with ReadyAssist for training and upskilling 20,000 mechanics for servicing electric two- wheelers.
January 2022- Hero Electric has partnered with ALT Mobility with a focus to deploy its electric two-wheeler Hero Nyx.
November 2021- Greaves Cotton Limited expanded their presence by setting up the EV production facility in Ranipet, Tamil Nadu with a 35-acre plant. The new manufacturing plant is also in accordance with flagship initiatives of the Government such as Make in India and Atmanirbhar Bharat to promote indigenous capabilities in manufacturing.
October 2021- Piaggio Group collaborated with bp to develop and roll out a comprehensive set of services for the rapidly growing number of two- and three-wheeled electric vehicles across Europe, India and Asia.
July 2021- KTM partnership with Infront Moto Racing for new FIM Europe junior e-Motocross Championship to develop the next generation of racers aboard electrically powered junior motocross machines.
January 2019- ZEV introduced T3-5d trike in Lithium long range.
SEGMENTATION
By Vehicle Type
Based on vehicle type, is categorized into electric scooters & electric motorcycles. The electric motorcycles segment is expected to dominate the market share of global low-powered electric motorcycle and scooter market owing to the manufacturers were concentrating their efforts on producing e-scooters/mopeds, which have a design that is better suited to incorporating an electric motor system. However, e-scooters/mopeds have limited range and performance, and therefore are only useful for short-distance commuting. Users might use e-motorcycles for a variety of activities, including cruising, racing, off-roading, and commuting, which would raise demand in the future.
By Technology
Based on technology, the market is categorized into plug-in, battery. The plug-in segment is expected to dominate the market share of global low-powered electric motorcycle and scooter market owing to the affordable cost and easy operatable among the individuals.
By Battery
Based on battery, the market is categorized into Lead Acid, Lithium-ion. Lithium-ion are expected to dominate the market share of global low-powered electric motorcycle and scooter market owing to original equipment manufacturers' growing preference for environmentally benign LI-ion batteries (OEMs). The limited longevity and useable capacity of lead acid batteries are projected to move the attention to lithium-ion batteries, which will drive the electric scooter and motorbike industry. Another benefit of a lithium-ion battery is its minimal weight, which increases the vehicle's energy to weight ratio.
By Voltage
Based on voltage, the market is categorized into 36V, 48V, 60V & 72V. The 60V segment is expected to dominate the market share of global low-powered electric motorcycle and scooter market owing to increased usage of electric two-wheelers for daily commutes in congested cities, there is a desire for higher power and improved battery efficiency. The potential of 48V batteries to produce more power will help the market grow.
The global low-powered electric motorcycle and scooter market is segmented as follows:
By Vehicle Type
- Electric Scooters
- Electric Motorcycles
By Technology
- Plug-in
- Battery
By Battery
- Lead Acid
- Lithium-ion
By Voltage
- 36V
- 48V
- 60V
- 72V
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy
- Asia-Pacific- China, Japan, India
- Latin America- Brazil, Argentina, Colombia
- The Middle East and Africa- United Arab Emirates, Saudi Arabia
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Global Low-powered Electric Motorcycle and Scooter
- May-2022
- 140
- Global
- automotive
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