Increasing demand for high-performance and long-range electric motorcycles is expected to drive the electric motorcycle & scooter market size
The global Electric Scooter and Motorcycle Market size was $5297.7 million in 2019, and it is expected to reach $7283.5 Million by the end of 2026, with a CAGR of 4.6 per cent during the forecast period 2021-2026.
“Major factors driving the growth of electric motorcycle & scooters market size are improving charging infrastructure, innovative battery technologies, increasing demand for efficient commuting options, and improving design & performance specifications, very less maintenance compared to Internal combustion engine scooter and motorcycle,” read a research by Valuates Reports.
What’s influencing the market
Increasing demand for high-performance and long-range electric motorcycles is expected to drive the electric motorcycle & scooter market size. The shift in consumer preferences towards electric motorcycles due to an increase in harmful carbon emissions is increasing the Electric motorcycle demand. Electric motorcycles help to significantly reduce CO2 emissions, carbon footprints, and noise pollution, thus gaining popularity over internal combustion engine (ICE) powered motorcycles.
Countries implementing regulations and policies in favor of electric two-wheelers are expected to fuel electric motorcycle & scooter market size growth. Many countries have recognized the need for electric power to reduce the increasing pollution from cars.
Technological advancements in the field of motors and battery management systems will fuel the growth of electric motorcycles and scooter market size. For example, the development of Interior Permanent Magnet (IPM) engines that provide optimized power and efficiency to enhance the performance of electric motorcycles and scooters. This will, in turn, fuel the electric motorcycles and scooters market growth. These engine’s compact size and reduced weight provide enhanced power and acceleration for electric scooter and motorcycle.
Features such as low operating and maintenance costs are expected to drive the electric motorcycle & scooter market size growth. Consumers in emerging countries are already affected by the increased cost of petrol. Electrical two-wheelers operating on electricity will definitely reduce the operating costs of these vehicles. Manufacturers are expected to develop electric scooters and motorcycles with a higher range than the current generation of electric two-wheelers.
However, the lack of charging infrastructure might hinder the market growth. A widespread and extensive charging infrastructure network is needed for users. The E-Motorcycle segment is expected to be the fastest-growing segment during the forecast period.