Decreasing Prices of Batteries Presenting Opportunities For EVs Market

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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

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. This represent a CAGR of 31.8 per cent.

“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,” read a report by Research and Markets.

72V segment will grow at a higher rate

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.

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.

“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,” read the report.

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