Electric Motorcycles & Scooters Market is projected to experience a lucrative expansion over the years ahead, subject to strict government legislations to reduce environmental pollution, enhance air quality, and increase energy conservation. Regulatory bodies across various nations have been favoring the use of eco-friendly vehicles by offering subsidies and other financial benefits. Such governmental initiatives are expected to generate lucrative growth prospects for electric motorcycles and scooters market. Technological innovations resulting in the reduction of battery prices coupled with the escalated usage of solar power as a fuel in automobiles will also offer ample growth opportunities for the business players.
According to Global Market Insights, Inc., “Electric motorcycles & scooter industry revenue, which was estimated at USD 25 billion in 2015, is anticipated to hit USD 55 billion by 2024.”
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France Electric Motorcycles & Scooters Market, By Product, 2015 (USD Million)
Many original equipment manufacturers offer discounts to consumers to reduce the obstacles that arise in the installation of electric vehicles. The growing popularity of these automobiles subject to the benefits they offer, such as low maintenance costs and a lowered emission rate will boost electric motorcycles & scooters market trends over the coming years.
Considering the regional trends, China electric motorcycles & scooters market, which dominated the APAC landscape in 2015, is projected to contribute a major portion toward the overall revenue over the coming years. Shifting consumer trends and the tremendous efforts undertaken by the government to minimize the levels of pollution will push the regional growth.
Europe electric motorcycles & scooters industry, which accounted for more than 15% of the total revenue in 2015, will be driven by the large-scale presence of reputed electric vehicle manufacturing firms such as BMW, KTM, and Energica Motor Company. Tax benefits provided by the government for promoting the use of environment friendly automobiles along with beneficial policies that will help enhance the sales of electric vehicles will impel the regional electric motorcycles & scooters industry.
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U.S. electric motorcycles & scooters market is expected to witness a huge surge over the coming years, driven by the rising popularity of electric vehicles along with high R&D funding accompanied by heavy capital investments made by vendors for infrastructural development.
Scooters and motorcycles are the major products of electric motorcycles & scooters industry. Reportedly. electric motorcycles sector is projected to witness a notable expansion over the coming seven years.
Electric motorcycles and scooters make use of distinct kinds of batteries such as sealed lead acid (SLA), lithium-ion (Li-ion), and nickel-metal hydride (NiMH) batteries. Li-ion battery equipped electric motorcycles & scooters industry is projected to register notable gains over the coming timeframe. The product is highly popular subject to its low weight and effective discharging abilities, which will subsequently expedite electric motorcycles & scooters market revenue.
Major corporations are trying to increase their return on sales and retain their position in global electric motorcycles & scooters market through new product launches, strategic alliances, and mergers & acquisitions. Alta Motors, Bayerische Motoren Werke AG, Lightning Motorcycle Corporation, Amego Electric Vehicles Incorporation, Amper Vehicles Private Limited, Vmoto Limited, Zero Motorcycles Incorporation, KTM-Sportmotorcycle AG, Energica Motor Company S.p.A, Harley Davidson Motorcycles, Honda Motor Company Limited, GOVECS GmbH, Hero Eco, Mahindra GenZe, Terra Motors Corporation, Suzuki Motor Corporation, Shandong Incalcu Electric Vehicle Company Limited, Dongguan Tailing Electric Vehicle Company Limited, Yamaha Motor Company Limited, Victory Motorcycles, and Z Electric Vehicle Corporation are the key players of electric motorcycles & scooters market.
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