Lithium-ion battery-equipped electric motorcycles & scooters market share is expected to witness strong growth at over 11% from 2018 to 2024.
Sellbyville, DE -- (SBWIRE) -- 02/25/2019 -- Electric Motorcycles & Scooters Market will exhibit 5% CAGR with USD 22 billion by 2024. Lithium-ion battery is expected to witness highest growth in electric motorcycles & scooters market at around 11% over the forecast timeframe owing to their high charge density, light weight and high charging discharging efficiency. In 2018, KTM announced the introduction lithium-ion batteries that offer 50% more power range than its prior model. In addition, these batteries are swappable and can be installed in their conventional bike models.
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Powered by the massive OEMs influx in the automotive space, electric motorcycle & scooter market has observed a steady growth over the past few years. Considerable environmental benefits associated with the e-vehicles over gasoline powered substitutes is playing an instrumental role in driving the market growth. Government's pressure on reducing the carbon footprints have resulted in an increased consumer dependency on green transportation. In addition to this, superior product quality, lower maintenance requirement, and outstanding reliability of these vehicles have further allowed the demand curve to grow higher. In 2017, electric motorcycle & scooter market share stood at USD 15.5 billion. The projected CAGR for this business space is 5% over 2018-2024.
Electric Motorcycles & Scooters Market by Product
Electric Motorcycles & Scooters Market by Battery
Electric Motorcycles & Scooters Market by Voltage
- Others (12V, 60V, 72V)
Powered by depleting fossil fuel resources & rising increasing concerns on CO2 emissions, electric motorcycles & scooters market has witnessed quite an exponential growth graph lately. Renowned superbike manufacturers like Benelli, Honda, and many more have been involved in myriad research and development activities to launch innovative and effective e-motorcycles. Validating the aforementioned fact, in 2017, Honda launched its future electric and hybrid technology at the Tokyo Motor Show. The technology can apparently be used for the deployment of cleaner, emission-free scooters, as it is endowed with easy battery swapping, enabling users to change batteries any time and get back on the road.
As startups have now begun to penetrate electric motorcycles and scooters industry, the vertical seems to be on the verge of witnessing a ferocious competition. For instance, in the U.S., many skateboard manufacturers have been investing in development of electric scooters. Popular skateboard manufacturing companies such as Bird, Spin, and LimeBike have deployed dockless electric scooters on West Coast and other bigger cities across U.S. In order to generate substantial remuneration, these scooter manufacturers are increasingly investing in research and development activities. With the launch of advanced versions of e-vehicles, U.S. electric motorcycles and scooters industry is slated to register a CAGR of more than 16.4% over 2018-2024.
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Asia Pacific dominates the overall electric motorcycles & scooters market share owing to strong presence of industry player in China, India, Japan & Indonesia. Traffic congestion, rising population, concern regarding environment and low price of these vehicles compared to conventional vehicles have resulted in strong consumer preference.
Europe electric motorcycles & scooters market will witness strong growth at over 15% by 2024. The European government is planning to increase EV sales to improve the air qual. Twenty-seven European countries have started imposing taxes on carbon dioxide emissions related to vehicles and 15 nations are providing tax incentives for e-vehicles. In May 2015, the EU started a project under the European Green Vehicle initiative co-founded by the European Commission related to electric two wheelers. EGVI is a public-private partnership delivering green vehicles matching social, environmental, and economic challenges.
48V battery dominates the electric motorcycles & scooters market, accounting for over 35% volume share in 2017. Superior power output along with ease in compatibility of these batteries with e-vehicles will drive the segment growth. Vehicles equipped with 60V & 70V will witness strong growth over the forecast timeframe owing to constant R&D in enhancing the speed of the vehicle.
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Few major players include AIMA Hi-tech, Alta Motors, Sunra (Jiangsu Xinri E-Vehicle Co.), Zero Motorcycle, Terra Motors Corp, KTM, BMW, and Hero Eco. Electric motorcycles & scooters market players are focusing on developing efficient batteries and motors to ensure high performance. In addition, manufacturers are focusing on improvement in distribution chain of these vehicles.
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