USD 21.3 Bn Electric Scooters and Motorcycles Market is Set to Register 13% CAGR, driven by Advancement in Battery Technology and Emergence of New Distribution Channel, says Bekryl
According to the recently report by Bekryl, Global Electric Scooters and Motorcycles Market was valued at US$ 21.3 billion in 2018 and is set to register 13% CAGR and witness 3.4X increase in revenue by 2028. Increasing pollution, rise in urbanization and advancement in battery technology has led 2 wheeler segment Industry players to embrace disruption and shift towards electric vehicles. Electric scooters offer lower total cost of ownership (TCOs). In certain configurations, electric scooters and motorcycles have lower total cost of ownership than comparable conventional two wheeler motor vehicles. Operational savings is one of the prime factor in boosting the growth of the electric scooters and motorcycles market during the forecast period. In addition, electric scooters and motorcycles run more quietly than conventional vehicle, which reduces noise pollution.
The report states Asia Pacific as the leading electric scooter and motorcycle market. In 2018, China dominated the regional sales with 94.5% market share. However, it will lose significant share to India, which is expected to gain 3,880 basis points by the end of 2028 – thereby becoming regional corridor to many companies. Overall, competition will heighten with traditional players slowly shifting towards electric scooter platform. Majority of the motorized electric scooters falls in category of 50cc to 125cc in the region. In terms of revenue, electric scooters accounted for 61% of total Asia Pacific market in 2018.
Few key Trends from Global Electric Scooters and Motorcycles Market:
Focus on Industry Partnership
Various Electric Scooters and Motorcycles manufactures focus on enhancing their presence and product portfolio across various regions through partnerships. For instance, in 2018, electric scooter startup GRIN entered in partnership with Brazil based RIDE. The development was noticed shortly after Grin raised a ~$45 million Series A round.
Smart Ride Concept is Gaining Market Prominence
Companies are focusing on offering vehicles that meet today’s IoT criteria. With changing ecosystem and higher integration of internet of things, consumers look forward to value enriched vehicles. Till date, only four wheelers used to be fitted with value added features, however, the prototype is slowly getting shifted to two wheelers. Smart vehicles is intended to offer altogether new experience to clients. There are several instances seen wherein smart e-vehicles is gaining prominence. In 2018, Twenty Two Motors unveiled smart scooter – equipped with AI and cloud capabilities.
Emergence of New Entrants to the Electric Scooters and Motorcycles Industry
21st century has seen emergence of many startups. Emergence of green vehicles has created ample market opportunity for new entrants. These entrants leverages new technology to disrupt the market. The trend can be seen across various EV industries including electric scooters and motorcycles. To date most of these companies are in manufacturing of electric scooters, backed by large investors. Majority of these companies are registered in China. Sunra, Yadea, AIMA, Gogoro, Niu Technologies are well funded in China. These companies are leveraging technologies to stay ahead of competitors. Ather Energy and Twenty Two Motors has gained wide scale popularity among Indian consumers. The product is listed as premium and are tapping upper middle class income groups.
High Powered Electric Motorcycles Market to Register Fastest Growth Between 2018 and 2028
In 2018, high powered electric motorcycles accounted for just 0.1% of total electric scooter and motorcycle unit sales worldwide. However, it is expected to register fastest CAGR of 47.4% during the forecast period.
To purchase the report or know more about the industry, visit: https://bekryl.com/industry-trends/electric-scooters-and-motorcycles-market-size-analysis
Key companies covered in the report are:
- Zero Motorcycles Inc.
- Bayerische Motoren Werke AG
- Piaggio & C. SpA
- Niu Technologies
- Gogoro Inc.
- Terra Motors Corp.
- KTM AG
- Govecs AG
- Honda Motor Company, Ltd.
- Jiangsu Xinri E-Vehicle Co., Ltd.-Sunra
- Ninebot Inc.
- Hero Electric Vehicles Pvt. Ltd.
- Kingsong Intell Co., Ltd.
- Alta Motors Inc.
- Toyota Motor Corporation
- Mahindra & Mahindra Ltd.