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.