CHICAGO, July 11, 2019 /PRNewswire/ -- According to the new market research report "Electric Scooter and Motorcycle Market by Vehicle Type (E-Scooter/Moped and E-Motorcycle), Battery Type (Sealed Lead Acid & Li-Ion), Distance Covered, Voltage (36V, 48V, 60V & 72V), Technology (Plug-in & Battery) Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Electric Scooter and Motorcycle Market is projected to grow from 684 Thousand Units in 2019 to reach 7,919 Thousand Units by 2027, at a CAGR of 35.8%.
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48 – Figures
130 – Pages
Asia Pacific is expected to lead the global market during the forecast period
Asia Pacific is expected to be the largest market. The market growth in the region can be attributed to the rising demand for greener transportation along with several initiatives by private organizations as well as governments of the countries. China's rapidly growing economy is driving the expansion of advanced technologies to improve electrification in the country. China is expected to spend approximately USD 2.4 billion by 2020 to improve the charging facility infrastructure in the country. The Indian government is taking initiatives such as FAME-II, offering subsidies and tax exemptions to buyers to promote electric two-wheelers in the country.
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E-motorcycle market is expected to grow at the highest CAGR
The e-motorcycle segment is expected to be the fastest market. The e-scooter/moped segment was introduced earlier in the electric two-wheeler market due to the suitable design and frame that could incorporate the electric propulsion system. Also, because of the limited range, e-scooters/mopeds were in focus for daily short distance commuting. However, with advancements in battery technology, the range and performance standards of electric two-wheelers have been enhanced, which is expected to boost the e-motorcycle market faster than the e-scooter/moped segment. As e-motorcycles serve different purposes such as cruising, racing, off-roading, and commuting, their demand would rise in the future.
Europe: Belgium is expected to lead the European market
The European region is estimated to be the fastest growing market. Europe comprises developed economies such as France, Germany, Spain, and the UK. The region is home to many leading players such as Energica Motor Company (Italy), KTM (Austria), BMW (Germany), GOVECS (Germany), and Piaggio (Italy). Infrastructural developments and industrialization in developed economies have opened new avenues, creating several opportunities for OEMs. The implementation of new technologies and establishment of new government regulations are driving this market in the region. Belgium is expected to lead the European market due to the subsidies offered to buyers on purchase of new electric two-wheelers. Europe also has increased demand for performance e-motorcycles, which manufacturers such as Energica and KTM have identified. Thus, the European region would witness faster growth.
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The global Electric Scooter and Motorcycle Market is dominated by major players such as Yadea Group Holdings Ltd. (China), Hero Electric (India), Vmoto Limited (Australia), and Jiangsu Xinri E-Vehicle Co., Ltd. (China). These companies have strong distribution networks at a global level. In addition, these companies offer an extensive product range in this market. These companies have adopted strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position
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