Electric Scooter and Motorcycle Market Size & Share - Future Growth Expectations
The global electric scooter and motorcycle market, by value, is estimated to be USD 4.9 billion in 2023 and is projected to reach USD 14.7 billion by 2028, at a CAGR of 24.8% from 2023 to 2028. In the near future, demand for e-scooters and e-motorcycles is expected to increase due to favourable government policies and OEM investment.
The electric scooter and motorcycle market is poised for substantial growth in the coming years, driven by several key factors:
- Increasing Urbanization and Demand for Sustainable Transportation Solutions
- Government Backing through Incentives and Regulations Favoring Electric Vehicles
- Technological Progress in Battery Technology, Enhancing Range and Performance
- Heightened Environmental Awareness and Concerns, Fueling Demand for Green Transportation
- Expansion of Sharing and Rental Services, Offering Convenient Mobility Solutions
- Growing Preference for Lightweight and Portable Commuting Solutions
- Diversification of Product Offerings to Cater to Varied Consumer Segments
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Increasing Urbanization and Demand for Sustainable Transportation Solutions:
- With urban areas becoming more crowded, there's a rising need for eco-friendly transportation alternatives. Electric scooters and motorcycles offer a convenient and environmentally sustainable option for short-distance commutes and last-mile connectivity in bustling cities.
Government Backing through Incentives and Regulations Favoring Electric Vehicles:
- Governments worldwide are rolling out policies to curb carbon emissions and combat air pollution. Incentives like subsidies, tax breaks, and regulatory mandates promoting electric vehicle adoption are propelling market expansion and incentivizing manufacturers to invest in electric mobility solutions.
Technological Progress in Battery Technology, Enhancing Range and Performance:
- Continuous advancements in battery technology, especially in lithium-ion batteries, have resulted in improvements in range, performance, and charging speed for electric scooters and motorcycles. These technological strides have bolstered consumer confidence in electric vehicles and broadened their appeal across diverse demographics.
Heightened Environmental Awareness and Concerns, Fueling Demand for Green Transportation:
- Increasing awareness of environmental issues and climate change has shifted consumer preferences toward greener transportation options. Electric scooters and motorcycles, with their zero tailpipe emissions, are gaining traction as a cleaner alternative to traditional gasoline-powered vehicles, fostering market growth.
Expansion of Sharing and Rental Services, Offering Convenient Mobility Solutions:
- The proliferation of electric scooter and motorcycle sharing and rental services in urban areas has democratized access to electric mobility solutions. These services provide convenient, cost-effective, and environmentally friendly transportation alternatives, driving further adoption among urban commuters.
Growing Preference for Lightweight and Portable Commuting Solutions:
- Consumers are increasingly drawn to lightweight and portable commuting options that are easy to navigate and store in urban environments. Electric scooters and motorcycles, with their compact designs and nimble handling, cater to the needs of urban commuters seeking convenient and space-saving transportation solutions.
Diversification of Product Offerings to Cater to Varied Consumer Segments:
- Manufacturers are diversifying their product portfolios to accommodate different consumer preferences, usage patterns, and budget constraints. This diversification encompasses a wide range of electric scooters and motorcycles tailored to meet the diverse needs of urban commuters, enthusiasts, and professionals, driving market expansion.
Based on these factors, the electric scooter and motorcycle market is projected to experience robust growth in the coming years, with significant opportunities for market players to capitalize on emerging trends and technological advancements.
Electric Scooter and Motorcycle Market Share - Global Industry Landscape
The electric scooter and motorcycle market is characterized by the presence of several key players competing for market share. Some of the leading companies in the electric scooter and motorcycle industry include:
- Yadea Technology Group Co.,Ltd. (China),
- Jiangsu Xinri E-Vehicle Co., Ltd (China),
- NIU International (China),
- Hero Electric (India),
- Okinawa Autotech Internationall Private Limited (India).
These companies, along with several others, collectively shape the global electric scooter and motorcycle industry landscape. Market dynamics are influenced by factors such as technological innovation, regulatory compliance, strategic partnerships, and market consolidation. As the demand for electric scooter and motorcycle continues to rise, companies are expected to intensify their efforts to capture market share and drive innovation in electric scooter and motorcycle discovery, development, and commercialization.
Yadea Technology Group Co., Ltd. (China):
- Market Share: Yadea Technology Group is a leading player in the global electric scooter and motorcycle market, commanding a significant market share, especially in Asia.
- Key Offering: Yadea offers a wide range of electric scooters and motorcycles known for their quality, performance, and reliability. Their offerings include commuter scooters, sporty models, and electric motorcycles designed for urban and suburban commuting.
Jiangsu Xinri E-Vehicle Co., Ltd (China):
- Market Share: Jiangsu Xinri E-Vehicle Co., Ltd, commonly known as SUNRA, is a prominent manufacturer in the electric scooter market, with a notable presence in China and international markets.
- Key Offering: SUNRA specializes in electric scooters with a focus on affordability, efficiency, and sustainability. Their product lineup includes a variety of models ranging from compact urban scooters to high-performance electric motorcycles.
NIU International (China):
- Market Share: NIU International is a leading electric scooter manufacturer known for its innovative design and technology-driven approach, holding a significant share of the global electric scooter market.
- Key Offering: NIU offers smart electric scooters equipped with advanced features such as GPS navigation, mobile app connectivity, and remote diagnostics. Their products combine style, performance, and connectivity to cater to urban commuters seeking a modern and efficient mode of transportation.
Hero Electric (India):
- Market Share: Hero Electric is a prominent player in the Indian electric scooter market, known for its extensive dealership network and affordable electric scooters.
- Key Offering: Hero Electric offers a diverse range of electric scooters tailored to meet the needs of Indian consumers. Their products focus on affordability, reliability, and ease of use, making electric mobility accessible to a wide range of customers across urban and rural areas.
Okinawa Autotech International Private Limited (India):
- Market Share: Okinawa Autotech is a key player in the Indian electric scooter market, known for its emphasis on technology, performance, and eco-friendliness.
- Key Offering: Okinawa specializes in electric scooters featuring advanced lithium-ion battery technology, long-range capabilities, and fast-charging options. Their products are designed to offer a superior riding experience while minimizing environmental impact, catering to the growing demand for electric mobility solutions in India.
Related Reports:
Electric Scooter and Motorcycle Market by Vehicle (E-Scooters/Mopeds & E-Motorcycles), Battery (Lead Acid & Li-Ion), Distance, Voltage (36V, 48V, 60V, 72V, Above 72V), Technology Usage(Private, Commercial), Vehicle Class & Region - Global Forecast to 2028
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