Electric Scooter and Motorcycle Market Outlook
According to a new report by Expert Market Research titled, “Electric Scooter and Motorcycle Market Size, Share, Analysis, Report and Forecast 2024-2032″, the global electric scooter and motorcycle market is projected to grow at a CAGR of 35% between 2024 and 2032. Aided by the escalating demand for sustainable transportation solutions and the increasing focus on reducing carbon emissions, the market is expected to grow significantly by 2032.
Electric scooters and motorcycles are gaining significant traction globally as environmentally friendly alternatives to traditional gasoline-powered vehicles. They are equipped with electric motors and batteries, offering a clean, efficient, and cost-effective mode of transportation. As the world grapples with environmental concerns and rising fuel costs, electric scooters and motorcycles are emerging as viable solutions.
The surge in the electric scooter and motorcycle market demand is predominantly driven by stringent government policies aimed at reducing greenhouse gas emissions. Many governments worldwide are implementing measures such as subsidies, tax rebates, and strict emission norms to promote the adoption of electric vehicles, including electric two-wheelers.
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Another significant driver of market growth is the increasing consumer awareness regarding the environmental benefits of electric vehicles. The shift in consumer preferences towards sustainable and eco-friendly modes of transport is leading to a growing demand for electric scooters and motorcycles. Additionally, the advancements in battery technology, resulting in longer ranges and reduced charging times, are further bolstering the electric scooter and motorcycle market growth.
The expansion of charging infrastructure for electric vehicles is also playing a pivotal role in the growth of the electric scooter and motorcycle market. The development of public charging stations and the increasing availability of home charging solutions are making it more convenient for consumers to own and operate electric two-wheelers.
Furthermore, the growing trend of shared mobility and the emergence of electric scooter sharing services in urban areas are positively impacting the electric scooter and motorcycle market outlook. These services provide an economical and convenient mode of transportation, especially for short-distance travel, and are gaining popularity among commuters.
The global market is poised for substantial growth in the coming years, driven by the increasing adoption of sustainable transportation solutions, government initiatives promoting electric vehicles, advancements in battery technology, and the expansion of charging infrastructure. While challenges remain, the market’s potential is underscored by the global shift towards environmental sustainability and the continuous innovations in the electric two-wheeler industry.
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Electric Scooter and Motorcycle Market Segmentation
The market can be divided based on product, battery type, technology, voltage, and region.
Market Breakup by Product
- Scooter
- Motorcycle
Market Breakup by Battery Type
- Sealed Lead Acid (SLA)
- Li-ion
- Ni-MH
Market Breakup by Technology
- Plug-in
- Battery
Market Breakup by Voltage
- 36 V
- 48 V
- 60 V
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global electric scooter and motorcycle market. Some of the major players explored in the report by Expert Market Research are as follows:
- Yadea Technology Group Co., Ltd.
- Bayerische Motoren Werke Aktiengesellschaft
- Terra Motors Corporation
- Greaves Cotton Limited
- Energica Motor Company S.p.A.
- Zero Motorcycles, Inc.
- Others
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