Electric Motorcycles and Scooters Market for E-motorcycles are estimated to witness strong growth over 10% from 2018 to 2024 owing to new product offerings and reduced price of the product. Industry players are focusing on competing the e-motorcycles with gasoline powered vehicles with improved speed and superior power output. Electric scooters dominate the industry share owing to less priced compared to electric motorcycles.
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48V batteries accounted over 35% of the electric motorcycles and scooters market share in 2017. The higher volume share can be credited to superior compatibility of these products with the e-vehicles along with desirable power output of these batteries. Adoption of 60V & 70V batteries will witness surge over the forecast timeframe. Consistent development in these batteries with reduced weight and higher power range will fuel the segment growth.
Europe is another continent where regulatory framework has played an influential role in swaying the electric motorcycles and scooters market trends. Reportedly, 27 countries in the EU have imposed taxes on vehicle emissions and there are 15 nations who are supporting the e-vehicles adoption by providing tax incentives. With a prime target to improve the air quality and sustainability quotient of the region, Europe electric motorcycle and scooter market is set to chart a profitable road map in the years ahead. The region is forecast to register a CAGR of 15% over 2018-2024.
North America electric motorcycles and scooters market will witness growth over 16% from 2018 to 2024. The growth can be attributed to new product offering in the region. In May 2015, the European Union initiated project European Green Vehicle related to e-vehicles focusing on improving the public private partnership, reducing economic challenges and reducing carbon emissions.
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Asia Pacific dominates the electric motorcycles and scooters market volume share owing to strong demand of the product from China, Indonesia, India & Japan. Proliferating population, less price of the product, low maintenance cost and no requirement of license are the key factors for volume dominance in the region.
Less driving range of these vehicles along with low power output may hamper the electric motorcycles and scooters market growth. In addition, less presence of charging stations is the major challenge faced for the product penetration. Government are offering infrastructure development to increase the number of charging stations and reducing the time required to charge the battery.
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Electric motorcycles and scooters market some of the key participants include Alta Motors, Hero Eco, BMW, KTM, Terra Motors Corp., Zero Motorcycle and AIMA Hi-tech. Improving the battery and motor performance, enhancing the speed range and power output are the key focus area of the industry participants. Strong value chain development and increasing the product visibility will improve electric motorcycles and scooters sales.