Europe electric motorcycles and scooters 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.Powered by the massive OEMs influx in the automotive space, electric motorcycles and scooters market has observed a steady growth over the past few years. Considerable environmental benefits associated with the e-vehicles over gasoline powered substitutes is playing an instrumental role in driving the market growth. Government’s pressure on reducing the carbon footprints have resulted in an increased consumer dependency on green transportation. In addition to this, superior product quality, lower maintenance requirement, and outstanding reliability of these vehicles have further allowed the demand curve to grow higher.
Another pivotal factor determining the adoption of batteries is the efficiency, which has been given utmost importance. Driven by this trend, the consumer preference has observed a migration to lithium ion battery embedded electric vehicles, which has resulted in a phenomenal expansion of global lithium ion battery market. Despite the high cost associated with these batteries, the segment is grabbing a phenomenal name in the electric motorcycles and scooters market, owing to its supreme efficiency both in terms of charging and discharging. Add to it, their low weight when compared to the lead acid counterparts is also soaring the demand of these batteries. As per estimates, Lithium ion battery based electric motorcycles and scooters market is forecast to register a CAGR of 11% over 2018-2024.
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Favorable incentive structure such as tax concessions has also substantially encouraged the adoption of e-vehicles. The need to streamline urban mobility and transportation infrastructure is providing a significant push to electric motorcycles and scooters market dynamics. As the products used in e-vehicles meet the essential criteria in terms of air quality, ecology, and energy security, the sales of these electric two-wheelers are anticipated to accelerate massively in the years ahead. However, high cost of the batteries used in these vehicles may somehow deter the sale rate of these vehicles. Amidst this scenario, key industry players are vigorously moving toward renewable (solar) energy adoption to reduce the battery cost – one of the popular trends underlining the strategic landscape of electric motorcycles and scooters market.
The aforementioned statistic also hints toward a rivalry of sorts between SLA and Li-ion batteries, in terms of market dominance. For the record, SLA batteries accounted for more than 85% of the overall market share in 2017, driven by the affordability quotient, compatibility, and presence of myriad manufacturers primarily in the APAC belt. Speaking along similar lines, Asia Pacific leads the global electric motorcycles and scooters market landscape, with China, India, and Japan as major growth avenues. The regional market has been progressing strikingly due to a confluence of several factors such as government support, expansive urbanization, industry shifts, and private consumer demand. For the record, China is touted as the largest electric car market.
Elaborating further on the regional landscape, U.S is expected to emerge as another prominent investment hub in the years ahead. The country’s regulatory support pertaining to research activities, product awareness, and competitive programs encouraging vendors’ investments is favoring the regional market growth. In 2016, the Obama Administration’s announcement of establishing 48 national EV corridors charging networks in 35 states has further provided a significant boost to the U.S electric motorcycles and scooters industry share.
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Europe is another continent where regulatory framework has played an influential role in swaying the electric motorcycles and scooter industry 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 motorcycles and scooters 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.
In terms of competitive hierarchy, the global business space is fragmented with a large number of regional as well as global players. In the backdrop of such dynamic rivalry, product innovations, technological advancements, and strategic collaborations are the top-notch parameters defining the success of the industry players. Some of the renowned names in electric motorcycles and scooter industry include Yamaha, BMW, Harley Davidson, KTM, and Energica Motor Company. One of the anticipated trends to watch for remains how the emerging rental e-vehicles further impact the overall industry outlook in the ensuing years.
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