Pune, India, June 03, 2021 (GLOBE NEWSWIRE) --
The global electric motorcycles and scooters market size is projected to expand at substantial CAGR during the forecast period as leading manufacturers are competing to expand their customer base through innovative product launches. For instance, during May 2021, the Taiwanese electric scooter company Gogoro announced its intention to foray into the Chinese market. The scooter maker entered a strategic partnership with two major Chinese automakers, Yadea and DCJ for introducing its new product.
The following seven major trends are powering the defining electric motorcycle and scooter industry outlook:
Growing popularity of electric scooters across Canada
Thanks to the availability of advanced models with cutting-edge technologies, the vehicle ownership across the U.S. and Canada has been registering a spike over the last few years. This has added to the momentum of the electric motorcycles and scooters market in North America.
With the growing disposable incomes of North Americans, they are spending more on high-performance electric scooters and motorbikes. The Bureau of Economic Analysis (BEA) data states that the disposable personal incomes increased by over 0.6% between August 2020 and September 2020.
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Spiraling use of 48V batteries across North America
The 48V batteries accounted for a significant portion of the total North America electric motorcycle and scooter market size during 2019 and is expected to see a rising curve up to 2026. These batteries provide high power results when deployed in motorcycles.
As such, they are integrated with electric scooters. They yield enhanced power output especially to short range scooters and motorcycles, setting the scene for the progression of the market.
Availability of wide-ranging SLA batteries in Europe
The Europe electric motorcycles and scooters industry outlook is picking pace across the SLA battery segment. By 2026, the industry will have attained a substantial revenue share, with a growing volume of consumers opting for these batteries. Manufacturers and suppliers are introducing multiple models of SLA batteries with diverse voltage configurations.
As these solutions are more cost-effective when compared with lithium batteries, Europe electric motorcycles and scooters market share is certain to augment. Being tolerant to overcharging, they are highly reliable solutions that can boost the lifespan of EVs. Consequently, the U.K., France, Spain, Germany, Belgium, and Poland are expected to see rising product deployment through 2026.
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Reduced operational costs of Li-ion batteries
The industry share from the Li-ion batteries is poised for considerable growth through 2026, promoted by the multiple advantages of these solutions. Amongst its several beneficial features, its high capacity and short charging cycles are rendering them an ideal alternative. When they are utilized in EVs, costs associated with both operation and maintenance can be minimized since they are easy to replace.
Europe is among leading consumers of Li-ion batteries due to vast R&D efforts in the transportation sector and the presence of world’s leading automakers.
Growing concerns over air pollution across India
The Indian electric motorcycle and scooter market share is likely to account for a substantial revenue in the total Asia Pacific industry through 2026. This is because of the alarming surge in air pollution across urbanized Indian cities. As per the World Economic Forum, seven of the top ten most polluted cities in the world are in India. The carbon dioxide emissions across India increased by over 5%, accounting for 2,299 million tons during 2018, as per the India Environmental Portal.
As such, the demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs) is seeing an uptick across India. Other Asian countries including Japan, Taiwan, Singapore, and China are also addressing increased air pollution through adoption of zero-emission solutions. As such, Asia Pacific market size is set to be worth over $39 billion through 2026.
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Government initiatives to empower manufacturers
Thanks to the urgent need to address air quality standards, the regional governments in APAC are supporting electric motorcycles and scooter manufacturers through various loans, tax incentives, and other favorable policies. For instance, the government of India announced its Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) II scheme during March 2019.
Along similar lines, EV manufacturers are also attracting foreign direct investments (FDIs) via government support. For instance, in a bid to bring in more foreign investments, the Chinese government cancelled the industry’s 50% foreign ownership cap during 2018. This will trigger demand across the industry forecast through the next five years.
Use of electric motorcycles by Chinese federal government
With the growing awareness pertaining to the advantages of electric vehicles, Asians are preferring electric motorcycles over gas-powered bikes. The transport & logistics industry as well as the food delivery services across Asia are turning to high-performance electric scooters.
APAC electric motorcycles and scooters market outlook is gaining traction across the public sector as well. For instance, the Chinese government officials including the police are using electric motorcycles. These vehicles ensure efficient patrolling, investigation of public areas, and crowd control due to their benefits such as lesser noise, improved braking, and high speed.
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