NEW YORK, March 11, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, North American electric scooters and motorcycles market is likely to reach $675.7 million by 2024, with a CAGR of 28.4%. Emergence of electric scooter sharing fleet, government policies and incentives, development in battery technology, and low maintenance cost are the key factors driving the growth of the market.

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Emergence of electric scooter sharing fleet is responsible for the growth of the North American electric scooters and motorcycles market. Many new sharing service providers have started to deploy electric scooters and kick scooters in their fleet. Further, the      availability of smart charging stations and application of these vehicles in food and beverages delivery services are opening up new opportunity for the growth in the market.

On the basis of battery, the North American electric scooters and motorcycles market is categorized into lead acid- and li-ion-based electric scooters and motorcycles. Of these, the li-ion battery-based electric scooters and motorcycles dominated the market during the historical period and is expected to continue dominating the market during the forecast period. Falling prices of li-ion batteries, coupled with their inherent advantages such as lightweight, small size, high energy density, low maintenance, and low self-discharge over other batteries are expected to benefit the market during the forecast period.

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Based on application, the North American electric scooters and motorcycles market is classified into sharing services, food and grocery, and personal users. Among these, sharing service application is expected to be the largest category during the forecast period. This is because the sharing service makes customers free from hassles involved in owning their own vehicles and it offers easy commuting for short distances.

Growing importance for environment-friendly transportation systems in order to reduce greenhouse gas (GHG) emissions is one of the major factors enabling governments to support the sales of electric scooters and motorcycles. The support is provided by offering several incentives and tax credits to customers at the time of purchase of these vehicles, which trigger the growth of the North American electric scooters and motorcycles market. Selected regions, states, and cities provide incentives for buying electric motorcycles. For instance, in 2017, the Government of California offered 10% federal tax credit for the purchase of electric motorcycle, up to $2,500, in that year. Also, Clean Vehicle Rebate Project (CVRP) promotes adoption of clean vehicles in California by providing rebates of up to $900 for the purchase of electric motorcycle in the state.

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The U.S. was larger market for these vehicles, in terms of volume, contributing close to 85% share to the North American electric scooters and motorcycles market in 2018. Factors driving the growth of the market in the U.S. are faster adoption of electric vehicles (EVs) in the country, support by the government in form of financial and non-financial incentives for the procurement of these vehicles, and high commuter base.

The major players operating in the market are KTM North America Inc., Razor USA LLC, Segway Inc., TORROT ELECTRIC EUROPA S.A., Zero Motorcycles Inc., Mahindra GenZe, Energica Motor Company S.p.A., and Alta Motors.

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