Electric Motorcycle Market Size

Electric Motorcycle Market Size

Electric Motorcycle Market size was valued at USD 11.3 billion in 2023 and is estimated to register a CAGR of over 3.5% between 2024 and 2032. Growing concerns about climate change and environmental degradation have led to increased awareness among consumers about the impact of traditional internal combustion engine vehicles. Electric motorcycles are perceived as a more environmentally friendly alternative, as they produce zero tailpipe emissions during operation. Also, companies operating in this space are actively integrating sustainable practices to carve a healthy growth trajectory for the electric motorcycle industry.

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Quoting an instance, in January 2024, LOHUM joined forces with TORK Motors to facilitate the sustainable recycling of electric motorcycle batteries. This collaboration establishes LOHUM as the preferred recycling partner for TORK Motors, ensuring adherence to India's Battery Waste Management Rules (BWMR) and promoting the production of battery raw materials with Extended Producer Responsibility (EPR). Improvements in battery technology, particularly in terms of energy density, charging speed, and overall performance, have played a crucial role in the adoption of electric motorcycles.

In January 2024, Cleveland's electric motorcycle startup, Land Moto, announced its aim to enhance its technological capabilities by focusing on battery design and secured an additional $3 million in funding for this purpose in 2024, in addition to the $7 million raised last year. Land Moto's flagship product is the district, a visually striking electric motorbike that occupies a space between e-bikes and traditional motorcycles.

Propelled by one or two sizeable batteries designed by Land, the District offers versatility, operating in Class 2 mode without requiring a permit or achieving speeds exceeding 70 MPH in performance mode. As battery technology continues to advance, it leads to increased range, shorter charging times, and improved overall efficiency, addressing key concerns related to electric vehicle adoption.

However, the lack of a well-developed and widespread charging infrastructure is a significant challenge for the electric motorcycle market. Unlike traditional gas stations, charging stations for electric vehicles are not as prevalent, which can lead to "range anxiety" among potential buyers. The limited availability of charging points makes long-distance travel less convenient for electric motorcycle users.