Electric Power Sports Market Analysis

Electric Power Sports Market Analysis

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Based on vehicle type, the motorcycle segment held over 99% of the market share in 2023. The introduction of electric motorcycles with long-range capabilities is significantly propelling the motorcycle segment within the market. These motorcycles address one of the key concerns for consumers considering EVs: range anxiety.
 

For instance, in January 2024, Revolt launched the RV400 BRZ electric motorcycle with a range of up to 150 km on a single charge. This long-range capacity enhances its practicality and appeal to riders seeking efficient & sustainable urban commuting solutions. This increased range is attracting a numerous consumer to electric motorcycles including commuters and touring enthusiasts, fostering growth in the motorcycle segment of the market.
 

Based on UTV, capacity, the 10-30 kW segment accounted for 44% of the electric power sports market share in 2023. Positioned as high-performance options, UTVs in this capacity range offer a balance between power and efficiency, catering to enthusiasts seeking exhilarating riding experiences. With their robust motor capabilities, they excel in acceleration and top speed, appealing to riders interested in sporty performance. As a result, electric UTVs in the 10 kW to 30 kW capacity range are gaining traction and contributing to the overall market growth.
 

Asia Pacific electric power sports market recorded around 93% of the revenue share in 2023, due to the growing investment in lithium-ion innovation. As research and development efforts focus on enhancing lithium-ion battery technology, the resulting advancements lead to improved performance and extended range for electric-powered recreational vehicles.
 

For instance, in January 2024, Altmin invested USD 100 million in lithium-ion battery innovation in India, along with a 3 GWh plant, a significant milestone in the EV market's value chain. These investments are expected to excel the battery technology that drives consumer confidence, and adoption of electric power sports vehicles in the region. The proliferation of battery technology is contributing to the overall growth and expansion of the market.