Premium Electric Motorcycle Market - By Product (Sports, Off-road), By Battery Capacity (Below 10 kWh, 10 – 15 kWh, 15 – 20 kWh, Above 21 kWh) & Forecast, 2023 - 2032

Premium Electric Motorcycle Market Size

Premium Electric Motorcycle Market was valued at USD 238.9 million in 2022 and is estimated to register a CAGR of 21.8% between 2023 and 2032. The government's strategic allocation of funds to subsidize electric motorcycles is driving growth in the premium electric motorcycle industry. By incentivizing buyers and promoting eco-friendly transportation, these subsidies are encouraging manufacturers to innovate and produce high-quality electric motorcycles. For instance, in March 2023, the Indonesian government announced plans to invest USD 455.88 million from state funds to subsidize electric motorcycle sales until 2024, as part of its efforts to promote the adoption of Electric Vehicles (EVs) and attract investments in the domestic industry. This support boosts consumer adoption and attracts investments in advanced technologies, leading to the expansion of the market.
 

Premium electric motorcycles are playing a crucial role in reducing the environmental impact and lowering carbon emissions. By replacing traditional gasoline-powered vehicles, they significantly decrease air pollution and Greenhouse Gas (GHG) emissions. The shift toward electric mobility helps combat climate change, improve air quality, and promote sustainability. As the awareness of these benefits grows, more consumers are choosing premium electric motorcycles, propelling market demand. This increased preference fosters a cleaner environment and accelerates the market growth, fostering a greener future.

The absence of a robust charging infrastructure impedes the premium electric motorcycle industry growth. Potential buyers are deterred by the limited availability of charging stations, fearing inconvenience and range anxiety. A widespread, easily accessible charging network is essential to instill confidence in consumers, encouraging them to adopt electric motorcycles. Addressing this issue by expanding charging infrastructure is crucial in fostering market growth and promoting the wide adoption of premium electric motorcycles.

COVID-19 Impact

The COVID-19 pandemic adversely affected the premium electric motorcycle market. Lockdowns, economic uncertainties, and reduced consumer spending led to a decline in the overall motorcycle sales including electric ones. Supply chain disruptions hampered production, causing delays and increasing costs. Additionally, consumer priorities shifted toward essential items, impacting discretionary purchases including premium electric motorcycles. The market faced decreased demand and financial challenges, hampering the premium electric motorcycle industry.

Premium Electric Motorcycle Market Trends

Strategic partnerships are serving as catalysts for the premium electric motorcycle industry growth. Collaborations between established manufacturers and innovative technology companies facilitate the exchange of expertise, resources, and technologies. For instance, in March 2023, Hero MotoCorp revealed its collaboration with Zero Motorcycles, a premium electric motorcycle and powertrain manufacturer based in the U.S. This partnership aligns with Hero MotoCorp’s plans for electric motorcycles and premium product development. Such partnerships enhance product development, accelerate innovations, and improve manufacturing efficiency. They provide a platform for combining market knowledge and customer insights, leading to the creation of high-quality electric motorcycles. Through such alliances, the industry experiences accelerated advancements, expanding consumer choices and augmenting market demand.

The low maintenance and operating costs of electric motorcycles are key factors behind the global market growth. Compared to their gasoline counterparts, electric motorcycles require fewer repairs, have fewer moving parts, and do not need regular oil changes. Electricity costs less than gasoline, leading to significant savings for consumers. This affordability, coupled with environmental consciousness, makes electric motorcycles an attractive choice, propelling their market growth and encouraging more consumers to switch to premium electric models.

Premium Electric Motorcycle Market Analysis

Based on product, the market is divided into sports and off-road. Sports segment accounted for around 80% of the market share in 2022. The exclusive launches of sports electric bikes are boosting growth in the sports segment of the premium electric motorcycle industry. These cutting-edge models offer advanced technology, high performance, and sleek designs, catering to enthusiasts seeking both speed and sustainability. For instance, in October 2023, Kawasaki launched two electric motorcycle models, the Ninja Z e-1 and e-1, in the U.S. Both EVs utilize identical powertrains and features but vary in body styles, with the fully faired Ninja e-1 and the naked Z e-1. They are equipped with two detachable 1.5 kWh lithium-ion batteries, providing an estimated range of 65 km per charge. The launch is aimed at expanding consumer choices and enhancing the overall appeal of electric motorcycles, boosting demand in the premium sports segment.

Based on battery capacity, the market is categorized into below 10 kWh, 10 – 15 kWh, 15 – 20 kWh, and above 21 kWh. The 10 – 15 kWh segment accounted for around 43% of the market share in 2022 and is projected to grow through 2032. The 10 to 15 kWh battery capacity in premium electric motorcycles strikes a balance between power and weight, thereby proliferating product demand. This capacity range ensures that motorcycles have sufficient power to deliver high performance while maintaining a reasonable weight, thereby enhancing agility and handling. It offers riders a potent combination of acceleration and range, making bikes with this capacity ideal for both city commuting and long-distance journeys. This propels the popularity of 10 to 15 kWh battery capacity within the premium electric motorcycle market.

Europe led the global premium electric motorcycle industry with a major share of over 30% in 2022. The introduction of uniquely designed electric motorcycles in France is fueling growth in the European market. These innovative designs capture consumer attention and demand, setting new trends in the industry.

Premium Electric Motorcycle Market Share

Major players operating in the premium electric motorcycle industry are:

• Arc Vehicle Ltd.
• Emflux Motors
• Energica Motor Company S.p.A
• Evoke Motorcycles
• Hadin Motorcycles
• Harley Davidson, Inc.
• KTM Sportmotorcycle GmbH
• TACITA Srl
• Zero Motorcycles

Zero Motorcycles and Energica Motor Company S.p.A are dominant players in the premium electric motorcycle business.  Both Zero and Energica have demonstrated a commitment to innovation and technology. Their electric motorcycles are equipped with advanced features, high-performance components, and battery and motor technology.

Premium Electric Motorcycle Industry News

• In March 2023, Volcon Inc., the pioneering all-electric off-road powersports company, launched its latest models, the Grunt EVO and the Runt LT. The EVO represents an upgraded model of the exclusive all-electric off-road motorcycle, utilizing Volcon's fat-tired design and Exo-Arch frame. Also referred to as the Grunt Founders Edition (FE), this new model marks a significant step forward in Volcon's innovative offerings.

   

   

The premium electric motorcycle market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and shipment (Units) from 2018 to 2032, for the following segments:

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Market, By Product

• Sport
• Off-road
• Others

Market, By Battery Capacity

• Below 10 kWh
• 10 – 15 kWh
• 15 – 20 kWh
• Above 21 kWh

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Belgium
  • Netherlands
• Asia Pacific
  • China
  • India
  • Australia 
• Rest of the world (RoW)