Electric Motorcycles & Scooters Market worth over $55 Bn by 2032

Electric Motorcycles & Scooters Market size is set to surpass USD 55 billion by 2032, according to a new research report by Global Market Insights Inc.
 

Emerging impacts of climate change and other pollution-related concerns will drive huge demand for electric two-wheelers. Vehicular emissions have become a major concern worldwide considering the increasing use of fossil fuel-powered vehicles and the incremental growth in the global population. Government authorities like the U.S. Environment Protection Agency (EPA) are taking steps to promote the use of clean mobility solutions to reduce greenhouse gases.
 

In the Asia Pacific region, government bodies are providing subsidies to promote the sales of zero-emission vehicles. For instance, the Government of India has announced the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME) scheme to support the adoption and manufacturing of electric vehicles.
 

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Advancements in powertrain technology to foster electric motorcycle sales

The electric motorcycles segment held over 32% of the electric motorcycles & scooters market share in 2022. The development of new and improved battery and powertrain technologies has supported the production of electric motorcycles with longer driving range and higher power output. Growing consumer demand for e-motorcycles with higher performance and speed should complement this growth. The need for cheaper urban transport alternatives will accelerate the purchase of these vehicles.
 

Robust demand for compact and lightweight Li-ion batteries

The lithium-ion battery segment accounted for around 80% share of the electric motorcycles & scooters market in 2022. Li-ion batteries provide high power and energy output per unit of its mass. The reduced size and weight of these batteries compared to other rechargeable variants have elevated its use in electric two-wheelers. High consumer preference for removable/swappable batteries that are easy to install and lightweight should boost the integration of Li-ion batteries by e-mobility firms.
 

Higher usage of 72-volt batteries in electric motorcycles

In terms of voltage, the electric motorcycles and scooters market from other voltage segment, which constitutes of 12V-60V and 72V batteries, is anticipated to reach USD 8 billion by 2032. High-voltage batteries, which can provide high power output and long charging cycles, are ideal for heavy-duty electric motorcycles. These batteries have a power rating of 12V-60V and 72V which can be used in heavy-duty electric motorcycles that offer longer range. On the other hand, small electric scooters used for conducting shorter daily commutes in metropolitan cities are mainly powered by 12-volt batteries. Rising fuel prices and a pressing need for cheaper urban mobility solutions will influence the use of 12V-60V and 72V batteries in electric two-wheelers.
 

Browse key industry insights spread across 320 pages with 430 market data tables & 32 figures & charts from the report, “Electric Motorcycles & Scooters Market Size, By Product (Motorcycles, Scooters), By Battery (SLA, Li-ion), By Voltage (24V, 36V, 48V), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/electric-motorcycles-and-scooters-market
 

Rapid switch to e-mobility solutions across North America

North America electric motorcycles and scooters market recorded more than USD 400 million in 2022. The sales of electric two-wheelers have elevated due to growing traffic concerns in the region. These vehicles are increasingly replacing gasoline-powered vehicles for performing daily commutes. Demand for connected electric bikes and scooters with smart ride solutions is also growing in the United States and Canada. The widespread use of GPS and other smart navigational technologies made available by OEMs will greatly influence vehicle sales across these countries.
 

New product launches by electric two-wheeler manufacturers

To obtain a competitive edge in the rapidly expanding electric motorcycles & scooters market, companies including Harley, Zero Motorcycles, and NIU Technologies are concentrating on the development of lightweight powertrain systems that reduce the overall vehicle weight and improve its performance. New vehicle launches with advanced features will also complement industry growth. For instance, in November 2022, Matter Group, an electric vehicle startup, introduced an electric geared motorcycle which it plans to deliver in April 2023 and also launch electric scooters from 2023 to 2032.