The global electric scooter and motorcycle market worldwide size was valued at USD 4.9 billion in 2023 and is expected to reach USD 14.7 billion by 2028, at a CAGR of 24.8% from 2023 to 2028. With rising emission levels, increasing prices, and the limited availability of petroleum, the demand for zero-emission alternative fuel vehicles has increased. This has, in turn, increased the demand for electric two-wheelers during the last few years.
Electric Scooter and Motorcycle Market Growth Dynamics:
Driver: Implementation of Battery Swapping Technology
Battery swapping is a new technology that allows owner of electric vehicle to swap out their dying or dead battries with fully charged one. This development could completely transform the E2W market and improve the comfort and ease of long-distance driving for motorists. Automatic and manual battery switching are the two main methods that are use in battery swapping. The automated approach involves changing batteries with a robotic arm, much like changing of oil at a gas station. In manual technique where drained battery must be removed from the car and replaced with the fully charged.
The fact that range anxiety, a typical worry among EV users, is eliminated is one of the main advantages of battery swapping. With this technology in place, drivers won’t have to worry about becoming stuck without a charge because all they have to do is stop at a switch station when they run out of power. Furthermore, because battery-swapping stations are far less expensive to construct than conventional gas stations, they are more accessible to communities that might not otherwise have access to fuelling choices. This may have a significant impact, especially in rural areas and underdeveloped nations where EV use is growing. In addition to this, Government are making policies and investment for development of battart sanpping station. For Instance, In February 2023, Indian Government in financial budget 2023 announced to introduce a Battery Swapping Policy and interoperability standards to improve efficiency in the EV ecosystem. Such quick investments and advancements in battery technology will solve the problem of range limitation in electric two-wheelers, which positively encouraging customers to favour electric scooters and motorcycles.
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Opportunity: Use of IoT and Smart Infrastructure in Electric Two Wheelers Charging Station for Load Management
The increasing adoption of smartphones and connectivity solutions has inspired electric two wheelers manufacturers to integrates smartphones with the velectric two wheelers and infrastructure instruments clusters for more enhanced operation. Smartphones can be easily connected Via wireless LAN (WLAN), USB, or Bluetooth. Most Electric Two Wheelers charging station manufacturers have been developing Smart electric two wheelers charging stations, Which come with IoT based feature for load management and smart connectivity. Home charging stations these days come with software for charging analysis of electric two wheelers. Meanwhile, public and semi-public electric two wheelers charging station come with smart payments and power managements features for better power control and ease of electric two wheeler charging by customers combined with automated payment features.
Europe is expected to be the second-largest market during the forecast
Europe is home to many electric two-wheeler manufacturing companies such as Energica Motor Company (Italy), GOVECS (Germany), and Piaggio (Italy). The automotive industry is one of the key contributors to Europe’s economy. The European region is segmented into Germany, France, Spain, Austria, Belgium, the Netherlands, Poland, Denmark, Italy, and UK. The increasing concerns over carbon emissions by conventional ICE two-wheelers and efficiency in this mode of travel have led the European two-wheeler manufacturers to develop electric scooters and motorcycles, which has propelled the growth of the electric scooter and motorcycle market. Government initiatives have encouraged the key players in the market to develop advanced electric two-wheelers as well as the infrastructure for charging facilities. The demand for electric two-wheelers has allowed new players to increase their presence in the region. Governments of various European countries are subsidizing electric infrastructure, and the focus will continue to be on electric vehicles in the long run. Hence, the electric scooters and motorcycles market will grow in the future in Europe. In December 2022, Astara has signed a strategic partnership with Silence Urban Ecomobility to distribute their electric scooters and vehicles for micro mobility in Belgium and Luxembourg.
The below 75 miles segment is expected to be the largest segment in the forecast
The below 75 miles segment is estimated to lead the global electric scooter and motorcycle market, as most electric scooters/mopeds have a range of up to 75 miles. The below 75 miles range market will be the largest and fastest growing over the forecast period. Many models within this range are popular in the Asia Pacific region, which will play a vital role in driving the market growth. Yadea G5, Xinri Shiny, Hero Optima HX (single battery), Okinawa R30 (Lithium Ion) and Flash LX (lead-acid battery) are some of the popular electric scooters and motorycles. Manufacturers have created battery technology with a higher range due to ongoing advancements in battery R&D. Thus, the above 100 miles segment is anticipated to grow at a higher CAGR than other segments. In 2022, iVOOMi Energy launched iVOOMi S1, vehicle is equipped with the 4.2 Kwh twin removable battery setup on the iVOOMi S1 provides a range of 240 km/charge under Indian Driving Conditions (IDC). In addition to this, Revolt RV 400, Ola S1, ZERO SR, Johammer J1, Zero Motorcycle DSR/X, Energica Experia etc., offer a range of over 100 miles. The market is therefore expected to expand in the future as OEMs prepare to introduce vehicle models for electric two-wheelers in the higher range.
The Asia Pacific market is projected to hold the largest share by 2028
Electric scooters for short-distance commuting, and governments promoting electric two-wheelers are expected to drive the Asia Pacific market during the forecast period. Key Asian manufacturers such as NIU International (China), Yadea Technology Group Co.,Ltd. (China), Jiangsu Xinri (China), Hero Electric (India), and Okinawa Autotech Internationall Private Limited (India) and others key players in the region. In April-2022, Init Esports, the Esports Powerhouse that specializes in sim racing events & motorcycle tournaments, announced its partnership with NIU Technologies, the world’s leading provider of smart urban mobility solutions. The market in Europe would be driven by the rising adoption of electric two wheelers and a strong policy environment, including various tax breaks and subsidies supporting the growth of the market. So, these are the key factors that will drive the growth of the market over the forecast period.
Key Players
The major players in global electric scooter and motorcycle market include Yadea Technology Group Co.,Ltd. (China), Jiangsu Xinri E-Vehicle Co., Ltd (China), NIU International (China), Hero Electric (India), and Okinawa Autotech Internationall Private Limited (India). These companies offer extensive products and solutions for the electric two-wheeler industry; have strong distribution networks at the global level, and invest heavily in R&D to develop new products.
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