Electric Scooter and Motorcycles Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)

The Electric Scooters and Motorcycles Market was valued at USD 5176. 16 million in 2020 and is expected to reach USD 23178. 7 million in 2026 by registering a CAGR of 25. 08% during the forecast period (2021 - 2026).

New York, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Scooter and Motorcycles Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)" - https://www.reportlinker.com/p06187425/?utm_source=GNW


The COVID-19 pandemic had a negative impact on the electric scooters and motorcycles market. The worldwide lockdown restriction has resulted in a halt of production and sales of new vehicles, including electric scooters and motorcycles.

Also, due to the disruption of the supply chain, the raw materials required for the production of different parts of the scooters and motorcycles were unavailable, causing delays in production. However, with the growing inclination toward cleaner mobility across the world, the industry is looking forward to the economic revival during the post-COVID-19 pandemic.

The electric scooters and motorcycles market has noticed significant growth, owing to the growing need for sustainable transportation. Increasing environmental concerns, coupled with favorable government initiatives, are some of the major factors driving the market’s growth. Rising energy costs and competition among the emerging energy-efficient technologies are also expected to fuel the market’s growth.

Asia-Pacific region expected to dominate the market owing to growing awareness about environmental benefits, increasing petrol and diesel prices across the region. Moreover, government intiatives related to e-mobility to further increase demand in the region during the forecast period.

Key Market Trends

E-Scooter Segment Expected to Occupy Major Market Share

E-scooters witness higher sales than e-motorcycles, due to less upfront cost and the availability of more models in the market, which provide ample options for the buyer. The allure of the e-scooter, both as a toy and as a potential vehicle for commuting, is driving its adoption. Thus, several startups are beginning to flood major metropolitan areas with hundreds of ‘rent by minute’ scooters.

To reduce vehicle emission in cities, several pilot programs have been initiated to introduce e-scooters in a phased manner. The popularity of e-scooters is also encouraging conventional two-wheeler manufacturers to enter the market. For instance, India is emerging as a lucrative market for e-scooters. Hence, several Indian two-wheeler manufacturers are gearing up to launch their own models in the segment. For instance,

Hero MotoCorp Ltd., the world’s largest maker of motorcycles, will launch its first e-scooter by March 2022. Bajaj Auto Ltd plans to start deliveries of its Chetak electric scooter by Q2 of FY 2022 and will set up a unit to make electric and hybrid models. TVS Motor Co. sells just one electric model, named iQube, in New Delhi and Bangalore, and plans to expand to 20 more Indian cities.
Also, in November 2021, Raft Motors, launched the Indus NX e-scooter that has a claimed range of 480 km. The primary 48V 135 Ah battery powers the scooter for 325 km while the portable 48V 65Ah battery offers an extended range of 156 km on a single charge.

Such instances and developments expected to drive demand in e-scooter segment of the market during the forecast period.

Asia-Pacific is Expected to Lead the Market During Forecast Period

Asia-Pacific is anticipated to lead the market over the forecast period. China, India, and Japan are the major economies in the regional market, which are anticipated to influence the overall market. These countries are witnessing the entry of an increasing number of start-ups and well-established and conventional manufacturers in the market.

In 2020, Taiwan began providing a subsidy of up to USD 900-1000 for the purchase of new electric motorcycles/scooters. Owing to such plans in the past, in December 2019, Gogoro, a local start-up, sold a record of 22,500 units. It also ended 2019 with a record of 145,000 sales in Taiwan.

India, one of the largest two-wheeler markets, is witnessing the entry of many new start-ups, which are marking their presence by launching new models and expanding current models and existing infrastructure. For instance,

In 2020, BattRE Electric Mobility launched an IoT e-scooter, which has features such as navigation assist, ride statistics, remote diagnostics, anti-theft alarm, speedometer call alerts, and ride behavior suggestions.

Several electric motorcycles and scooter companies are launching the latest products and entering into a strategic partnership with global players in the region to attract more customers and gain market share. For instance,

In June 2021, Lance Powersports Inc., an electric two-wheeler manufacturer, launched its latest lineup in the Philippines market. The company launched Italia Classic, an e-scooter which, with six to eight hours of charging, will net about 50 to 60 kilometers of range. The company also launched Italia Naked, which is an e-motorcycle with a range of 60 to 70 kilometers.

With the aforementioned trends and developments, it is expected that the market will grow at a healthy rate during the forecast period.

Competitive Landscape

The Electric scooters and motorcycles market is moderately consolidated market and it has a number of local players. The conventional companies are expanding their presence in this new market, which was earlier dominated by startups. Conventional companies are entering the market by introducing new plants and converting the existing scooters and motorcycles into e-vehicles. For instance,

In April 2021, Singapore’s EuroSports technologies (EST) signed an MoU with Strides Transportation to develop, market, and supply smart electric motorcycles design.
In 2019, Yamaha finalized an agreement with Gogoro to commercialize its new line of scooters, which may be produced in the Gogoro plant. The two companies launched their first model, Yamaha EC-5, with a technology that enables users to swap batteries for a quick recharge.

Some of the major players in the market are Zhejiang Luyuan Electric Vehicle Co. Ltd, Dongguan Tailing Electric Vehicle Co. Ltd, Zhejiang Yadea Motorcycle Co. Ltd, NIU International, and Others.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06187425/?utm_source=GNW

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