Electric Scooter and Motorcycle Market: Current Analysis and Forecast (2022-2028)

Report Description

The electric scooter and motorcycle market is expected to grow at a strong CAGR of around 16% during the forecast period.

Two-wheelers is one of the most widely used modes of transportation in the world and especially in emerging economies because of various reasons, they have better mileage and lower maintenance, two wheelers is preferred mode of transportation in countries where the population is large and income is not very high for example if we take the example of india which is an emerging economy and have a very large population where the affordability of consumers are less than that of the developed world countries and a very large group are joining the workforce hence increasing their need for mobility and with the infrastructure still in development phase two wheelers are a better choice for the road conditions of india, also with huge population comes huge traffic and nothing can cut through traffic than a two wheeler, also they are easy to park, takes less space, very affordable and now are coming with improved design and safety standards and because of this sheer convenience two wheelers are ingrained in the culture of the societies and are ready for the next leg of shift which is electrification of these vehicles which has been rapid and a step welcomed by the consumers  as shown by adoption rate because electric two wheelers are even better, they offer better value proposition and performance than the ICE two wheelers, also with increasing governments focus on reducing tail pipe emission by incentivizing owning an electric vehicle with the help of tax cuts and subsidies is also one of the major drivers. For instance, on Feb 2023, the governments of India, the United Kingdom, and the United States launched the World Business Council for Sustainable Development (WBCSD) and multilateral funding organization to start the first dialogue of the Partnership to Support an Accelerated Transition to Zero-Emission Vehicles (ZEV) in  India.

Some of the major players operating in the market include Ather Energy, ANI Technologies Pvt. Ltd., Hero Electric, Okinawa Autotech International Private Limited,  Vmoto Limited, Moto Electric Ltd, Piaggio & C. SpA, WUXI SHENGBAO VEHICLE MANUFACTURING CO., LTD, Wuxi Shenyun Technology Development Co., Ltd, Verge Motorcycles.

Insights Presented in the Report

“Amongst vehicle types, the electric scooter segment held a dominating share of the market”

On the basis of vehicle type, the market is bifurcated into scooters and motorcycles. Electric scooters hold a significant market share because of their lower acquisition cost as they are lighter vehicles that are built for the daily commute and need and not for high performance, which is more aligned with the need of the consumers, also they are convenient, easy to drive, have large boot space which makes it very handy to ride with goods hence increasing the spectrum of its use case like can take it for shopping, or buying groceries, can be used for transporting goods and are used for last mile deliveries hence making deliveries more cost efficient and profitable for the companies that are using them and these factors do rise the demand for electric two-wheelers among the businesses who do last mile deliveries. Also since no license is required to drive electric two-wheelers in a majority of countries hence trends like shared mobility and renting of vehicles are rising and being done by many companies at a large scale. For instance, on September 2022, Bangalore based shared mobility startup Yulu raised USD 83 million in a series B round of funding led by Magna International and already an investor Bajaj Auto. The New York-listed company Magna International said that it has entered the fast-growing micro-mobility market by investing USD 77 million in Yulu a provider of shared mobility and a battery-swapping service company.

Electric Scooter and Motorcycle Market Report Coverage

 “Amongst battery types, the lithium ion battery is expected to grow with a significant CAGR during the forecast period.

Based on battery type, the market is segmented into lithium ion battery, lithium titanium oxide batteries, and lead acid batteries. Lithium ion battery holds a significant market share among the others as they are the most preferred and widely used energy storage system in electric vehicles the reason behind this popularity is their high energy storage per unit mass as related to other electric energy storage systems, they also have high power to weight ratio which becomes a deal breaker in the automobile industry as the weight of the vehicle directly impacts the fuel economy or range of the vehicle, lithium ion batteries also have high energy efficiency, good high-temperature performance, and a low self-discharge also almost 80 % to 90 % of the lithium ion battery can be recycled and reused hence making it an optimum choice.

“Asia Pacific dominated the electric scooter and motorcycle market in 2021.”

The electric scooter and motorcycle market in the Asia Pacific region held the largest market share and is expected to maintain its growth throughout the forecast period. Major countries in Asia Pacific like India, China, Thailand, etc. are the biggest market for the two-wheelers and the electrification of two-wheelers is playing a driver due to the value proposition that they offer like low maintenance hence reducing the cost of ownership also the running cost is very less as compared to the vehicles that run on the traditional fossil fuels and in emerging economy two-wheelers are not just a mode for transportation but it a capital good that is used by small business owners, farmers, shopkeepers, and even individuals, in multi-purpose utility. And this fact can be stated by the penetration of two-wheelers in these regions. For instance, As per the retail sales numbers of India, from total sales of 28,280 units in CY2019, surging consumer demand for electric two-wheelers has seen sales in CY2022 charge past the 6,00,000-unit mark at 6,15,365 units, recording 305 percent YoY growth (CY2021: 1,51,685 units), and accounting for 73 percent of total electric two-wheeler sales of 8,46,259 units over the past 10 years

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global electric scooter and motorcycle market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Electric Scooter and Motorcycle Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global electric scooter and motorcycle market were the three major steps undertaken to create and analyze the adoption of electric scooter and motorcycle in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global electric scooter and motorcycle market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the electric scooter and motorcycle market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the electric scooter and motorcycle market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as vehicle type, battery type, and charging type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the electric scooter and motorcycle market. Further, we conducted factor analysis using dependent and independent variables such as vehicle type, battery type, and charging type of the electric scooter and motorcycle market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the electric scooter and motorcycle market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global electric scooter and motorcycle market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the electric scooter and motorcycle market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global electric scooter and motorcycle market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global electric scooter and motorcycle market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the vehicle type, battery type, and charging type in the global electric scooter and motorcycle market.

The main objective of the Global Electric Scooter and Motorcycle Market Study

The current & future market trends of the global electric scooter and motorcycle market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the electric scooter and motorcycle market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the vehicle type, battery type, and charging type.
• Define and analysis of the regulatory framework for the electric scooter and motorcycle industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the electric scooter and motorcycle market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the electric scooter and motorcycle market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team