Electric Motorcycles Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Motorcycles Market Research Report, Technology, Application, Vehicle type, Battery and Region - Forecast till 2027” the market is is projected to be worth USD 58.37 Billion by 2027, registering a CAGR of 10.35% during the forecast period (2021 - 2027), The market was valued at USD 31.85 billion in 2020.
Electric Charging Infrastructure to Drive Global Electric Motorcycles Market
Electric motorcycles are premium modes of two-wheelers developed for off-road and on-road purposes. Shift to electricity-fueled engines and low entry barrier for new players can offer new opportunities. The global electric motorcycles market report by Market Research Future (MRFR) covers trends in manufacturing and opportunities for the industry for the forecast period (2020-2027). The COVID-19 pandemic and its effects are included for approximating projections on growth and revenue.
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Competitive Analysis
List of the Key Companies Profiled in the Electric Motorcycles Market Research Report are:
Husqvarna Motorcycles GmbH (Austria)
Revolt Motors (India)
TACITA SRL (Italy)
Blacksmith Electric (India)
Alta Motors (US)
Essence Motorcycles (France)
LITO MOTORCYCLES (France)
Bell Custom Cycles (BCC) (US)
Harley-Davidson Inc. (US)
Razor USA LLC. (US)
Electric Motion (France)
Johammer e-mobility GmbH (Germany)
Torkmotors (India)
Zero Motorcycles Inc. (US)
Energica Motor Company S.p.A. (Italy)
are prominent players of the global electric motorcycles market. Focus on increasing customer satisfaction levels through integration of new features is the primary objective of players looking to attract new clients.
Industry Update
Revolt Motors has entered into a partnership with Domino’s, the popular pizza chain in India to deliver a fleet of electric motorcycles in a bid for the firm to push the prospects of sustainability.
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Government Initiatives to Drive Market Demand
The changing sentiment towards petrol driven motorcycles and efforts to curb emission levels can drive the demand for electric motorcycles. Government initiatives for encouraging electrification and efforts by bike manufacturers to adhere to strict regulations can bode well for the market. Goals by developing and developed countries to introduce a new wave of two-wheelers for daily commutes can bolster market growth.
Introduction of Electric Charging Infrastructure
Introduction of electric charging infrastructure and establishment of charging stations can bode well for the market. Electric motorcycle manufacturers are taking the initiative by developing charging stations to encourage sales and attract interests of customers. Development of a common charging standard and setup of tests for manufacturers to implement the standards in motorcycles can bode well for the market. Development of mobile applications for attaining charging areas in proximity can be useful as well.
China, U.S., and certain European countries have subsidized costs of charging stations to expedite the construction of sites. For instance, the Indian government plans to complete the construction of 69,000 sites across the country as part of its electrification plan.
Lack of Awareness to Hamper Market Growth
But lack of awareness of electric motorcycles due to preference of conventional motorcycles can hamper market growth. The high acquisition cost and high cost of replacement batteries has added to the woes of the market.
COVID-19 to Disrupt Smooth Ride
The COVID-19 outbreak will negatively impact the electric motorcycles market owing to shelving of expansion plans of prominent electric motorcycle manufacturers. Startups present in the marketspace are focusing on expanding their current lineup. Funding by venture capital firms and reopening of retail showrooms can soften the blow by the pandemic.
Shutdown of manufacturing units and delays in funding of infrastructural projects can cost the market heavily. But the need for sustainable development and presence of various OEMs can drive investments for electric motorcycles. Rise of female riders and increasing number of international players can disrupt the market positively.
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Segmentation
The global electric motorcycle market is segmented by vehicle range into 75 Miles, 75-100 miles, and above 100 miles. The above 100 miles segment is set to dominate the global market owing to demand by customers with recreational biking hobbies.
The global electric motorcycle market is segmented by battery type into nickel-metal hydride, li-ion, and lead-acid. The Li-ion battery segment is expected to capture a significant market share owing to long shelf-life, high charging capacity, and high energy storage. Its lightweight nature and low maintenance costs can drive the segment growth.
By voltage, the global electric motorcycle market is segmented by voltage into below 24 Volt, 24-48 volt, 48-60 volt, and above 60 volts. The 48-60 volt segment is deemed to perform exceptionally during the forecast period. Increasing use of two-wheelers for commuting in crowded cities due to high power and efficiency can support the segment growth.
Regional Analysis
APAC to Lead Global Electric Motorcycles Market
APAC is pegged to dominate the market due to preference of luxury buses and increasing purchasing power of citizens. Establishment of luxury shuttle services by governments for convenience of customers can drive the market demand significantly. High production rate of luxury buses and presence of major manufacturers can facilitate market demand.
Segmentation of Market covered in the research:
Information by Vehicle Range (Below 75 Miles, 75-100 Miles and Above 100 Miles), Battery Type (Li-ion, Lead Acid and Nickel Metal Hydride), Voltage (Below 24 Volt, 24-48 volt, 48-60 volt and Above 60 volt) and Region (North America, Europe & Asia-Pacific))
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