Electric Motorcycle Market worth USD 58.37 Billion by 2027, registering a CAGR of 10.35%

Electric Motorcycle Market worth USD 58.37 Billion by 2027, registering a CAGR of 10.35%

Market Scope

The global electric motorcycles market can attain a growth rate of 10.35% during the forecast period (2020–2027), believes Market Research Future (MRFR).

Market Boosters and Key Barriers

Electric motorcycles function by using electricity as fuel. The electric motorcycle, unlike electric bikes, electric scooters, electric mopeds, and electric bicycles, refers to a two-wheeled vehicle that works with the use of a motor. These vehicles are designed for higher speeds and come with enhanced acceleration as well as high-speed handling characteristics. They are ideal for slow urban commutes or highway speeds and beyond. Electric motorcycles provide more wind protection compared to scooters and moped and usually consist of some cargo storage.

Furthermore, diminishing oil reserves around the world coupled with rising number of government initiatives to boost the use of green vehicles has given rise to alternative solutions, which benefits the market. The market growth is also the result of considerable investments in vehicle charging infrastructure, surging interest from large scale manufacturers and reduced battery costs. However, a couple of performance constraints and a general lack of awareness regarding electric motorcycles can thwart the ongoing market growth rate in the near future.

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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Additional factors that are stimulating market growth include the incorporation of regenerative braking, economical maintenance costs, elevated mechanical efficiency and low noise levels, which boost the adoption of environment-friendly vehicles. The electric motorcycles market can witness further growth during the review period, thanks to rising demand in developing countries like India and Thailand.

Market Segmentation

The worldwide market for electric motorcycle has been segmented on the basis of vehicle range, battery type and voltage.

Depending on the vehicle range, the global market can be split into below 75 Miles, 75-100 Miles, and above 100 Miles.

With respect to the battery type, the global market has been considered for li-ion, lead acid, and nickel metal hydride.

Voltage-based segments in the global market are below 24 Volt, 24-48-volt, 48-60 volt, and above 60 volts.

Regional Outlook

MRFR gives a clear picture of the global electric motorcycles market by segmenting it regionally into North America, Europe, Asia Pacific (APAC), in addition to the Rest of the world.

The APAC electric motorcycles market is believed to have the most potential to achieve the highest CAGR during the forecast period. The region is showing remarkable progress owing to factors like rising concerns about carbon and greenhouse gas (GHG) emissions that have accelerated the need for fuel-efficient vehicles. Burgeoning population, increasing traffic congestion, declining prices of electric motorcycles, and mounting environmental concerns add to the market strength in the region.

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Europe along with North America will demonstrate significant market growth in the following years, given the quick rate of adoption of electric motorcycles and the strong support given by the government in the form of financial and non-financial incentives. Also, high commuter base in these regions stimulates market growth. Rising availability of smart charging stations also offers a host of opportunities to both these regional markets in terms of growth. Solar-powered and automated charging stations are becoming popular, which also benefits the market. Electric motorcycles providers are striving to make a mark in the market by designing and developing these types of charging stations to expand the horizons of complete nature-based transportation.

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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Key Questions Addressed by the Report

  • What was the historic market size?
  • Which segmentation (Product/ Capacity) is driving market?
  • What will be the growth rate?
  • How are the key players in this market?
  • What are the strategies adopted by key players?

TABLE OF CONTENTS

 

1 EXECUTIVE SUMMARY

 

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

 

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