Electric Scooter and Motorcycle Market Projected to Reach $14.7 Billion by 2028

Electric Scooter and Motorcycle Market

The global electric scooter and motorcycle market, by value, is estimated to be USD 4.9 billion in 2023 and is projected to reach USD 14.7 billion by 2028, at a CAGR of 24.8% from 2023 to 2028.

The market for electric scooters and motorcycles is expected to rise as a result of reasons including rising fuel prices, the adoption of emissions-free transportation, and advantageous government policies including subsidies and tax refunds.

Government agencies from several nations are creating lucrative incentives and programmes to entice people to purchase electric two-wheelers, including significant discounts, initially free electricity, and free public charging stations. In addition, governments are collaborating with producers to construct charging and production facilities, exempting them from taxes. These elements are anticipated to fuel the demand for electric scooters and motorcycles in the future.

The potential of electric mobility, which can prevent environmental damage, reduce global warming, as well as reduce dependence on oil-producing nations, has been recognised by governments around the world. This can result in significant savings on import costs and help manage foreign exchange risks. These government incentives will be essential in influencing the market.

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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.

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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