Electric Scooter and Motorcycle Market to Grow at a 10.2% CAGR, Reaching $93.9 Billion by 2031 | AMR

WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 21, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, "Electric Scooter and Motorcycle Market," The electric scooter and motorcycle market was valued at $35.3 billion in 2021, and is estimated to reach $93.9 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.

The concept of electric scooter and motorcycle is typically attributed to the transportation options that use a propulsion technology, which does not produce internal combustion engine exhaust or other carbon emissions when it operates. The concept of electric motorcycle or scooter is integrated with an electric motor and rechargeable batteries for forwarding propulsion. It is primarily designed to replace conventional ways of travel as they lead to environmental pollution.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/A12724

The leading players operating in the electric scooter and motorcycle market are 𝐀𝐈𝐌𝐀 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐆𝐫𝐨𝐮𝐩 𝐂𝐨. 𝐋𝐭𝐝., 𝐃𝐨𝐧𝐠𝐠𝐮𝐚𝐧 𝐓𝐚𝐢𝐥𝐢𝐧𝐠 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐂𝐨., 𝐋𝐭𝐝., 𝐄𝐧𝐞𝐫𝐠𝐢𝐜𝐚 𝐌𝐨𝐭𝐨𝐫 𝐂𝐨 𝐒𝐩𝐀, 𝐆𝐨𝐯𝐞𝐜𝐬 𝐀𝐆, 𝐆𝐫𝐞𝐚𝐯𝐞𝐬 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐌𝐨𝐛𝐢𝐥𝐢𝐭𝐲 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐋𝐢𝐦𝐢𝐭𝐞𝐝, 𝐇𝐚𝐫𝐥𝐞𝐲-𝐃𝐚𝐯𝐢𝐝𝐬𝐨𝐧, 𝐇𝐞𝐫𝐨 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜, 𝐉𝐢𝐚𝐧𝐠𝐬𝐮 𝐗𝐢𝐧𝐫𝐢 𝐄-𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐂𝐨., 𝐋𝐭𝐝., 𝐊𝐓𝐌 𝐀𝐆, 𝐋𝐢𝐠𝐡𝐭𝐧𝐢𝐧𝐠 𝐌𝐨𝐭𝐨𝐫𝐜𝐲𝐜𝐥𝐞𝐬, 𝐎𝐤𝐢𝐧𝐚𝐰𝐚 𝐀𝐮𝐭𝐨𝐭𝐞𝐜𝐡 𝐏𝐯𝐭. 𝐋𝐭𝐝., 𝐏𝐢𝐚𝐠𝐠𝐢𝐨 & 𝐂. 𝐒𝐩𝐀, 𝐓𝐞𝐫𝐫𝐚 𝐦𝐨𝐭𝐨𝐫𝐬, 𝐓𝐕𝐒 𝐌𝐨𝐭𝐨𝐫 𝐂𝐨. 𝐋𝐭𝐝., 𝐕𝐦𝐨𝐭𝐨 𝐥𝐢𝐦𝐢𝐭𝐞𝐝, 𝐘𝐚𝐝𝐞𝐚 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐆𝐫𝐨𝐮𝐩 𝐂𝐨., 𝐋𝐭𝐝., 𝐚𝐧𝐝 𝐙𝐞𝐫𝐨 𝐌𝐨𝐭𝐨𝐫𝐜𝐲𝐜𝐥𝐞𝐬, 𝐈𝐧𝐜.

The electric motorcycle & scooters are the upcoming technology that has already gained traction in various countries, including the U.S., Netherland, China, India, and Japan. Furthermore, various initiatives by governments for adoption of small electric mobility is expected to create numerous opportunities for key players operating worldwide. For instance, in 2020, Taiwan began providing a subsidy of up to $900-$1000 for the purchase of new electric motorcycles/scooters. Owing to the implementation of such plans, in December 2019, local startup Gogoro sold a record of 22,500 units. It also ended 2019 with 145,000 sales in Taiwan.

In addition, the electric scooter and motorcycle market size has witnessed significant growth in recent years, owing to increased demand for improved vehicle performance and the inclination of consumers toward environment-friendly vehicles. Furthermore, the companies operating in the market have adopted partnerships, investments, and product launches to increase their market share and expand their geographical presence. For instance, in May 2022, Hero Electric announced a partnership with Cholamandalam Investment and Finance Company Ltd. (Chola), which was the financial services arm of Murugappa Group, to offer easy and smart financing options for its electric two-wheelers.

The factors such as increase in government initiatives toward electric mobility, rise in fuel prices, and consumer inclination toward use of e-bikes as an eco-friendly & efficient solution for commute supplement the growth of the electric scooter and motorcycle market. However, high initial cost of e-bikes and scooter and ban on use of e-bikes in major cities of China are the factors expected to hamper the growth of the market. In addition, improvement in infrastructure and growth in advancement in battery technology create market opportunities for the key players operating in the market.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/electric-scooter-and-motorcycle-market/purchase-options

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 :

The COVID-19 crisis is creating uncertainty in the market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. Governments of different regions have already announced total lockdown and temporary shutdown of industries, thereby adversely affecting the overall production and sales. Countries around the globe have posed stringent restrictions ranging from days to months of lockdown periods. Owing to this pandemic, many businesses are halted and are waiting for the market conditions to improve. However, there are several sectors of the industry that are using this period as an opportunity for the development of their business. The electric scooter & motorcycle industry is one of those industries that is poised for better growth post COVID-19. However, the sale of e-bikes was dampened in the first quarter of 2020, as e-bike stores were closed due to lockdown. However, as the lockdown has been lifted in most countries, including China, India, Japan, the U.S., Italy, and France, the sale of e-bikes has increased. In addition, owing to government restrictions on public transport due to social distancing guidelines, commuters are adopting the bike as the mode of day-to-day transportation. For instance, according to the New York Times, the U.S. e-bike sales increased by 85% in March 2020. In addition, the pandemic has changed the way people commute, and bicycling has become even more popular around the world.

As a major bicycle manufacturer and with the largest market for e-bikes, China has witnessed a growing demand in this field. For instance, according to the Ministry of Industry and Information Technology, China registered a surge in demand for electric bike (motorcycles & scooters) and reached the production at 25.48 million during the first 10 months of 2020, a year-on-year increase of 33.4%. Therefore, the e-bike market is estimated to observe a huge boost in sales post COVID-19 in 2021. However, post 2021, the market would return to normalcy. The demand for e-bikes is expected to grow at a moderate rate, considering the continuation of safer public and private transportation systems, such as metros, buses, and cab/ride-sharing platforms.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :

By vehicle type, the E-Motorcycle segment dominated the global electric scooter and motorcycle market in terms of growth rate.

By battery type, the others segment dominated the global market in terms of growth rate.

By range, the more than 100 miles segment dominated the global market in terms of growth rate.

By power, the more than 5kW segment dominated the global market in terms of growth rate.

By vehicle class, the luxury segment dominated the global market in terms of growth rate.

By usage, the commercial segment dominated the global electric scooter and motorcycle market in terms of growth rate.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/A12724

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

Light Commercial Vehicle (LCV) Market
https://www.alliedmarketresearch.com/light-commercial-vehicle-market-A11794

Reverse Logistics Market
https://www.alliedmarketresearch.com/reverse-logistics-market

Inland Vessels market
https://www.alliedmarketresearch.com/inland-vessel-market-A13092

Recreational Vehicles (RVs) Batteries Market
https://www.alliedmarketresearch.com/recreational-vehicles-rvs-batteries-market-A13677

Railway Traction Motor Market
https://www.alliedmarketresearch.com/railway-traction-motor-market

𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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