PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1324943
PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1324943
An electric motorcycle is a two-wheeled personal vehicle. The electric motorcycles replace the IC Engine used in conventional motorcycles with an electric motor, that is powered by a battery pack and not a gasoline tank, and other than these differences they are quite similar to the ICE motorcycles. Electric motorcycles have powerful motors and large battery packs as they are designed for high speeds and mileage. On the other hand, electric scooters also known as electric mopeds, are different kinds of electric two-wheeler though they are also powered by an electric motor and a battery pack, they are smaller in size and lower in speed and mileage than motorcycles, they have a stepping frame, smaller wheels, and low-performance motor.
The electric scooter and motorcycle market is expected to grow at a strong CAGR of around 16% during the forecast period owing to the rise in demand for personal mobility and lower cost of ownership than the counterpart. Furthermore, the use of electric bikes either owned or by shared mobility for micro-mobility within the cities is a growing trend, also environmental consciousness and awareness among consumers regarding eco-friendly transportation and reducing the carbon footprint is becoming a significant force, also governments schemes and support for programs promoting electric mobility is also boosting the adoption and the growth of the segment, on the performance side electric scooters and motorcycles are fun to ride because of their high initial torque, easy and comfortable as there are no gears and they are silent, and also almost non-existent or very less maintenance. Further, the reduced cost of ownership is also an important factor contributing to the growth of the market. For instance, as per the rough calculations based on a comparison done between different models, of electric scooters and their ICE counterparts, it is estimated that the running cost of an ICE scooter or motorcycle Is 2000% higher than that of electric scooters or motorcycles.
Based on vehicle type, the market is bifurcated into scooters and motorcycles. Out of both, electric scooters are the fastest growing segment owing to their rapid adoption among the masses due to their lower upfront cost as compared to electric motorcycles, they are also lightweight hence making them compact and easier to park, also the lightweight vehicle is easier for the driver for riding and handling the vehicle, also electric scooters are more practical as they have large leg room and large storage space as well that can be used to transport a variety of goods and due to the reasons like these majority of the manufacturers are also flooding the market with their e-scooters. For instance, as per sales data published by the VAHAN portal of the Indian government for 2022, out of 6,30,0361 units of electric two-wheelers sold in India last year, only 16,000 units were electric bikes and the rest of all were electric scooters with the maximum units being sold by Ola Electric, Okinawa Autotech, Hero Electric, Ampere Vehicles, Ather Energy and TVS motors and all their offerings are in electric scooters
Based on battery type, the market is segmented into lithium ion battery, lithium titanium oxide batteries, and lead acid battery. Out of all these, the lithium ion battery holds a significant market share as it is widely used by OEMs, demand for these to power electric vehicles and energy storage has grown exponentially from 0.5 gigawatt-hour in 2010 to almost 526 gigawatt-hour in 2020, and is expected to multifold from here owing to the benefits like, they are high-quality rechargeable battery technologies, have the highest energy densities, are capable of delivering energy three times higher than other battery technologies available, and can deliver a large amount of current for high power applications. Additionally,they are low maintenance, don't require scheduled cycling to maintain their battery life, have low self-discharging rate, charges fast and have longer life charging cycles.
Based on charging type, the market is bifurcated into plug-in charging and battery swap. Major developments are happening in both segments but plug in charging infrastructure is growing at a significant CAGR and also holds the majority of the market segment because as the demand for EVs is rising the need to expand the EV charging platform is also increasing and both governments and private players are investing heavily in building the infrastructure and setting up charging stations at petrol pumps, supermarkets, and common commercial place as every country knows that strong charging infrastructure is the key enabler of EV adoption and penetration. For instance, as per the International Energy Agency(IEA), publicly accessible chargers worldwide approached 1.8 million charging points in 2021, of which a third were fast chargers, Nearly 500 000 chargers were installed in 2021, which is more than the total number of public chargers available in 2017. The number of publicly accessible chargers was up by 37% in 2021
For a better understanding of the market adoption of the electric scooter and motorcycle, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. 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. Owing to the rising per capita GDP of the countries in the Asia Pacific hence improving the standard of living and increasing money in the hands of people hence drives the consumption of the countries which can be seen in the sales data posted by the companies in these regions as well. For instance, Asian countries are the largest markets for two-wheelers in the world where per person use of motorcycles is highest in Thailand 87% of households own at least one two-wheeler and Thailand is closely followed by Vietnam (86%), Indonesia (85%), and Malaysia (83%) for households with motorbikes. The figures then drop to 60% and 47% respectively, in giant markets China and India but are very large in numbers term due to the large population, but the majority population of Asia's motorbikes currently run on petrol, but a big switch to electric versions is now gathering pace
Some of the major players operating in the market include: Ather Energy; Ola Electric Mobility Pvt Ltd; Hero Electric; Okinawa Autotech International Private Limited; Vmoto Limited; Zero Motorcycles, Inc.; Piaggio & C. SpA; WUXI SHENGBAO VEHICLE MANUFACTURING CO., LTD; Wuxi Shenyun Technology Development Co., Ltd; Verge Motorcycles OU