Description
Global Electric Motorcycle Market: Overview
The global electric motorcycle market is a rapidly growing industry, driven by the rising demand for sustainable and eco-friendly transportation options. An electric motorcycle is a two-wheeled vehicle powered by an electric motor, which is charged by a battery. These motorcycles emit fewer pollutants than conventional gas-powered motorcycles, making them an attractive alternative for environmentally conscious consumers.
Global Electric Motorcycle Market: Scope and Segment
The market for electric motorcycles is expanding globally, with a significant increase in sales in recent years. Factors such as government incentives, rising fuel prices, and increased awareness of the benefits of electric vehicles have driven the demand for electric motorcycles.
Moreover, the development of advanced battery technology and the increasing number of charging stations are also contributing to the growth of the electric motorcycle market.
In terms of segmentation, the market can be classified based on the type of motorcycle, power output, battery type, and geography. The type of motorcycle can be further divided into standard, cruiser, sports, and others. The power output can be categorized into less than 15 kW, 15 kW to 25 kW, and more than 25 kW. The battery type can be classified into lead-acid, lithium-ion, and others.
Global Electric Motorcycle Market: Covid-19 Impact
The COVID-19 pandemic has had a significant impact on the global electric motorcycle market. The pandemic has disrupted global supply chains, led to factory closures, and reduced consumer demand. However, due to the growing demand for sustainable transportation options, the electric motorcycle market has proven to be more resilient than the conventional gas-powered motorcycle market.
During the initial stages of the pandemic, the electric motorcycle market experienced a decline in sales due to economic uncertainty and the closure of dealerships. However, the market started to recover in the latter half of 2020 due to the increasing demand for personal mobility and the rise of e-commerce sales.
Moreover, the pandemic has also shifted consumer behavior towards sustainable and eco-friendly transportation options. The increasing awareness of the importance of reducing carbon emissions and improving air quality has led to an increase in demand for electric motorcycles.
In addition, several governments around the world have implemented stimulus packages and financial incentives to promote the adoption of electric vehicles, including electric motorcycles. These policies are expected to further drive the growth of the electric motorcycle market in the coming years.
Overall, while the COVID-19 pandemic has had a significant impact on the global economy, the electric motorcycle market has shown resilience and is expected to continue to grow in the coming years, driven by the rising demand for sustainable transportation options.
Global Electric Motorcycle Market: Growth Drivers
- Environmental Concerns:
One of the primary drivers of the growth in the electric motorcycle market is the increasing awareness of environmental issues, including air pollution and climate change. Electric motorcycles produce significantly fewer emissions than gasoline-powered motorcycles, making them an attractive option for consumers who are looking for sustainable and eco-friendly transportation options.
- Government Incentives And Regulations:
Many governments around the world are offering financial incentives and subsidies to consumers who purchase electric motorcycles, as well as implementing regulations that require automakers to meet stricter emissions standards. These policies are driving the growth of the electric motorcycle market, as consumers are incentivized to purchase electric motorcycles instead of traditional gas-powered vehicles.
- Improving Technology:
Advances in battery technology are making electric motorcycles more practical and reliable than ever before. The development of longer-lasting and more efficient batteries has made electric motorcycles a more viable option for consumers, as they can now travel farther on a single charge and have more power.
- Rising Fuel Costs:
The cost of gasoline has been rising steadily over the past several years, making electric motorcycles more attractive to consumers who are looking to save money on fuel costs. Electric motorcycles are significantly more efficient than gasoline-powered vehicles, which means that consumers can save a significant amount of money on fuel over the life of the vehicle.
Global Electric Motorcycle Market: Restraining Factors
- High Cost:
Electric motorcycles are typically more expensive than gasoline-powered motorcycles due to the cost of the battery and other components. While the cost of electric motorcycles has been decreasing over the past few years, they are still more expensive than gasoline-powered motorcycles, which can be a deterrent for some consumers.
- Limited Range:
The range of electric motorcycles is still limited compared to gasoline-powered motorcycles, which can be a major concern for consumers who need to travel long distances. While the range of electric motorcycles has been improving with the development of new battery technology, they still have a way to go before they can match the range of gasoline-powered vehicles.
- Limited Charging Infrastructure:
The lack of charging infrastructure is a major barrier to the adoption of electric motorcycles. Unlike gasoline-powered vehicles, electric motorcycles require a network of charging stations to be available for consumers to use. While charging infrastructure is improving, it is still relatively limited in many areas, which can be a deterrent for some consumers.
- Limited Model Options:
While the number of electric motorcycle models available on the market is growing, it is still relatively limited compared to the number of gasoline-powered models available. This can be a deterrent for consumers who are looking for a specific type of motorcycle or feature.
Global Electric Motorcycle Market: Opportunity Factors
- Government Initiatives:
Governments around the world are introducing policies and initiatives aimed at reducing carbon emissions and promoting the adoption of electric vehicles. These initiatives include tax credits, rebates, and subsidies for consumers who purchase electric motorcycles. Governments are also investing in charging infrastructure to support the growth of the electric motorcycle market.
- Increasing Demand For Personal Transportation:
The COVID-19 pandemic has led to an increased demand for personal transportation as consumers seek to avoid public transportation. This has created an opportunity for electric motorcycles as consumers look for alternative modes of transportation that are affordable, efficient, and environmentally friendly.
- Technological Advancements:
The rapid pace of technological advancement is driving innovation in the electric motorcycle market. Advances in battery technology, motor efficiency, and charging infrastructure are improving the performance and range of electric motorcycles, making them a more viable option for consumers.
- Growing Consumer Awareness:
Consumers are becoming more aware of the environmental impact of gasoline-powered vehicles and are increasingly interested in sustainable and eco-friendly transportation options. This is driving demand for electric motorcycles, as consumers look for vehicles that are more efficient and have lower emissions.
Global Electric Motorcycle Market: Challenges
- High Initial Cost:
The initial cost of electric motorcycles is higher than traditional gasoline-powered motorcycles, which could be a major deterrent for some consumers. This is due to the cost of the battery and other components. Although the cost of electric motorcycles is expected to decrease as the technology matures, it remains a significant challenge for the market.
- Limited Driving Range:
The driving range of electric motorcycles is still limited compared to traditional gasoline-powered motorcycles. While the range has been improving with the development of new battery technology, it is still not as far as traditional motorcycles. This could be a concern for consumers who need to travel long distances and do not have access to charging infrastructure.
- Limited Charging Infrastructure:
The lack of a well-developed charging infrastructure is a major challenge for the growth of the electric motorcycle market. Unlike traditional gasoline-powered motorcycles, electric motorcycles require a network of charging stations to be available for consumers to use. The limited availability of charging infrastructure could discourage some consumers from purchasing electric motorcycles.
- Safety Concerns:
The safety of electric motorcycles is still a concern for some consumers. The lack of experience with electric motorcycles and the limited data on their safety performance could deter some consumers from purchasing them.
Global Electric Motorcycle Market: Segmentation
By Product, the market is segmented into Motorcycles, Scooters. In the context of the global electric motorcycle market, the “Motorcycles” segment refers to electric motorcycles, which are two-wheeled vehicles powered by an electric motor. These motorcycles are designed to provide an eco-friendly alternative to traditional gasoline-powered motorcycles.
Electric motorcycles offer several advantages over their gas-powered counterparts, including reduced emissions, lower operating costs, and quieter operation. Additionally, electric motorcycles require less maintenance because they have fewer moving parts and don’t require oil changes. They can also be charged using a standard electric outlet, making them more convenient for daily use.
By Battery, the market is segmented into SLA and LI-ION. In the context of the global electric motorcycle market, the “SLA” battery segment refers to Sealed Lead Acid batteries. SLA batteries are a type of rechargeable battery that has been used in a variety of applications for several decades, including electric motorcycles.
SLA batteries are relatively affordable, durable, and have a relatively low self-discharge rate, which means they can hold their charge for a longer period of time compared to some other battery types. However, they also have some disadvantages, such as being relatively heavy and having a shorter lifespan compared to some other battery types.
By Voltage, the market is segmented into 4v, 36v, and 48v. A 4v battery is a low-voltage battery typically used in electric motorcycles that require less power and have a shorter range. These motorcycles are typically designed for short commutes or urban transportation, where the lower power requirements of the 4v battery are sufficient. However, 4v batteries are not as common in the market, as most modern electric motorcycles use higher voltage batteries for increased performance and range.
Global Electric Motorcycle Market: Regional Insights
The North American electric motorcycle market is expected to grow significantly in the coming years, driven by the increasing demand for eco-friendly vehicles and government initiatives to promote the adoption of electric vehicles. The United States is expected to be the largest market for electric motorcycles in North America, with several established and new manufacturers introducing electric motorcycle models to meet the demand.
The European electric motorcycle market is expected to grow at a significant rate due to the region’s strict emissions regulations and government incentives for the purchase of electric vehicles. Countries such as Germany, France, and the Netherlands are expected to be major markets for electric motorcycles.
The Asia-Pacific region is expected to be the largest market for electric motorcycles, with China and India being the key contributors to the growth. China is the largest market for electric motorcycles in the world, and the demand is expected to continue to grow due to government support for the adoption of electric vehicles. In India, the demand for electric motorcycles is increasing due to rising fuel costs and government incentives for the purchase of electric vehicles.
The rest of the world, including Latin America, the Middle East, and Africa, is also expected to contribute to the growth of the electric motorcycle market. The demand for electric motorcycles in these regions is expected to increase due to rising fuel costs, increasing environmental awareness, and government initiatives to promote the adoption of electric vehicles.
Overall, the global electric motorcycle market is expected to grow significantly in the coming years, with several regions contributing to the growth. The increasing demand for eco-friendly vehicles, government incentives, and technological advancements are expected to drive the growth of the market.
Global Electric Motorcycle Market: Competitive Analysis
Zero Motorcycles, Kwang Wang Yang Motor, Estée Lauder Companies Inc., Hero Electric Vehicles Pvt. Ltd, Energica Motor Company S.p.A, Terra Motors, Corporation, Harley, Davidson, Inc., H, D, Damon Motors Inc.
Global Electric Motorcycle Market: Recent Developments
- Zero Motorcycles: In 2021, Zero Motorcycles launched its 2022 model year lineup of electric motorcycles, featuring new battery technology, updated software, and other improvements to enhance performance, range, and safety.
- Kwang Yang Motor: In 2020, Kwang Yang Motor, the parent company of the Taiwanese motorcycle manufacturer Kymco, launched the Ionex electric scooter system, which allows users to swap out depleted batteries for fully charged ones at battery-swapping stations.
- Estée Lauder Companies Inc.: In 2021, Estée Lauder Companies Inc. announced that it would be partnering with motorcycle manufacturer Harley-Davidson to launch a limited-edition collection of skincare products inspired by the Harley-Davidson brand.
- Hero Electric Vehicles Pvt. Ltd: In 2021, Hero Electric Vehicles Pvt. Ltd, one of India’s leading electric two-wheeler manufacturers, announced that it had received a major investment from Gulf Islamic Investments, a Dubai-based investment firm, to fund its expansion plans in India and overseas.
