The electric scooter and motorcycles market was valued at USD 2 Billion in 2020 and is anticipated to reach USD 3.5 Billion by 2026, registering a CAGR of over 10% during the forecast period.
The Covid-19 pandemic had a negative impact on the Electric Scooter and Motorcycles Market. The worldwide lockdown restriction has resulted in a halt of production and sales of new vehicles including electric scooters and motorcycles. Also, due to the disruption of the supply chain, the raw materials required for the production of different parts of the scooters and motorcycles were unavailable, causing delays in production. This has led to the rapid downfall of the industry’s economy. However, with the growing inclination towards cleaner mobility across the world, the industry is looking forward to economic revival post-Covid-19 pandemic.
The electric scooter and motorcycles market has noticed significant growth, owing to the growing need for sustainable transportation. Increasing environmental concerns, coupled with favorable government initiatives, are some of the major factors driving the market’s growth. Rising energy costs and competition among the emerging energy-efficient technologies are also expected to fuel the market’s growth.
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The electric scooter and motorcycle market is in its initial phase, majorly driven by start-ups. However, conventional motorcycle giants are finding future opportunities in this burgeoning market. For instance, Piaggio announced and launched it’s new Piaggio ONE in the Beijing Motor show in May 2021, indicating to the fact that conventional motorcycle giants are keen in expanding their product portfolio to electric vehicles as well.
The acceptance of bikes and scooters is different in different regions, as bikes and scooters are a less expensive and more sustainable form of transportation than cars. Southeast Asia, South America, and Africa have huge potential, as these regions primarily use normal scooters and motorcycles with lower engine capacities for daily commute or short distance transport.
Key Market Trends
Government Intiitatives are Adding to The Market Growth
Currently, the price of electric two-wheelers is higher than that of conventional motorcycles, owing mostly to the cost of batteries. Although governments of different countries are offering subsidies for electric vehicle purchases, the final expenditure on the vehicle is still high. Hence, companies and local governing bodies are pushing hard to promote and provide more fuel for the growth of electric two-wheelers.
Many countries where two-wheelers are popular have come up with new incentive schemes for e-scooters and motorcycles. For instance, in February 2021, the Indian government has announced its plan to support the electric bikes market in the country which is at around 1.5 million units currently.
The government is providing subsidies for the buyers via its Faster Adoption and Manufacturing of Electric-Vehicles (FAME) scheme, which invests a total of INR 10,000 Crore in the market. the increasing trend of e-bike sales in India is an example of the government and corporate efforts.
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