Electric Motorcycle Market size to grow by USD 109.78 billion from 2022 - 2027| The increase in demand for e-motorcycles to drive the market growth- Technavio
NEW YORK, Dec. 6, 2023 /PRNewswire/ -- In a recent Technavio report title Electric Motorcycle Market is projected to grow at a rapid pace in the coming years. The market size is set to grow by USD 109.78 billion between 2022 and 2027 and register a CAGR of 24.05%. According to Technavio, APAC is estimated to contribute 34% to the growth of the global market. Buy the full report
The increase in demand for electric motorcycles is significantly driving the growth of the e-motorcycles market. In recent years, there has been a significant rise in the demand for electric motorcycles and similar environmentally friendly alternatives. This shift is driven by an escalating awareness of environmental impact, encouraging individuals to choose eco-conscious vehicles such as electric motorcycles. A primary driver behind the preference for electric bikes is their cost-effective operation. Unlike conventional petrol-powered vehicles, electric bikes do not depend on expensive fuel. Rather, they are powered by rechargeable batteries that can be replenished using a standard wall outlet. As a result, the operational costs of electric bikes are considerably lower when compared to their petrol-driven counterparts.
APAC is establishing itself as a prominent participant in the worldwide electric motorcycle market due to swift population expansion and rising urbanization, notably boosting the demand for two-wheeled transportation. Moreover, governmental initiatives to endorse electric vehicles and mitigate air pollution have expedited the uptake of electric motorcycles in the region. Download the sample report here
Technavio highlights the emerging trends of Electric Motorcycle Market:
- Incorporating IoT into electric motorcycle charging stations enables real-time monitoring, data aggregation, and analysis for enhanced infrastructure efficiency and reduced power strain.
- Utilization of intelligent infrastructure equipped with IoT sensors facilitates effective communication on station capacity, aiding users in scheduling charging sessions and minimizing wait times.
- IoT-enabled remote control capabilities allow dynamic load management, enabling adjustments in charging speeds during peak demand, ensuring battery protection, and bolstering station security for continual growth in the worldwide electric motorcycle market.
The market is segmented by type (sealed lead acid and lithium-iron), technology (removable and non-removable), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
The sealed lead acid segment is expected to contribute substantial growth to the market share during the forecast period. Electric motorcycles commonly utilize sealed lead-acid (SLA) batteries which are encased in durable plastic, ensuring the prevention of acid leaks and providing the motorcycle with enhanced maneuverability without the risk of battery leakage.
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Companies like Volkswagen AG., Zero Motorcycles Inc., and Harley Davidson Inc. are major players in the Electric Motorcycle Market. For more information on companies or their offerings, download the sample report.
The electric motorcycle market is expected to grow significantly during the forecast period. Factors such as increased demand for eco-friendly transportation and government incentives promoting electric vehicle adoption are driving this growth. However, challenges like high initial costs and maintenance concerns may hinder widespread adoption. Integration of IoT and smart infrastructure in charging stations is a key trend, optimizing usage and ensuring battery safety. Asia-Pacific leads this market expansion, particularly in China, India, and Japan, despite setbacks during the COVID-19 pandemic. Major industry players are actively strategizing through alliances and product launches to enhance their market presence.
Related Reports:
Low-powered Electric Motorcycle and Scooter Market: The global low-powered electric motorcycle and scooter market has the potential to grow by 2,710.07 thousand units during 2020-2024, and the market's growth momentum will accelerate throughout the forecast period because of the steady increase in year-over-year growth.
High-performance Electric Motorcycle Market: The high-performance electric motorcycle market size is estimated to grow at a CAGR of 9.65% between 2022 and 2027. The market size is forecast to increase by USD 11,334.34 million.
TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Type
- Market Segmentation by Technology
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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SOURCE Technavio
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