ALBANY, New York, March 18, 2020 /PRNewswire/ -- The contemporary times reek of digital advancement, energy optimization, and recycling of power. There is a prominent distinction between what was considered sustainable a decade back and how researchers view sustainability and optimization in the current scenario. The dearth of natural resources across the globe has affected multiple industries, and has raised several eyebrows on the efficiency of the energy sector. Furthermore, researchers have continually provided fresh figures to evaluate global energy reserves, and these figures point to a dismal situation. While natural reserves are diminishing, people have become overdemanding and extravagant in their usage of resources. Increased spending capacity of the people has put them in a position to pay for various resources. However, this has had an adverse impact on the environment and the natural ecosystem that is getting deteriorated by the day.
The total worth of the global electric motorcycle and scooter market is expected to exceed US$ 14.29 Bn by the end of 2027. Besides, it is estimated that the global electric motorcycle and scooter market would expand at a formidable CAGR of 7.10% over the period between 2019 and 2027.
Changing Propensities of the Automobile Industry
Automobile manufacturers are on a quest to go green in their approach, and are reciprocating to the demand for sustainable technologies. Therefore, electric motorcycles and scooters have become a reality across several regions.
Development of lithium ion batteries with high output per charging has also helped in developing electric motorcycles. These batteries are used in electric vehicles, and are considered as the next-generation powering technology for automobiles. Rechargeable batteries shall help manufacturers in taking bold decisions about shifting their primary products from fuel-powered vehicles to electric ones.
Governments have begun providing incentives to automobile manufacturers who manufacture electric vehicles. This is done to encourage a larger number of manufacturers towards developing resilient and performance-oriented electric vehicles.
Global Electric Motorcycle and Scooter Market: Growth Drivers
The growth of the global electric motorcycle and scooter market is a function of advancements in green energy technologies. The focus of energy scientists on using electric vehicles has had a positive impact on the growth dynamics of automobile manufacturers. These manufacturers have a large playfield of opportunity that they can optimize by developing electric bikes and motorcycles. Some of the leading drivers of demand within the global electric motorcycle and scooter market are:
Lead acid batteries are being developed in abundance across the globe, and this trend has supported the growth of the global electric motorcycle and scooter market.
Growing traffic congestion has led several population groups to prefer two-wheelers over private cars for their daily commute. This factor, coupled with the stellar pace of manufacturing electric scooters, shall benefit market vendors.
The need to reduce air pollution and carbon emissions has led governments and other industries to take multiple measures and initiatives at administrative and industrial levels. Development of electric motorcycles and scooters is also a part of these initiatives.
Adoption of Electric Vehicles to Remain Low in Developing Countries
As a new-age technology that requires intensive labour and formidable resources for development, electric vehicles are relatively higher in cost as against fuel-powered vehicles. This factor could hamper the growth of the global electric motorcycle and scooter market.
Several automobile manufacturers have shown reluctance in shifting from manufacturing fuel-powered vehicles to electric scooters. This factor could also be a roadblock to growth within the global electric motorcycle and scooter market.
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Global Electric Motorcycle and Scooter Market: Competitive Landscape
The leading vendors in the global electric motorcycle and scooter market are looking at tapping into the needs and requirements of the masses. The growing inclination of the people towards sustainable standards of living has benefitted these vendors. Some of the leading manufacturers of electric scooters and motorcycles are Honda Motors, Lightning Motorcycle Corp., KTM Sport motorcycle GmbH, Lima Electric Vehicle Co. Ltd., Piaggio & C. SpA, and Mahindra & Mahindra Ltd.
Motorcycle Advanced Driver Assistance System (ADAS) Market– Rise in demand for active safety systems in motorcycles owing to the rise in number of accidents and injuries is expected to be a key factor driving the motorcycle advanced driver assistance system market during the forecast period.
Motorcycle Accessories Market – The growth in global motorcycle market has registered the growth of associated industries like motorcycle accessories and its components. Motorcycle accessories, not only have higher aesthetic appeal but it also give assurance of safety, security and better performance.
Motorcycle Airbag System Market – Rise in sales of motorcycles, globally, as an affordable form of commute and leisure travel is expected to boost demand of motorcycle airbag system. The motorcycle is a highly preferred mode of transport in Asia Pacific. Rise in popularity of motorcycles in Latin America and Middle East & Africa is anticipated to further drive the demand for safety systems such as motorcycle airbag system.
Connected Motorcycle Market – Connected motorcycle is a relatively new technology incorporated in motorcycles to provide smart and intelligent two-wheeler mobility. Connected motorcycles are equipped with IoT devices enabling seamless internet connectivity in motorcycles and data sharing. Connected motorcycles will allow the rider to monitor four major areas of the bike: ride data sharing, charging, bike status & alerts, and system upgrades & updates.
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