The North America scooters and motorcycles market is projected to value $675.7 million by 2024, advancing at a CAGR of 28.4%
Nov 14, 2019, 08:05 ET
NEW YORK, Nov. 14, 2019 /PRNewswire/ --
North America Electric Scooters and Motorcycles Market by Type (Motorcycle, Scooter, Kick Scooter), by Battery Capacity (15 kWh), by Battery (Lead Acid, Li-Ion), by Application (Sharing Services, Food & Grocery, Personal Users), by Geography (U.S., Canada) Market Size, Share, Development, Growth, and Demand Forecast, 2015-2024
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The North America scooters and motorcycles market is projected to value $675.7 million by 2024, advancing at a CAGR of 28.4% during the forecast period (2019–2024)according to the report. The major factors driving the growth of the market are the introduction of electric scooter sharing fleets, enhancement in battery technology, government incentives and policies, and low maintenance cost of such vehicles.
The emergence of electric scooter sharing fleets is behind the growth of the North American scooters and motorcycles market. Many sharing service providers are starting to add kick scooters and electric scooters in their fleet. Further, with the easy availability of smart charging stations and increasing application of scooters and motorcycles in food and beverage delivery services, the market is expected to grow steadily during the forecast period.
Based on battery, the North American electric scooters and motorcycles market is classified into Li-ion and lead-acid. Of these, during the historical period, the Li-ion classification dominated the market and is predicted to further continue dominating it during the 2019–2024 period. This is attributed to the reducing price of Li-ion batteries, along with their benefits such as small size, low weight, low maintenance, high energy density, and low self-discharge, as compared to the other battery type. Thus, these benefits are expected to escalate the demand for electric scooters and motorcycles with Li-ion batteries in the market during the forecast period.
On the basis of application, the electric scooters and motorcycles market in North America is categorized into food and grocery, sharing services, and personal users. Out of these, the sharing service category is predicted to dominate the market in terms of sales volume during 2019–2024 period. This is ascribed to the easy availability of vehicles for commuting short distances without people having to own these themselves.
One of the major factors driving the growth of the market is the increasing concern for environmental degradation, resulting in the need to reduce greenhouse gas emissions from vehicles. The surging concerns are pushing governments to take some initiatives to reduce the emissions. Governments are coming up with several incentives and tax credits, offered to customers, on the purchase of these vehicles, which back the growth of the North American electric scooters and motorcycles market. For instance, in 2017, the California government provided 10.0% federal tax credit (up to $2,500) on the purchase of electric motorcycles.
In terms of volume, in 2018, the U.S. held the larger share of nearly 85.0% in the North American electric scooters and motorcycles market. The factors responsible for the market growth in the U.S. are rapid adoption rate of electric vehicles, increasing government support in the form of financial and non-financial incentives on the purchase of these vehicles, and a high commuter base.
NORTH AMERICA ELECTRIC SCOOTERS AND MOTORCYCLES MARKET SEGMENTATION
Market Segmentation by Type
• Motorcycle
• Scooter
• Kick Scooter
Market Segmentation by Battery Capacity
•
<5 kwh="">• 5–10 kWh
• 10–15 kWh
• >15 kWh
Market Segmentation by Battery
• Lead Acid
• Lithium-ion
Market Segmentation by Application
• Sharing Services
• Food and Grocery
• Personal Users
Market Segmentation by Geography
• U.S. Electric Scooters and Motorcycles Market
- By type
- By battery capacity
- By battery
- By application
• Canada Electric Scooters and Motorcycles Market
- By type
- By battery capacity
- By battery
- By application
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