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The global electric motorcycles & scooters market is evaluated at US$11.798 billion in and is anticipated to grow at a CAGR of 6.07% to reach US$16.807 billion in . The ability of these vehicles to offer considerable environmental benefits as opposed to gasoline-powered vehicles will be instrumental in the growth of this market. Low maintenance requirements, Initiatives by the government to spread awareness about the benefits of electric vehicles, superior quality, and reliability will boost the growth of the Electric Motorcycles & Scooter Market. Sealed lead acid, Lithium-ion, and Nickel-metal hydride are the three basic categories of batteries prevalent in the market. Lithium-ion-equipped Electric Motorcycles & Scooters Market is expected to grow at the highest rate during the forecast period on account of low weight and greater efficiency while charging and discharging. However, factors like limited power output and range along with a lack of charging infrastructure are further expected to restrain the market growth during the forecast period. Furthermore, China, being the largest exporter and manufacturer of E-vehicles, is expected to perform strikingly well on account of rapid urbanization, government support, industry shifts, and rising private demand.
DRIVERS
Lower maintenance and operating costs
Government initiatives
RESTRAINTS
Lack of charging infrastructure facilities
Limited power output and range
INDUSTRY UPDATE
In July , Harley-Davidson announced the launch of its latest electric bike, LiveWire, the first-ever electric cruiser bike which is expected to go on sale throughout North America and Western Europe by the beginning of .
In July , Revolt Motors announced the launch of India&#;s first AI-powered electric bike, the Revolt RV 400.
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Major industry players profiled as part of the report are Yamaha Motor Co., Ltd., Polaris Industries, Inc., KTM Sportmotorcycle GmbH, Harley-Davidson, and Revolt Motors among others.
Segmentation
The global electric motorcycles & scooters market has been analyzed through the following segments:
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