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An electric motorcycle is an electric two-wheeled vehicle in which electricity is stored on board in a rechargeable battery. The increased environmental concerns and the low fuel efficiency of conventional motorcycles are major factors driving the demand for e-motorcycles. Several governmental bodies have come up with new incentives schemes for electric motorcycles to boost the growth of the market. The advancements in technology such as high-speed handling efficiency, compact size, better acceleration, and reduced motor weight are expected to drive the growth of the electric motorcycle market.
The electric motorcycles market has observed considerable growth due to the growing environmental concerns, need for sustainable transportation, supported by several favorable government initiatives specifically in developed countries. Moreover, the introduction of fast-charging stations is expected to boost the market growth during the forecast period. However, the comparatively higher initial cost incurred for electric motorcycles and lack of charging infrastructure is expected to hamper the growth of the market during the forecast period.
Key Market Driver -
Factors such as introduction of fast charging station, rising concerns about carbon emission and oil depletion, with decline in cost of battery manufacturing are expected to drive the market growth.
Key Market Restraint -
higher initial cost for electric scooter, limited battery capacity and short range are expected to hamper the growth of the market.
The global electric motorcycle market is segmented by vehicle range, battery type, voltage type, and region. Based on vehicle range, the market is further sub-segmented into 75 miles, 75-100miles, and above 100 miles. The 75-100 miles segment is expected to account for the largest market share during the forecast period. The range of electric vehicles depends on numerous factors such as average speed, battery size, rider’s weight, and terrain. The rise in the adoption of larger capacity batteries is one of the major factors driving the growth of the segment. Based on battery type, the market is segmented into li-ion type, lead-acid and nickel-metal hydride. The Li-ion battery segment is anticipated to dominate the market due to the rise in demand for high-performance and highly conductive batteries. Furthermore, factors such as the production of higher power output and the light weight of the li-ion batteries are expected to drive the growth of this segment. Based on voltage type, the market is further sub-segmented into below 24V, 24-48V, 48-60V, above 60 volts. The electric motorcycles with 24-48V accounted for the largest market share in 2020. This is attributed to the adoption of 36V batteries in most electric motorcycles and optimal implementation of features such as recovery, stop & start features in this range.
Major players operating in the global electric motorcycle market include Harley-Davidson, Inc., LITO Motorcycles, Essence Motorcycles, TACITA SRL, Alta Motors, Yadea, Lima, TAILG, LVyuan, Sunra, AIMA, BYVIN, HONG ER DA, Slane, Lvjia, Xiaodao Ebike, Wuyang Honda, OPai Electric, Sykee, Supaq, and Zongshen Electric Motorcycle among others.
Geographically, the global electric motorcycle market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia-Pacific held the largest share of the market in 2020. Factors such as increased concerns towards depleting oil reserves and high carbon emission discharge from the large two-wheeler population in countries such as India and China and the presence of major market players in the region are expected to drive the growth of the market. North America holds the second-largest share of the market. The enhanced infrastructure for electric vehicles in the countries such as Canada and the USA is expected to drive the growth of the market. Europe is anticipated to show good growth in the market during the forecast period. The rise in implementation of fast-charging stations, enhanced infrastructure for electric vehicles in the region, the surge in traffic congestion, and rapid adoption of electronic vehicles in the region are expected to drive the growth of the market during the forecast period.
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