Asia-Pacific Electric Scooters and Motorcycles Market Analysis, Key Growth Opportunities to 2025
The Asia-Pacific electric scooters and motorcycles market size valued at $9.1 billion in 2016 and is forecasted to reach $14 billion by 2025, at a CAGR of 4.9%. Asia-Pacific accounts for close to 90% of all electric scooters and motorcycles sold in the world. China is the largest market of electric scooters and motorcycles, accounting for 95% of Asia-Pacific revenues in 2016.
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The government support in the form of subsidies and stringent emission norms is benefiting the Asia-Pacific electric scooters and motorcycles market. The governments of many developing countries are following the western countries and implementing stringent emission norms. For instance, India would follow the toughest global emission norms Bharat Stage (BS)-VI, from the current BS-IV, by 2020, skipping the BS-V. Furthermore, governments in many countries are also giving considerable subsidies on the purchase of electric vehicles making them more affordable. Going forward, the regulatory environment would encourage customers to opt for electric two-wheelers over the conventional ones.
Lack of awareness regarding electric scooters and two wheelers is a major restraint for the Asia-Pacific electric scooters and motorcycles market. Except in China, the largest electric scooters and motorcycles market, consumers from other potential countries such as India and Indonesia are less aware of the electric scooters and motorcycles. This is especially the case in the rural and semi-urban regions of these countries. The electric two-wheelers companies too majorly focus on the urban customers.
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Some of the major international players include Honda, Yamaha and Peugeot. Local players from other countries such as India and Indonesia have a negligible share in the total Asia-Pacific two-wheeler sales.
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