Government Initiatives to Boost Growth of Electric Motorcycles Market
Market Scope
The global electric motorcycles market can attain a growth rate of 10.35% during the forecast period (2019–2025), believes Market Research Future (MRFR).
Market Boosters and Key Barriers
Electric motorcycles function by using electricity as fuel. The electric motorcycle, unlike electric bikes, electric scooters, electric mopeds, and electric bicycles, refers to a two-wheeled vehicle that works with the use of a motor. These vehicles are designed for higher speeds and come with enhanced acceleration as well as high-speed handling characteristics. They are ideal for slow urban commutes or highway speeds and beyond. Electric motorcycles provide more wind protection compared to scooters and moped and usually consist of some cargo storage.
Furthermore, diminishing oil reserves around the world coupled with rising number of government initiatives to boost the use of green vehicles has given rise to alternative solutions, which benefits the market. The market growth is also the result of considerable investments in vehicle charging infrastructure, surging interest from large scale manufacturers and reduced battery costs. However, a couple of performance constraints and a general lack of awareness regarding electric motorcycles can thwart the ongoing market growth rate in the near future.
Additional factors that are stimulating market growth include the incorporation of regenerative braking, economical maintenance costs, elevated mechanical efficiency and low noise levels, which boost the adoption of environment-friendly vehicles. The electric motorcycles market can witness further growth during the review period, thanks to rising demand in developing countries like India and Thailand.
Market Segmentation
The worldwide market for electric motorcycle has been segmented on the basis of vehicle range, battery type and voltage.
Depending on the vehicle range, the global market can be split into below 75 Miles, 75-100 Miles, and above 100 Miles.
With respect to the battery type, the global market has been considered for li-ion, lead acid, and nickel metal hydride.
Voltage-based segments in the global market are below 24 Volt, 24-48-volt, 48-60 volt, and above 60 volts.
Regional Outlook
MRFR gives a clear picture of the global electric motorcycles market by segmenting it regionally into North America, Europe, Asia Pacific (APAC), in addition to the Rest of the world.
The APAC electric motorcycles market is believed to have the most potential to achieve the highest CAGR during the forecast period. The region is showing remarkable progress owing to factors like rising concerns about carbon and greenhouse gas (GHG) emissions that have accelerated the need for fuel-efficient vehicles. Burgeoning population, increasing traffic congestion, declining prices of electric motorcycles, and mounting environmental concerns add to the market strength in the region.
Europe along with North America will demonstrate significant market growth in the following years, given the quick rate of adoption of electric motorcycles and the strong support given by the government in the form of financial and non-financial incentives. Also, high commuter base in these regions stimulates market growth. Rising availability of smart charging stations also offers a host of opportunities to both these regional markets in terms of growth. Solar-powered and automated charging stations are becoming popular, which also benefits the market. Electric motorcycles providers are striving to make a mark in the market by designing and developing these types of charging stations to expand the horizons of complete nature-based transportation.
Top Vendors
Top vendors influencing the worldwide electric motorcycles market include Electric Motion (France), LITO MOTORCYCLES (France), Revolt Motors (India), Bell Custom Cycles (BCC) (US), Alta Motors (US), TACITA SRL (Italy), Zero Motorcycles Inc. (US), Blacksmith Electric (India), Husqvarna Motorcycles GmbH (Austria), Johammer e-mobility GmbH (Germany), Harley-Davidson, Inc. (US), Essence Motorcycles (France), Razor USA LLC. (US), Energica Motor Company S.p.A.(Italy), Torkmotors (India), among others.