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Electric Scooter and Motorcycle Market Statistics - 2028
Electric Scooter and Motorcycle market size is estimated to be worth US$ 7885 million in 2022 and is forecast to a readjusted size of US$ 12170 million by 2028 with a CAGR of 7.5%
By: Valuates Reports
Trends Influencing the Electric Scooter and Motorcycle Market Size & Growth
Eco-friendly mode of transportation
Due to rising environmental concerns and strict regulations regarding CO2 emissions consumers are shifting towards electric-powered vehicles. E-scooters or E-bikes are an efficient mode of commute. They are lightweight, rechargeable, and generate electricity through batteries. Moreover, companies are developing powerful versions that can cover huge distances over a single charge. Traffic jams are avoided which ultimately helps in reducing air pollution. These factors will lead to massive adoption thereby propelling the growth of the electric scooter and motorcycle market during the review period.
Favorable policies and benefits over gas-powered vehicles
Policy changes and equipment purchase incentives, rebates, and preferential rates are some of the steps taken by government authorities around the world to drive the adoption of electric motorcycles or scooters. Moreover, the prices of petrol and gasoline are skyrocketing due to covid-related disruptions and the Russia-Ukraine war. Petrol run bikes cause noise and air pollution and then there are maintenance and repair costs. However, e-scooters are rechargeable and have fewer replaceable parts which save up money and can be charged anywhere at home or office. Such factors will augment the growth of the electric scooter and motorcycle market during the forecasted period.
Technological advancements in batteries and motors
Lithium-ion batteries have captured attention worldwide with rapid innovations in energy densities. The cost per unit of energy consumed has decreased drastically with longer distance coverage. Motors with smaller brushless designs and rare earth magnetic systems that drive the two-wheeler ahead and require very less maintenance have been developed. IPM engines enhance the power and efficiency of vehicles. This in turn will surge the growth of the electric scooter and motorcycle market during the review period.
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