Electric Motorcycle Market Size [2023-2030] | Industry Growth, Share, And Trends Forecast Analysis
Electric Motorcycle Market to Grow Remarkably Over 2022-2029: Growing Environmental Concerns to Drive Technology Demand
Pune, India., Oct. 26, 2023 (GLOBE NEWSWIRE) — The global electric motorcycle market size is set to expand due to the introduction of fast-charging stations across the world. The increasing concerns regarding carbon emission and oil depletion are driving the market growth. Fortune Business Insights presents this information in its report titled “Electric Motorcycle Market, 2023-2030.”
An electric motorcycle is an electric two-wheeled vehicle. In this vehicle, electricity is stored on-board in a rechargeable battery. Electric motorcycle helps to protect against environmental concerns. It has better acceleration, compact size, and high-speed handling efficiency.
Drivers & Restraints-
Growing Environmental Concerns to Boost Market Growth
Electric motorcycle market growth is attributed to the introduction of fast-charging infrastructure. The increasing concerns regarding carbon emissions and oil depletion are accelerating the market growth worldwide.
On the contrary, the higher initial cost of electric scooters and limited battery capacity could limit their adoption slgithly.
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Competitive Landscape-
Market Players Focus on New Product Launches to Expand their Presence
Leading players in the market are adopting various strategies to expand their presence. These include R&D investments and the launch of the new, technologically advanced electric motorcycles. Some companies are also adopting partnerships, mergers, and acquisitions to strengthen their market position.
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Segments-
According to vehicle range, the market is segmented into 75 miles, 75-100miles, and more than 100 miles.
In terms of battery type, the market is broken down into lithium-ion (Li-ion), lead acid, and nickel-metal hydride (NiMH).
By voltage type, the market is divided into below 24 volts, 24-48 volt, 48-60volt, and above 60 volts.
Region-wise, the market is segregated into North America, Asia Pacific, Europe, and the Rest of the World.
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| By Battery Type |
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| By Voltage Type |
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| By Geography |
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Regional Insights-
Increasing Concern about Depleting Oil Reserves in North America to Drive Market Share
Electric motorcycle market share is expected to be dominated by North America due to the increasing concerns about depleting oil reserves.
Europe holds the second-largest market share due to the enhanced infrastructure for electric vehicles. The rapid adoption of electric vehicles accelerates the market growth in this region.
Meanwhile in Asia Pacific, increasing concerns regarding high carbon emissions from the large two-wheeler population in countries such as China and India are expected to accelerate market growth.
Report Coverage:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
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A list of prominent Electric Motorcycle manufacturers operating in the global market:
- Harley-Davidson, Inc. (U.S.)
- LITO Motorcycles (U.S.)
- Essence Motorcycles (France)
- TACITA SRL (Italy)
- Alta Motors (U.S.)
- Yadea (China)
- Lima (Zhejiang)
- TAILG (U.S.)
- LVyuan (U.S.)
- Sunra (China)
- AIMA (India)
- BYVIN (China)
- HONG ER DA (China)
- Slane (U.S.)
- Lvjia (China)
- Xiaodao Ebike (China)
- Wuyang Honda (China)
- OPai Electric (China)
- Sykee (U.S.)
- Supaq (U.S.)
- Zongshen Electric Motorcycle (China)
COVID-19 Impact:
Lockdown Restrictions Impacted Market Growth Significantly
The COVID-19 pandemic and subsequent restrictions such as lockdowns and travel bans affected the production and demand for all types of Electric Vehicles (EVs). The global automotive industry faced a major slowdown, with widespread demand and supply gaps owing to supply chain disruptions and workforce shrotages. These factors affected electric motorcycle market growth significantly.
However, the market is showing positive growth due to various government initiatives to control carbon emissions, and market players are adopting new technologies to make e-bikes better, which will propel the market growth.
Notable Industry Development:
- April 2022 – ONYX motorbikes in California launched a new low–cost electric bike known as the ONYX CTY2.
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