Electric Motorcycle Market Size, Share And Trends Analysis Report
The global electric motorcycle market size is anticipated to be valued at USD 121.07 billion by 2030 and is expected growth by CAGR 19.0% over the forecast period, according to a new study by Grand View Research Inc. The electric motorcycle industry is expected to expand due to the growing consensus regarding the increasing concentration of greenhouse gases in the environment. The government introduced favorable tax and purchasing subsidies in economies such as Asia Pacific, North America, and Europe is also supporting the market growth. Furthermore, the development of battery technology, including electric motorcycles in delivery fleets and mobility as a service, is further acting as an opportunity for the uptake of electric motorcycles. However, due to the underdeveloped charging infrastructure, range anxiety among the end-users, and the high vehicle cost are among the challenges the market faces over the forecast period.
The commercial end-use segments of the electric motorcycle industry are creating new opportunity avenues for industries like logistics and food delivery. In regions such as Africa and Latin America, food delivery platforms are employing electric motorcycles for delivery in partnership with electric mobility startups. For instance, on May 2022, iFood, a Brazilian food delivery platform, announced the launch of its electric motorcycle, EVS Motor iFood. The food delivery platform partnered with Voltz Motor to develop the electric motorcycle. As per the food platform organization, the motorcycle is expected to save up to 70% of running costs and maintenance expenditures. EVS Motor iFood motorcycle ranges 85 kilometers per hour and can cover up to 100 to 180 kilometers with two battery packs. Additionally, to make the electric motorcycle affordable by partnering with bank BV for financing options.
The Asia Pacific region is anticipated to register the fastest growth in the market over the forecast period. The region’s market growth is attributed to factors such as growing government initiatives such as incentives and subsidies to promote the growth of electric mobility, rising fuel costs, and uptake of electric motorcycles by e-commerce and food delivery platforms. Moreover, the regional electric motorcycle industry growth is further expected to augment owing to the rise in disposable income in high population density regions such as Indonesia, India, China, and Vietnam. The major players in the electric motorcycle industry landscape are consistently launching new electric motorcycles which are equipped with batteries with increased storage capacity, advanced displays, Bluetooth connectivity, and connected vehicle technology features in a bid to promote the adoption and sales of the vehicles, thus contributing to the market growth.
Gather more insights about the market drivers, restrains and growth of the Electric Motorcycle Market
Electric Motorcycle Market: Report Highlights
• Commercial end-use segment has the fastest growth 22.2% CAGR in 2022 and is expected to generate revenue of USD 9.22 billion. The use of electric motorcycles for logistics purposes is expected to drive the segment growth
• The market is expected to gain traction owing to government incentives, improved acceleration, compact size, and reduced motor weight. The increasing presence of electric mobility startups and improvement in battery-based technology is expected to drive market growth
• The Asia Pacific market will experience growth over the forecast period. The Asia Pacific market is expected to expand at a CAGR of 19.5 % from 2023 to 2030. The regional market growth is accredited to growing disposable income in the region and growing consensus towards rising emissions
• Major manufacturers including Honda Motor Co., Ltd., Zero Motorcycles, Inc., and SUR-RON USA is projected to capture the majority of the market share over the forecast period. The primary strategy adopted by the major players in the market is the launching of new products along with enhancement in the vehicle range
Electric Motorcycle Market Segmentation
Grand View Research has segmented the global electric motorcycle market report based on, drive type, end-use, battery type, and region:
Electric Motorcycle Drive Outlook (Revenue, USD Million; Volume Thousand Units, 2018 - 2030)
• Belt Drive
• Chain Drive
• Hub Motor
Electric Motorcycle End-use Outlook (Revenue, USD Million; Volume Thousand Units, 2018 - 2030)
• Personal
• Commercial
Electric Motorcycle Battery Type Outlook (Revenue, USD Million; Volume Thousand Units, 2018 - 2030)
• Lithium-ion
• Lead Acid
• Others
Electric Motorcycle Regional Outlook (Revenue, USD Million; Volume Thousand Units, 2018 - 2030)
• North America
o U.S.
o Canada
• Europe
o UK
o Germany
o France
o Netherlands
o Italy
o Spain
o Denmark
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Taiwan
o Vietnam
o Indonesia
o Rest of Asia Pacific
• Latin America
o Brazil
o Mexico
o Rest of Latin America
• Middle East & Africa
Order a free sample PDF of the Electric Motorcycle Market Intelligence Study, published by Grand View Research.
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