SAN FRANCISCO, Aug. 22, 2023 /PRNewswire/ — 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.
Key Industry Insights and Findings from the report:
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
Read 120-page market research report, “Electric Motorcycle Market Size, Share & Trends Analysis Report By Drive Type (Belt Drive, Chain Drive, Hub Motor), By End-use (Personal, Commercial), By Battery Type (Lithium-ion, lead acid), By Region And Segment Forecasts, 2023 – 2030”, published by Grand View Research.
Electric Motorcycle Market Growth & Trends
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 start-ups. 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.
Major incumbents in the electric motorcycle industry landscape are adopting organic and inorganic growth strategies such as launching new products, mergers, acquisitions, and partnerships to strengthen their market presence and expand their product portfolio. For instance, on December 2022, Pure EV – an Indian electric two-wheeler OEM announced the launch of its electric motorcycle ecoDryft. The motorcycle is equipped with a 3.0 kWh battery, a smart battery management system, Bluetooth connectivity, and a digital instrument cluster. The motorcycle is said to operate in three driving modes with a range of 130 km and a speed of 75 mph and is developed & manufactured in the OEM Hyderabad-based facility.
Electric Motorcycle Market Report Scope
|
Report Attribute |
Details |
|
Market size value in 2023 |
USD 35.72 billion |
|
Revenue forecast in 2030 |
USD 121.07 billion |
|
Growth rate |
CAGR of 19.0 % from 2023 to 2030 |
|
Base year for estimation |
2022 |
|
Historical data |
2018 – 2021 |
|
Forecast period |
2023 – 2030 |
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 Market – Drive Outlook (Revenue, USD Million; Volume Thousand Units, 2018 – 2030)
Belt Drive
Chain Drive
Hub Motor
Electric Motorcycle Market – End-use Outlook (Revenue, USD Million; Volume Thousand Units, 2018 – 2030)
Personal
Commercial
Electric Motorcycle Market – Battery Type Outlook (Revenue, USD Million; Volume Thousand Units, 2018 – 2030)
Lithium-ion
Lead Acid
Others
Electric Motorcycle Market – Regional Outlook (Revenue, USD Million; Volume Thousand Units, 2018 – 2030)
North America
U.S.
Canada
Europe
UK
Germany
France
Netherlands
Italy
Spain
Denmark
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Taiwan
Vietnam
Indonesia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
List of Key Players in the Electric Motorcycle Market
Honda Motor Co., Ltd.
Maeving
Energica Motor Company S.p.A.
Zero Motorcycles, Inc.
CAKE
SUR-RON USA
Harley-Davidson, Inc.
Electric Motion
KTM Sportmotorcycle GmbH
Fonz Moto Pty Limited
Check out more related studies published by Grand View Research:
On-road Motorcycles Market – The global on-road motorcycles market size is estimated to reach USD 86.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to witness a CAGR of 6.1% from 2022 to 2028. Increasing focus by motorcycle manufacturers on producing high-performance and comfortable motorcycles is one of the key factors driving the growth of the market. In addition, high disposable income, the launch of improved and more efficient products regularly, a surge in trend of customization, and the rising number of motorbike sports users are factors increasing the demand for on-road motorcycles. The high cost of the product and uncomfortable seating structure are some of the factors hampering the growth of the on-road motorcycles market. Most of the major players operating in the on-road motorcycles market are implementing the strategy of mergers, acquisitions, and new product launches to gain maximum share in the market.
Motorcycles Market – The global motorcycles market size was estimated to reach USD 171.5 billion by 2028 and is anticipated to expand at a CAGR of 7.4% from 2022 to 2028, according to a new report by Grand View Research, Inc. Rising disposable income and improvement in living standards has increased demand for motorcycles across the globe, thereby driving the market growth. In addition, the launch of high-performance motorcycles, the surge in sportbike users, and the developing trend of customization are the factors that drive the market. The travel restriction imposed by the governments on public transportation such as buses, trains, and metros has resulted in heavy demand for motorcycles amid the COVID-19 pandemic.
U.S. Electric Mobility Market – The U.S. electric mobility market size is expected to reach USD 119.8 billion by 2028, expanding at a CAGR of 19.8% over the forecast period, as per the study conducted by Grand View Research, Inc. Surge in the adoption of electric vehicles, especially e-scooters among the youth, quick urbanization, and increasing purchasing capacity in the country are expected to significantly increase the demand for electric mobility in the U.S., thereby supporting the market growth. Furthermore, growing concerns about the rapidly rising carbon footprint and greenhouse gases from the transportation and automotive industries are encouraging state and country-level regulatory bodies to set up policies that promote the adoption of energy-efficient vehicles.
Browse through Grand View Research Automotive & Transportation Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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