Electric Motorcycle Market to Witness Significant Growth Upcoming Years

Pune, India, Dec 2022, MRFR Press Release/- Market Research Future has Published a Cooked Research Report on the Global Electric Motorcycle Market.

Global Electric Motorcycle Market

Electric motorcycles are a type of plug-in electric vehicle powered by electricity stored on board in a rechargeable battery used to drive one or more electric motors. Electric motorcycles have lower operating costs compared to conventional ICE vehicles. Furthermore, these vehicles help save costs related to fuel, spark plug change, and oil filter replacements coupled with their minimalistic design characteristics, which also leads to low maintenance costs. The varieties of batteries installed in electric motorcycles are lithium-ion batteries, lead-acid batteries, and others.

Market Synopsis

According to the MRFR analysis, the global electric motorcycle market size is projected to reach USD 17.21 billion by 2030 at a CAGR of 11.9%.

The automotive sector has increased investments in the development of electric vehicles. Various governments of different countries and regulatory organizations worldwide are taking initiatives to increase awareness regarding the use of electric vehicles to reduce the use of fuel and save foreign exchange reserves. The global electric motorcycle market is rapidly growing due to government initiatives to encourage electric vehicle adoption, demand for electric motorcycles among tourists, and strategic developments for growth by major players. However, the market's growth is hampered by high prices of electric motorcycles and batteries and underdeveloped charging infrastructure, and poor aftermarket services.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Electric Motorcycle Market Research Report

With the continuous spread of the novel coronavirus across the world, automakers are taking extreme measures in the form of plant closures to halt the spread of the COVID-19 outbreak. The inevitable declines in trade, production, and output lead to painful consequences for businesses.

Competitive Landscape

The global electric motorcycle market consists of various global and regional service providers continuously evolving to enhance their market position. Increasing interests in manufacturing in infrastructure involving vehicle charging, a decline in battery manufacturing costs, preservation, and spread and introduction of EV charging infrastructure and the development of battery management systems are the key factors that aid the market growth.

Zero Motorcycles, Revolt Motors, Bell Custom Cycles, Torkmotors, Husqvarna Motorcycles, Hero Electric, Essence Motorcycles, Harley Davidson, Energica Motor Company, Johammer e-mobility, Tacita SRL, Blacksmith Electric, Electric Motion, and Razor USA are the major players in the market.

Segmentation:

Based on vehicle range:

• Below 75 miles: These motorcycles are cost-efficient and affordable so that the mid-income population group can buy them. For instance, Vespa's launched its first all-electric scooter, under the Elettrica brand, which is quick to charge and effortless to ride with a range up to 62 miles depending on use.


• 75-100 miles: The motorcycles included in this segment are usually standing/self-balancing bikes, which can be driven around for 75–100 miles in a single charge, depending on the weight that the bike carries. Generally, these motorcycles have a weight carrying capacity of up to 100 kgs and are designed for hassle-free rides for residential and commercial applications.


• Above 100 miles: An electric motorcycle that goes over 130 miles (210 km) on a single charge, which is considered as an exceptionally long range. Thus, as a result, while electric machines excel as daily commuters traveling a fixed distance round trip, riders experience inhibiting range anxiety on the open road. At one or two cents per mile (depending on the electric rates), electric machines enjoy a significant fuel cost advantage.

Based on battery type:

• Li-ion: Li-ion battery technology is currently widely used in electric motorcycles. Compared to other batteries, li-ion batteries have superior power density and cycling ability, which play an important role in increasing the use of Li-ion batteries in electric motorcycles. Such factors are expected to drive the growth of the li-ion segment in the global electric motorcycle market during the forecast period.


• Lead-acid: Lead-based batteries are more cost-effective compared to other types of batteries. These batteries are also known as maintenance-free batteries, as they do not require a lot of maintenance and are easily rechargeable. The lead-based batteries come in all shapes, voltages, amperages, and sizes. These batteries are usually sealed as they usually do not allow for the addition or loss of liquid.


• Nickle metal hydride: The nickel-based batteries include nickel-cadmium and nickel-metal hydride batteries. This type of battery is durable and has an ultra-fast charging ability and high cycle count when maintained properly. Additionally, they have a good load performance, long shelf life, simple transportation, and good low-temperature performance and can be easily stored in a discharged state.

Based on voltage:

• Below 24 volts: Below 24V batteries are mostly used in mopeds and other limited capacity two-wheelers, while 24V batteries power two-wheelers for approximately 20 km–40 km. The 24V battery weighs less due to its compact size, which is useful in two-wheelers with a limited frame. Due to its limited driving range, major two-wheeler manufacturers prefer two or more batteries instead of one 24V battery.


• 24-48 volt: The 24–48 Volt batteries are used in medium capacity electric two-wheelers. This type of battery has different varieties depending on the charging time and vehicle weight. A battery with a higher ampere-hour (Ah) will last longer and take a longer time to charge. For instance, Stigo offers an electric two-wheeler with a battery capacity of 11.6 Ah and a driving range of 30–40 km.


• 48-60 volt: Batteries with voltages of more than 48V are used in electric two-wheelers with a higher driving range and weight-bearing capacity. This type of battery is used in retro electric motorcycles, which require a high battery capacity and long-range travel battery.


• Above 60 volts: Batteries with voltages of more than 60V are used in electric motorcycles with a higher driving range and weight-bearing capacity. This type of battery is used in retro electric motorcycles, which require a high battery capacity and long-range travel battery. Most electric two-wheeler manufacturing companies use batteries with more than 60V batteries due to their high capacities.

Based on power output:

• Less than 3.6 Kw: The electric motorcycle, which has a power output of less than 3.6kW, has a top speed of 50-70 km/h and a maximum range of nearly 60 km on a single charge. These motorcycles are cost-efficient and affordable so that the mid-income population group can buy them.


• 6 Kw to 7.2 Kw: The electric motorcycle with a power output between 3.6kW to 7.2 kW has a standard range of 100-120 km. For instance, Stanford launched an EEC 5000w electric motorcycle for adults, with a standard speed is 120 M/H and a top speed of 140 km/h. The battery takes 8hours for a full charge and runs around a range of 100-120 km.


• Above 7.2 Kw: The electric motorcycle, which has a power output above 7.2 kW, will propel the bike to a top speed of approximately 100 kmph. For instance, Hop Mobility, India's emerging electric mobility company, exposed OXO e-motorcycle will come with a 7.2 kW electric motor.

Based on region:

• North America: North America is among the leading regions in the electric motorcycle market, especially due to the government initiatives for adopting electric vehicles. The increasing focus of leading electric motorcycles manufacturers towards developing technologically advanced products with better performance and price competitiveness is expected to drive the demand for electric motorcycles during the forecast period.


• Europe: Europe is expected to witness significant growth in the overall electric motorcycle market, owing to the new emission standards introduced by the European Union and the respective governments. Additionally, the EU is making collective efforts towards controlling rising air pollution levels and is providing support in the form of incentives, subsidies, and schemes to encourage the manufacturing and sale of electric motorcycles. The constant efforts by the government to reduce the gas emission are expected to fuel the demand for electric motorcycles in Europe during the forecast period.


• Asia-Pacific: The electric motorcycle market in Asia-Pacific is estimated to witness significant growth as the major players in the region are heavily investing in electric vehicles by developing the advanced electric infrastructure to increase the adoption of such vehicles. Moreover, the internationally established players and start-ups are taking advantage of the region by introducing newer models or services of electric motorcycles. The effective initiatives taken by the governments of countries such as China, Japan, India, and Singapore to develop electric vehicle charging stations by focusing on investing in the development of the charging infrastructure are expected to drive the electric motorcycle market.


• Rest of the World: The rest of the world is comprised of South America and the Middle East & Africa. Frequent partnerships between the global start-up companies and the domestic start-ups to strengthen their portfolio are key drivers for strengthening the growth of the electric motorcycle market in the region. Manufacturers are investing in the development of charging infrastructure and materials for the batteries. The easy availability of charging stations and availability of cost-effective batteries will increase the sales in the region, owing to their low material costs.