Electric Motorcycles Market Size

Electric Motorcycles Market Growth Projections and Opportunities

The world is buzzing with excitement about electric vehicles (EVs), and governments are stepping up to boost their popularity. In addition to that, tourists are also showing a keen interest in electric vehicles. All of this is contributing to the growth of the global electric motorcycle market.

Let's break down some key aspects of this market. First off, when we talk about the range of these electric motorcycles, we categorize them into three groups: less than 100 miles, 100-200 miles, and more than 200 miles. Among these, the 100-200 miles segment is taking the lead, making up the largest chunk of the market with a whopping 45.2% share in 2021. This segment was valued at USD 2,298.1 million, and it's expected to keep growing at a rate of 10.6% in the coming years.

Next up is the type of batteries these electric motorcycles use. They can be powered by Lead Acid, Li-Ion, or Nickel Metal Hydride batteries. In 2021, the Lead Acid batteries dominated the scene, capturing a significant 63.3% market share with a value of USD 3,216.2 million. The forecast suggests that this segment will continue to rise, projecting an 11.4% Compound Annual Growth Rate (CAGR) over the foreseeable future.

Now, let's talk about voltage. The electric motorcycles operate on different voltage levels, namely 24V, 36V, and 48V. Among these, the 36V segment was the star in 2021, holding the largest market share at 39.1% and a value of USD 1,986.3 million. This segment is anticipated to maintain its growth with a predicted 9.6% CAGR.

If we zoom out and look at the bigger picture by considering regions, Asia-Pacific emerged as the frontrunner in 2021. This region claimed the largest market share, accounting for 37.6% with a market value of USD 1,912.2 million. The forecast for Asia-Pacific is even more promising, predicting a 12.5% CAGR over the upcoming period.

In simple terms, governments around the globe are encouraging the use of electric motorcycles, and travelers are increasingly opting for these eco-friendly rides. When it comes to the specifics, the 100-200 miles range, Lead Acid batteries, and 36V motorcycles are currently the favorites. Looking ahead, the market is set to expand, especially in the Asia-Pacific region, showcasing a bright future for electric motorcycles on the global stage.