As per the current market research conducted by the CMI Team, the global Electric Motorcycle and Scooter (EMS) Market size is expected to record a CAGR of 7.5% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 34.5 Billion. By 2033, the valuation is anticipated to reach USD 66.2 Billion.
Electric Motorcycle and Scooter (EMS) Market: Growth Factors and Dynamics
- Increasing Environmental Awareness: Growing concerns about environmental sustainability and air quality have fueled a shift towards electric mobility, including electric motorcycles and scooters. Consumers are increasingly opting for cleaner transportation alternatives, driving the demand for EMS as eco-friendly options.
- Government Incentives and Policies: Many governments worldwide are implementing supportive policies and offering incentives to promote the adoption of electric vehicles. Subsidies, tax credits, and preferential regulations contribute to lower ownership costs and encourage manufacturers to invest in electric motorcycles and scooter production.
- Advancements in Battery Technology: Ongoing advancements in battery technology, particularly in lithium-ion batteries, have improved the energy density, charging speed, and overall performance of electric motorcycles and scooters. As battery technology continues to evolve, it contributes to longer ranges, reduced charging times, and enhanced overall efficiency.
- Urbanization and Traffic Congestion: The increasing urbanization and rising traffic congestion in cities have led to a growing demand for compact and agile transportation solutions. Electric scooters are well-suited for navigating through crowded urban environments, offering a convenient and efficient mode of transportation.
- Rising Fuel Costs and Operating Savings: Escalating fuel prices and the desire for cost-effective transportation solutions drive consumers to consider electric motorcycles and scooters. These vehicles offer lower operating costs per mile compared to traditional internal combustion engine counterparts, contributing to their attractiveness in terms of long-term savings.
- Technological Innovations and Connectivity: The integration of smart and connected features, such as navigation systems, mobile app connectivity, and advanced safety features, enhances the overall appeal of electric motorcycles and scooters. The integration of technology not only improves user experience but also aligns with the preferences of tech-savvy consumers, further boosting market growth.
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Electric Motorcycle and Scooter (EMS) Market: Partnership and Acquisitions
- In 2023, Hero MotoCorp plans a substantial investment of USD 181.6 million in India for the development of premium bikes and electric vehicles (EVs). Aligned with evolving EV frameworks, this strategic move underscores the company’s commitment to advancing its offerings in the electric mobility sector.
- In 2022, Silence Urban Ecomobility introduces the S01+ model, boasting a 7.5 kWh battery and an impressive range of 137 km per charge. With a top speed of 109 km/h, this electric scooter combines sustainable urban mobility with efficient performance, catering to the evolving needs of riders.
- In 2022, Astara formed a strategic partnership with Silence Urban Ecomobility, facilitating the distribution of their electric scooters and micro-mobility vehicles in Belgium and Luxembourg. This collaboration aims to strengthen the presence and accessibility of sustainable urban mobility solutions in the region.
Electric Motorcycle and Scooter (EMS) Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Electric Motorcycle and Scooter (EMS) Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Disruption in Supply Chain: The global pandemic disrupted supply chains, causing delays in the production and distribution of electric motorcycles and scooters. Supply chain challenges, including factory closures, shortage of components, and transportation disruptions, impacted the timely availability of products in the market.
- Reduced Consumer Spending and Economic Uncertainty: Economic uncertainties and reduced consumer spending during the pandemic influenced purchasing decisions. Many potential buyers deferred or reconsidered investments in non-essential items, including electric motorcycles and scooters, leading to a temporary decline in demand.
- Government Stimulus and Incentive Programs: Governments worldwide introduced stimulus packages and incentives to revive economic activities. Subsidies, tax credits, and financial incentives for electric vehicles helped stimulate demand for electric motorcycles and scooters, making them more financially attractive for consumers.
- Focus on E-Commerce and Online Sales: With lockdowns and restrictions on physical retail, the electric motorcycle and scooter industry embraced online sales channels. Manufacturers and dealers leveraged e-commerce platforms and digital marketing to reach consumers directly, facilitating continued sales despite limitations on traditional retail outlets.
- Accelerated Digital Transformation: The pandemic accelerated the digital transformation within the industry, leading to increased investment in online sales platforms, virtual showrooms, and digital marketing strategies. This shift allowed manufacturers to maintain customer engagement and streamline sales processes.
- Emphasis on Last-Mile Delivery Solutions: The surge in demand for last-mile delivery solutions during lockdowns highlighted the importance of electric scooters in logistics and e-commerce. Companies started to invest in electric scooters for delivery purposes, creating a new market segment and contributing to the recovery of the EMS market.
List of the prominent players in the Electric Motorcycle and Scooter (EMS) Market:
- Zero Motorcycles Inc.
- Energica Motor Company S.p.A.
- NIU Technologies
- Yadea Group
- Vmoto Limited
- Ather Energy
- Gogoro Inc.
- Revolt Motors
- Ola Electric
- Super Soco (CUx)
- Evoke Motorcycles
- Lightning Motorcycle Corporation
- Horwin Europe
- Arcimoto Inc.
- Askoll EVA Srl
- Others
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