The market for electric scooters and motorcycles is expected to witness the fastest growth in Europe during the forecast period.
NEW YORK, USA, May 3, 2022 /EINPresswire.com/ — Factors such as growing government support, especially from developing countries in APAC, and growing online retailing of electric vehicles are expected to drive the Electric Scooter & Motorcycle Market at an outstanding CAGR of 14.4% over the period 2020-2025. According to P&S Intelligence, the industry was valued at $5,913.9 million in 2019 and will generate revenue of $10,529.7 million by 2025. Additionally, falling Li-ion battery prices and Growing environmental concerns will also support the growth of the market.
Growing reliance on online retail owing to the economical and convenient shopping experience offered by online channels is expected to drive the market growth in the coming years. Compared to physical stores, e-commerce platforms save time and money, due to which customers turn to them. Additionally, online stores have proven to be very effective in helping OEMs run their operations and extend their reach to a wider customer base.
Get sample copy of this report: https://www.psmarketresearch.com/market-analysis/electric-scooter-and-motorcycle-market/report-sample
Additionally, growing concerns over environmental degradation will also facilitate the growth of the electric scooters and motorcycles market globally. Governments around the world are implementing strict emission control policies to encourage the production and adoption of new energy vehicles. In addition, governments are also proposing several financial initiatives on the production and adoption of electric vehicles to mitigate air pollution. For example, the Hong Kong government encourages the use of environmentally friendly vehicles by offering tax breaks on the registration of electric motor vehicles.
The SLA category, in the battery type segment, held a larger share in the electric scooter and motorcycle industry in 2019. On the other hand, the Li-ion category is expected to show faster growth in the foreseeable future. . This will be primarily due to the growing preference for environmentally friendly Li-ion batteries by OEMs and continued technological advantages in energy storage technologies. In addition, higher efficiency and reduced charging time of Li-ion batteries will also contribute to the growth of the market in this category.
In recent years, players in the electric scooter and motorcycle industry have embarked on product launches to gain a competitive edge. For example, in February 2020, Zero Motorcycles Inc. unveiled the Fully Faired SR/S, a new electric motorcycle, which boasts 140 ft-lbs. of torque and 110 HP in a jiffy. It includes a 14.4 kWh Li-ion battery, which provides a range of 323.4 km per charge, and a powerful ZF75-10 motor. Other players offering new electric two-wheelers are Zhejiang Luyuan Electric Vehicle Co. Ltd., Alta Motors, AIMA Technology Co. Ltd. and BMW AG.
Globally, the APAC electric scooter and motorcycle market is expected to generate the highest revenue in the coming years, owing to the increasing rate of urbanization, soaring per capita income, and growing implementation of government policies favorable to electric vehicles in the region. Among APAC countries, India, China and Japan are the main markets for electric scooters and motorcycles, due to the strong government support, in the form of tax credits, tax exemptions and subsidies. on electric vehicles, for the electric vehicle sector.
Hence, rising concerns over environmental degradation and increasing dependence of customers and OEMs on online retail networks will complement the growth of the market, worldwide.
Electric Scooters and Motorcycles Market Size Breakdown by Segments
By battery type
• Sealed lead acid
• Asia Pacific
o South Korea
o United Kingdom
• North America
o United States
• Latin America
• Middle East and Africa
o Saudi Arabia
o South Africa
Browse other related reports
Europe Electric Scooters and Motorcycles Market – https://www.psmarketresearch.com/market-analysis/europe-electric-scooters-and-motorcycles-market
India Electric Scooter and Motorcycle Market – https://www.psmarketresearch.com/market-analysis/india-electric-scooter-and-motorcycle-market
North America Electric Scooters and Motorcycles Market – https://www.psmarketresearch.com/market-analysis/north-america-electric-scooters-and-motorcycles-market
China Electric Scooters and Motorcycles Market – https://www.psmarketresearch.com/market-analysis/china-electric-scooters-and-motorcycles-market
write to us here
Visit us on social media: