Market Size of Electric Scooter and Motorcycle Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.03 Billion |
| Market Size (2029) | USD 1.40 Billion |
| CAGR (2024 - 2029) | 6.43 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Electric Scooter & Motorcycle Market Analysis
The Electric Scooter and Motorcycle Market size is estimated at USD 1.03 billion in 2024, and is expected to reach USD 1.40 billion by 2029, growing at a CAGR of 6.43% during the forecast period (2024-2029).
The COVID-19 pandemic had a negative impact on the electric scooter and motorcycle market. The global lockdown restrictions halted the production and sales of new vehicles, including electric scooters and motorcycles.
Also, due to disruptions in the supply chain, the raw materials required to produce different parts of the scooters and motorcycles were unavailable, causing production delays. However, with the growing inclination toward cleaner mobility worldwide, the market is looking forward to an economic revival post the COVID-19 pandemic. Furthermore, the fall in automotive production and lack of labor significantly impacted the market. As automotive manufacturers have resumed operations due to steadily rising automobile sales in countries with a limited number of COVID-19 cases, the market is likely to recover during the forecast market. In addition, the manufacturers are implementing contingency plans to mitigate future business uncertainties to retain continuity with clients in the critical sectors of the automobile industry.
Over the long term, the market growth is primarily due to the growing need for sustainable transportation. Increasing environmental concerns and favorable government initiatives are some of the major factors driving the market's growth. Rising energy costs and competition among emerging energy-efficient technologies are also expected to fuel the market's growth.
The Asia-Pacific region is expected to dominate the market owing to growing awareness about the environmental benefits of electric vehicles and increasing petrol and diesel prices across the region. Moreover, government initiatives related to e-mobility are expected to further increase regional demand during the forecast period.
The market is also anticipated to be driven by capacity expansions by key players and startup fundraising. For instance
- November, 2022 : Hero Electric Ltd. announced to invest INR 2600 crore (USD 312 million) to expand its production capacity to 4 million electric two-wheelers per annum by 2026, which includes setting up a manufacturing facility in the state of Rajasthan in India.
- October, 2022 : Bengaluru-based Indian electric two-wheeler manufacturer Ather Energy announced that it had raised USD 50 million in an investment round led by Caladium Investments. The investment round also included participation from Herald Square Ventures.
Electric Scooter & Motorcycle Industry Segmentation
Electric two-wheelers are defined as two-wheelers driven by one or two electric located on the board. The electric motors derive their power from a rechargeable battery which is usually of lead acid or lithium-ion type.
The Electric Scooter and Electric Motorcycle Market is segmented by application type and geography. By vehicle type, the market is segmented into e-scooters and e-motorcycles. By battery type, the market is segmented into lithium-ion and sealed lead-acid. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The report also provides market sizing and forecast for all the above-mentioned segments. The report offers size and forecast for all the above segments in value (USD million).
| By Vehicle Type | |
| E-scooters | |
| E-motorcycles |
| By Battery Type | |
| Lithium-ion | |
| Sealed Lead-acid |
| By Geography | |||||||
| |||||||
| |||||||
| |||||||
|
Electric Scooter and Motorcycle Market Size Summary
The electric scooter and motorcycle market is poised for significant growth over the forecast period, driven by an increasing demand for sustainable transportation solutions. The market, which faced challenges due to the COVID-19 pandemic, such as production halts and supply chain disruptions, is expected to recover as automotive manufacturers resume operations and implement strategies to ensure business continuity. The growing emphasis on cleaner mobility, coupled with rising energy costs and competitive energy-efficient technologies, is propelling the market forward. Government initiatives and favorable policies, particularly in the Asia-Pacific region, are further bolstering market expansion. The region's dominance is attributed to heightened awareness of environmental benefits and rising fuel prices, alongside supportive e-mobility initiatives.
The market landscape is characterized by a mix of established players and emerging startups, with significant investments and capacity expansions anticipated. Electric scooters are witnessing higher sales compared to motorcycles, primarily due to their lower upfront costs and diverse model availability. The popularity of e-scooters is encouraging traditional two-wheeler manufacturers to enter the market, while micromobility companies and e-commerce giants are investing in electric vehicles for last-mile deliveries. The market is also witnessing strategic partnerships and product launches, with companies like Hero Electric, Ather Energy, and others expanding their offerings. As governments in regions like the EU, India, and China announce plans to phase out internal combustion engine vehicles, the electric scooter and motorcycle market is expected to experience robust growth, ensuring its prominence in the coming years.
Electric Scooter and Motorcycle Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.2 Market Restraints
-
1.3 Industry Attractiveness - Porter's Five Forces Analysis
-
1.3.1 Threat of New Entrants
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Bargaining Power of Suppliers
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 By Vehicle Type
-
2.1.1 E-scooters
-
2.1.2 E-motorcycles
-
-
2.2 By Battery Type
-
2.2.1 Lithium-ion
-
2.2.2 Sealed Lead-acid
-
-
2.3 By Geography
-
2.3.1 North America
-
2.3.1.1 US
-
2.3.1.2 Canada
-
2.3.1.3 Rest of North America
-
-
2.3.2 Europe
-
2.3.2.1 Germany
-
2.3.2.2 UK
-
2.3.2.3 France
-
2.3.2.4 Rest of Europe
-
-
2.3.3 Asia-Pacific
-
2.3.3.1 India
-
2.3.3.2 China
-
2.3.3.3 Japan
-
2.3.3.4 South Korea
-
2.3.3.5 Rest of Asia-Pacific
-
-
2.3.4 Rest of the World
-
2.3.4.1 South America
-
2.3.4.2 Middle East and Africa
-
-
-
Electric Scooter and Motorcycle Market Size FAQs
How big is the Electric Scooter and Motorcycle Market?
The Electric Scooter and Motorcycle Market size is expected to reach USD 1.03 billion in 2024 and grow at a CAGR of 6.43% to reach USD 1.40 billion by 2029.
What is the current Electric Scooter and Motorcycle Market size?
In 2024, the Electric Scooter and Motorcycle Market size is expected to reach USD 1.03 billion.
