(MENAFN- GlobeNewsWire - Nasdaq) Chicago, March 23, 2023 (GLOBE NEWSWIRE) -- electric scooter and motorcycle market size is projected to grow from 1482 thousand Units in 2022 to 6,193 thousand units by 2027, at a CAGR of 33.1% during the forecast period, according to a new report by MarketsandMarketsTM.
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226 – Tables
51 – Figures
260 – Pages.
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| Report Attributes | Details |
| Market size value in 2022: | 1482 thousand Units |
| Projected to reach 2027: | 6,193 thousand Units |
| CAGR: | 33.1% |
| Base Year Considered: | 2021 |
| Forecast Period: | 2022-2027 |
| Largest Market: | Asia Pacific |
| Region Covered: | North America, Europe, Asia Pacific and Rest of the World |
| Segments Covered: | Vehicle Type, Battery, Distance Covered, Voltage, Technology, Vehicle Class Usage, and Region |
| Companies Covered: | Yadea Group Holdings Ltd. (China), Jiangsu Xinri E-Vehicle Co., Ltd. (China), NIU International (China), Silence Urban Ecomobility (Spain), and Hero Electric (India).
A total of 33 major company profiles covered and provided |
The Electric Scooter and Motorcycle Market has promising growth potential due to several factors, including the improving charging infrastructure, innovative battery technologies, increasing demand for efficient commuting options, and improving design & performance specifications. The rapidly growing sales volume of affordable E-Scooters in Asia Pacific, especially in China has propelled the growth of the global Electric Scooter and Motorcycle Market.
By technology type, the plug-in segment is projected to dominate the market during the forecast period.
In the Electric Scooter and Motorcycle Market, by technology type, the plug-in segment is projected to dominate the market during the forecast period. The market for plug-in electric two wheelers is estimated to be the largest and grow faster due to the larger adoption of Lithium-ion batteries. The plug-in option offers advantages such as the convenience of home charging and public charging facilities provided by the manufacturers and governments. They also offer the option of better battery optimization as in many e-scooters and motorcycles, an option of dual battery is offered, which can be used while the other one is charging, thus reducing the waiting time.
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The below 75 miles segment is expected to be the largest segment in the forecast.
The below 75 miles segment is estimated to dominate the global Electric Scooter and Motorcycle Market, as the majority of the electric scooters/mopeds have a range of up to 75 miles. Asia Pacific is estimated to be the largest market for the below 75 miles range in 2027 due to the dominance of electric scooters/mopeds over electric motorcycles, especially in China. These scooters/mopeds are used daily to commute and range below 75 miles on a single full charge. Yadea, NIU, and Xinri are major manufacturers of electric two wheelers in China, providing electric scooters with a traveling range of below 75 miles. Hero Electric and Okinawa (India) are offering electric scooters in this range. This range is most suited for electric scooters/mopeds, which are largely popular in India and China. Other than established players there are new players across the globe, which offer models such as Hero Electric Dash, Bounce Infinity E1, and TVS i- Qube. These are a few of the models that have a range of less than 75 miles on a single charge. There are newer models to be launched, which include Hero Electric AE-8, Hero Electric AE-29, TVS Creon, etc. So, rising demand from Asia Pacific and the availability of new models would play a key role in driving the demand for this market
Europe is expected to be the second-largest market during the forecast period.
Europe presents a significant growth opportunity for electric scooters and motorcycles as it is expected to be the second-largest market during the forecast period. The increasing concerns over carbon emissions by conventional ICE two-wheelers and efficiency in this mode of travel have led the European two wheeler manufacturers to develop electric scooters and motorcycles, which has propelled the growth of the Electric Scooter and Motorcycle Market . The demand for electric scooters is strong for private use by the end users, while the fleet market is experiencing some downsides due to the sharp economic decline during the COVID-19 pandemic. Demand for smart, light, removable, easy-to-charge, and affordable is increasing from the end users. Based on the sales data for 2021, NIU (China), V-Moto (Australia), and Askoll (Italy) dominate the market in Europe.
Key Market Players:
The major players in global Electric Scooter and Motorcycle Market include Yadea Group Holdings Ltd. (China), Jiangsu Xinri E-Vehicle Co., Ltd. (China), NIU International (China), Silence Urban Ecomobility (Spain), Zhejiang Luyuan Electric Vehicle Co., Ltd (China) and Hero Electric (India). These companies offer extensive products and solutions for the electric two-wheeler industry; have strong distribution networks at the global level, and invest heavily in R&D to develop new products.
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