The global electric motorcycle and scooter market is projected to grow at a considerable CAGR of 7.1% over the course of the given forecast period of 2019 to 2027. This finding is as per the latest report published by Transparency Market Research that talks about the overall dynamics of the global electric motorcycle and scooter market. As per the report, the valuation of the electric motorcycle and scooter market is expected to raise more than US$14.29 Bn by the end of 2027. The report also provides meaningful insights about the key trends, opportunities, drivers, and restraining factors that are influencing the growth of the global electric motorcycle and scooter market.
The report published by TMR segments the electric motorcycle and scooter market as per key geographical regions. Of these, the Asia Pacific segment is projected to show maximum growth potential over the course of the given forecast period. The region is expected to clock a CAGR of over 89% from 2019 to 2027.
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The global electric motorcycle and scooter market has a highly fragmented competitive landscape due to the presence of several players. The competition in the electric bikes and scooters market is only expected to increase with an intention to capture a larger market share. Some of the key players in the global electric motorcycle and scooter market include names such as Zuboo, Z Electric Vehicle, Terra Motors Corporation, Icalu Electric Vehicle Co. Ltd., Emmelle Motor Company, and BMW Motorrad among others.
Heavy Encouragement by Numerous Governments is Driving Market Growth
Countries across the globe and especially Europe are likely to enforce the use of electric vehicles in the coming three to four years. Countries such as India, Japan, Norway, Germany, and China have already announced the decommissioning of manufacturing of vehicles running on fossil fuel in the coming decade. In addition to this, these nations are also encouraging people to buy an electric vehicle by providing lucrative subsidies. This move by the governments across the globe is the primary driving factor for the growth of the global electric motorcycle and scooter market.
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There has also been a substantial increase in the demand for alternative fuels for vehicles. This is also a big driving factor for the rising popularity of electric bikes and scooters among the masses. Furthermore, these electric vehicles do not make much sound and are also lightweight as compared to traditional vehicles. This is also helping in propelling the electric two-wheeler market growth.
Electric vehicles have been performing very efficiently since their inception. It is expected that their performance will be as good as traditional vehicles in the coming years. In addition to this with the obvious benefit of being environmentally friendly is expected to drive the growth of the global electric bikes and scooter market over the course of the given forecast period of 2019 to 2027.