Global Electric Scooter and Motorcycles Market (2022 - 2027): Significant Growth at a CAGR of Over 25 percent Expected
- ResearchAndMarkets.com
The Electric Scooters and Motorcycles Market was valued at USD 5176.16 million in 2020 and is expected to reach USD 23178.7 million in 2026 by registering a CAGR of 25.08 percent during the forecast period (2021 - 2026).
The COVID-19 pandemic had a negative impact on the electric scooters and motorcycles market. The worldwide lockdown restriction has resulted in a halt of production and sales of new vehicles, including electric scooters and motorcycles.
Also, due to the disruption of the supply chain, the raw materials required for the production of different parts of the scooters and motorcycles were unavailable, causing delays in production. However, with the growing inclination toward cleaner mobility across the world, the industry is looking forward to the economic revival during the post-COVID-19 pandemic.
The electric scooters and motorcycles market has noticed significant growth, owing to the growing need for sustainable transportation. Increasing environmental concerns, coupled with favorable government initiatives, are some of the major factors driving the market's growth. Rising energy costs and competition among the emerging energy-efficient technologies are also expected to fuel the market's growth.
Key Market Trends
E-Scooter Segment Expected to Occupy Major Market Share
E-scooters witness higher sales than e-motorcycles, due to less upfront cost and the availability of more models in the market, which provide ample options for the buyer. The allure of the e-scooter, both as a toy and as a potential vehicle for commuting, is driving its adoption. Thus, several startups are beginning to flood major metropolitan areas with hundreds of 'rent by minute' scooters.
To reduce vehicle emission in cities, several pilot programs have been initiated to introduce e-scooters in a phased manner. The popularity of e-scooters is also encouraging conventional two-wheeler manufacturers to enter the market. For instance, India is emerging as a lucrative market for e-scooters. Hence, several Indian two-wheeler manufacturers are gearing up to launch their own models in the segment.
Such instances and developments expected to drive demand in e-scooter segment of the market during the forecast period.