Electric Bike Industry Revenue, Growth, Global Foresight And Key Growth Drivers

Posted by Rahul Gautam on February 8th, 2021

Tax concessions on the purchase of low- and no-emission automobiles, conducive regulatory environment, rising emission-related concerns, and low maintenance costs are the major drivers for the electric scooter and motorcycle market advance. Due to the absence of an internal combustion engine (ICE), such automobiles do not lead to any operational emission of greenhouse gases (GHGs).

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Based on product, the bifurcations of the electric bike and scooter market are motorcycle and scooter, of which the scooter bifurcation contributed the higher revenue during the historical period (2013–2017). This was a result of the availability of numerous electric scooter models and their cost-effectiveness. The motorcycle bifurcation is predicted to experience the higher CAGR during the forecast period due to the rising demand for two-wheelers with more power and a longer driving range.

Asia-Pacific (APAC) held the largest share in the electric scooter and motorcycle market in 2017, as this region accounts for the highest EV penetration. China has registered the highest electric two-wheeler sales for many years because of the stringent emission regulations and strong support of the government for their manufacturing and purchase. Additionally, EV batteries are manufactured in large numbers in APAC countries, which has allowed vehicle manufacturers to keep their two-wheeler costs comparatively lower than in other parts of the world.

Therefore, with the problem of vehicular emissions becoming increasingly severe, the demand for electric two-wheelers will continue rising across the globe in the years to come.