Electric Motorcycle Market to Hit $121.07 Billion by 2030: Grand View Research, Inc.

Dec 17, 2023

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22 Aug, 2023, 11:35 BST

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SAN FRANCISCO, Aug. 22, 2023 /PRNewswire/ -- The global electric motorcycle market size is anticipated to be valued at USD 121.07 billion by 2030 and is expected growth by CAGR 19.0% over the forecast period, according to a new study by Grand View Research Inc. The electric motorcycle industry is expected to expand due to the growing consensus regarding the increasing concentration of greenhouse gases in the environment. The government introduced favorable tax and purchasing subsidies in economies such as Asia Pacific, North America, and Europe is also supporting the market growth. Furthermore, the development of battery technology, including electric motorcycles in delivery fleets and mobility as a service, is further acting as an opportunity for the uptake of electric motorcycles. However, due to the underdeveloped charging infrastructure, range anxiety among the end-users, and the high vehicle cost are among the challenges the market faces over the forecast period.

Key Industry Insights & Findings from the report:

Read 120-page market research report, "Electric Motorcycle Market Size, Share & Trends Analysis Report By Drive Type (Belt Drive, Chain Drive, Hub Motor), By End-use (Personal, Commercial), By Battery Type (Lithium-ion, lead acid), By Region And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Electric Motorcycle Market Growth & Trends

The commercial end-use segments of the electric motorcycle industry are creating new opportunity avenues for industries like logistics and food delivery. In regions such as Africa and Latin America, food delivery platforms are employing electric motorcycles for delivery in partnership with electric mobility start-ups. For instance, on May 2022, iFood, a Brazilian food delivery platform, announced the launch of its electric motorcycle, EVS Motor iFood. The food delivery platform partnered with Voltz Motor to develop the electric motorcycle. As per the food platform organization, the motorcycle is expected to save up to 70% of running costs and maintenance expenditures. EVS Motor iFood motorcycle ranges 85 kilometers per hour and can cover up to 100 to 180 kilometers with two battery packs. Additionally, to make the electric motorcycle affordable by partnering with bank BV for financing options.

The Asia Pacific region is anticipated to register the fastest growth in the market over the forecast period. The region's market growth is attributed to factors such as growing government initiatives such as incentives and subsidies to promote the growth of electric mobility, rising fuel costs, and uptake of electric motorcycles by e-commerce and food delivery platforms. Moreover, the regional electric motorcycle industry growth is further expected to augment owing to the rise in disposable income in high population density regions such as Indonesia, India, China, and Vietnam. The major players in the electric motorcycle industry landscape are consistently launching new electric motorcycles which are equipped with batteries with increased storage capacity, advanced displays, Bluetooth connectivity, and connected vehicle technology features in a bid to promote the adoption and sales of the vehicles, thus contributing to the market growth.

Major incumbents in the electric motorcycle industry landscape are adopting organic and inorganic growth strategies such as launching new products, mergers, acquisitions, and partnerships to strengthen their market presence and expand their product portfolio. For instance, on December 2022, Pure EV – an Indian electric two-wheeler OEM announced the launch of its electric motorcycle ecoDryft. The motorcycle is equipped with a 3.0 kWh battery, a smart battery management system, Bluetooth connectivity, and a digital instrument cluster. The motorcycle is said to operate in three driving modes with a range of 130 km and a speed of 75 mph and is developed & manufactured in the OEM Hyderabad-based facility.

Electric Motorcycle Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 35.72 billion

Revenue forecast in 2030

USD 121.07 billion

Growth rate

CAGR of 19.0 % from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

Electric Motorcycle Market Segmentation

Grand View Research has segmented the global electric motorcycle market report based on, drive type, end-use, battery type, and region

Electric Motorcycle Market - Drive Outlook (Revenue, USD Million; Volume Thousand Units, 2018 - 2030)

Electric Motorcycle Market - End-use Outlook (Revenue, USD Million; Volume Thousand Units, 2018 - 2030)

Electric Motorcycle Market - Battery Type Outlook (Revenue, USD Million; Volume Thousand Units, 2018 - 2030)

Electric Motorcycle Market - Regional Outlook (Revenue, USD Million; Volume Thousand Units, 2018 - 2030)

List of Key Players in the Electric Motorcycle Market

Check out more related studies published by Grand View Research:

Browse through Grand View Research's Automotive & Transportation Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:Sherry JamesCorporate Sales Specialist, USAGrand View Research, Inc.Phone: 1-415-349-0058Toll Free: 1-888-202-9519Email: [email protected]: https://www.grandviewresearch.comGrand View Compass | Astra ESG SolutionsFollow Us: LinkedIn | Twitter

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SOURCE Grand View Research, Inc.