Low-powered Electric Motorcycle and Scooter Market Size, CAGR, Trends 2024-2030
Executive Summary
The Low-powered Electric Motorcycle and Scooter market research reports indicate a positive growth outlook, with the market expected to grow at a CAGR of % during the forecasted period. Low-powered electric motorcycles and scooters are gaining popularity due to rising awareness about environmental sustainability and increasing fuel prices.
Market trends show a shift towards cleaner and greener modes of transportation, leading to a growing demand for low-powered electric motorcycles and scooters. Manufacturers are focusing on developing innovative and cost-effective electric two-wheelers to meet the changing consumer preferences.
Geographically, the North American, Asia Pacific, European, USA, and Chinese markets show promising opportunities for the low-powered electric motorcycle and scooter industry. The Asia Pacific region, particularly China, is a key market due to its large population and increasing urbanization. North America and Europe also offer significant growth potential, driven by government initiatives promoting electric vehicles and increasing consumer awareness about the benefits of electric two-wheelers.
In North America, the market is expected to witness steady growth due to favorable government policies and increasing adoption of electric vehicles. The European market is also projected to grow as countries in the region prioritize reducing greenhouse gas emissions and promoting sustainable transportation alternatives. The USA is expected to see a surge in demand for low-powered electric motorcycles and scooters as consumers look for cost-effective and eco-friendly mobility solutions.
In conclusion, the Low-powered Electric Motorcycle and Scooter market is poised for substantial growth, driven by increasing environmental concerns and the shift towards sustainable transportation modes. With a projected CAGR of 10.3%, this market presents lucrative opportunities for manufacturers and investors looking to capitalize on the growing demand for electric two-wheelers.
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Market Segmentation:
This Low-powered Electric Motorcycle and Scooter Market is further classified into Overview, Deployment, Application, and Region.
In terms of Components, Low-powered Electric Motorcycle and Scooter Market is segmented into:
- Electrotherm
- Greaves Cotton
- Hero Electric Vehicles
- Mahindra Group
- Niu Technologies
- Songuo Motors
- TACITA
- Z Electric Vehicle
- Zero Motorcycles
- Zhejiang Luyuan Electric Vehicle
The Low-powered Electric Motorcycle and Scooter Market Analysis by types is segmented into:
- 24V
- 36V
- 48V
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The Low-powered Electric Motorcycle and Scooter Market Industry Research by Application is segmented into:
- Electric Scooters
- Electric Motorcycles
In terms of Region, the Low-powered Electric Motorcycle and Scooter Market Players available by Region are:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
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Key Drivers and Barriers in the Low-powered Electric Motorcycle and Scooter Market
Key drivers in the low-powered electric motorcycle and scooter market include growing environmental concerns, increasing focus on sustainable transportation solutions, government incentives and subsidies, and advancements in battery technology. Additionally, rising fuel prices and increasing urbanization are driving the demand for efficient and cost-effective electric two-wheelers.
On the other hand, barriers in the market include high initial costs, limited charging infrastructure, concerns about range anxiety, and lack of awareness among consumers about the benefits of electric two-wheelers. Moreover, regulatory hurdles, competition from traditional gasoline-powered vehicles, and uncertain resale value are also posing challenges for the market.
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Competitive Landscape
Hero Electric Vehicles is one of the leading players in the low-powered electric motorcycle and scooter market. The company was founded in 2007 as a division of the Hero Group, a major player in the Indian two-wheeler market. Hero Electric has a strong presence in India, with a wide range of electric scooters and motorcycles catering to various customer segments.
Another key player in the market is Mahindra Group, a diversified Indian conglomerate with interests in various sectors including automotive. Mahindra entered the electric two-wheeler market in 2011 and has since established a significant presence with its range of electric scooters and motorcycles.
Niu Technologies is a Chinese company that specializes in smart electric scooters. The company has experienced rapid growth in recent years, expanding its presence in both domestic and international markets. Niu Technologies has gained a reputation for its innovative design and advanced technology in the electric scooter segment.
As for sales revenue, Hero Electric Vehicles reported sales revenue of approximately $100 million in the fiscal year 2020. Mahindra Group reported a sales revenue of around $70 million in the same period. Niu Technologies reported sales revenue of over $300 million in the fiscal year 2020, reflecting its strong growth trajectory in the electric scooter market.
Overall, the low-powered electric motorcycle and scooter market is witnessing significant growth, driven by increasing awareness about environmental sustainability and the shift towards electric mobility. With key players like Hero Electric Vehicles, Mahindra Group, and Niu Technologies leading the way, the market is expected to continue expanding in the coming years.
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