In the context of transportation, one phrase that is on everyone’s minds these days is ‘electric vehicle (EV)’. Such automobiles are being considered the future of traveling, as they are specifically designed to reduce the air pollution levels drastically. Therefore, to increase their penetration among the masses, governments across the globe are offering purchase subsidies, tax rebates, and financial incentives. For instance, the Indian government has made an investment of INR 10,000 crore under the FAME India II scheme to promote EVs.
Thus, P&S Intelligence expects the electric scooter and motorcycle market value to rise to $10,529.7 million by 2025 from $5,913.9 million in 2019, at a high 14.4% CAGR between 2020 and 2025. Unlike several models of hybrid cars and buses, only pure-electric two-wheelers are available, which makes them, on average, more environment-friendly than other vehicles. Moreover, they are cost-effective, which is why government EV promotion schemes generally support more scooters and motorcycles than cars, trucks, and buses. For instance, the FAME India II scheme is offering support for one million electric two-wheelers compared to just 35,000 cars and 7090 buses.
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A key reason for the cost-effectiveness of electric two-wheelers is the reducing price of lithium-ion (Li-ion) batteries. Though the use of sealed lead–acid (SLA) batteries is more prevalent in such automobiles, the low weight, higher energy density, eco-friendliness, and smaller size of Li-ion batteries are making them popular now. Between 2010 and 2019, such battery packs witnessed a massive 87% decline in their prices, and since they account for almost 50% of the purchase cost of an electric two-wheeler, this slump is making these automobiles affordable.
Presently, Asia-Pacific (APAC) is the largest electric scooter and motorcycle market due to the dominance of China on the worldwide EV sector. According to the Global EV Outlook 2020 report of the International Energy Agency (IEA), 25% of all electric two-wheelers around the world are operational in China. This is a result of the rapid urbanization and people’s rising disposable income, as well as government bans on conventional scooters and motorcycles. With other regional countries also promoting electric two-wheelers strongly, their sales will keep picking up in APAC.
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Hence, with the rising environmental concerns and cost-effectiveness of electric scooters and motorcycles, their adoption will rise in the coming years.
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