Electric Scooters and Motorcycles to Dominate Indian Roads in Coming Years

Due to the rising pollution and the increasing provision of financial incentives by the government, the sales of electric scooters and motorcycles are booming in India. In 2019, nearly 152.0 thousand units of electric motorcycles and scooters were sold in the country, registering a 20.6% growth annually from 2014. The Indian electric scooter and motorcycle market would reach a sales volume of 1,080.5 thousand by the end of 2025, exhibiting a CAGR of 57.9%between 2020 and 2025.

In terms of retail sales value, the market is predicted to advance at a CAGR of 63.9% from 2020 to 2025 and attain a revenue of more than $1.0 billion in 2025. A key factor fueling the growth of the market is the provision of lucrative financial incentives and subsidies on electric vehicles by the government. Moreover, the government is also providing tax exemptions and purchase rebates for promoting the utilization of electric vehicles and two-wheelers in the country.

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The ballooning sales of these scooters would be driven by the availability of a wide array of electric scooter models in the country, their affordable prices, and their ability to serve as excellent alternatives to the traditional fossil fuel-powered mopeds. According to P&S Intelligence, a market research company based in India, the Indian electric scooter and motorcycle market is currently demonstrating the highest growth in Uttar Pradesh out of all the states in the country.

The surge of the market in Uttar Pradesh is caused by the increasing penetration of electric motorcycles and scooters in the state. Moreover, these two-wheelers are registering soaring sales in the tier 2 and tier 3 cities of the state. Because of the rising demand for these vehicles in the state, many original equipment manufacturers (OEMs) are rapidly increasing their dealer network. This is, in turn, pushing up the sales of electric motorcycles and scooters in the state.

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Hence, it can be safely said that the market will exhibit rapid growth in the coming years, mainly because of the rising implementation of favorable government policies regarding the sales of electric vehicles and the increasing consumer preference for electric scooters and motorcycles over their fuel-based variants in the country. 

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Electric Scooter and Motorcycle Market - Gearing up for Automotive’s Next Frontier

The global electric scooter and motorcycle market is projected to generate a revenue of $13,864.0 million by 2025, witnessing a 7.3% CAGR during the forecast period (2018–2025). The market is growing due to the tax concession on purchasing eco-friendly vehicles, favorable regulatory environment, low maintenance of these vehicles, and rising concern regarding environmental degradation. During the historical period (2013–2017), the larger demand, both in terms of value and volume, was created for scooters. The faster CAGR is projected to be registered by motorcycles during the forecast period, in terms of value and volume.

Two types of batteries are used in electric scooters and motorcycles, namely lithium-ion (Li-ion) and sealed lead acid (SLA). The electric scooter and motorcycle market was dominated by the SLA category during the historical period, both in terms of value and volume. The Li-ion category is projected to grow at a faster pace during the forecast period, in terms of value and volume. This is because Li-ion batteries have a higher density as compared to SLA batteries, thereby making them more efficient and lighter.

Geographically, the largest share of the electric scooter and motorcycle market was occupied by the Asia-Pacific region during the historical period, with a value share of more than 90.0% in 2017. Among all the countries categorized in the region, China accounted for the major value share of the market during the historical period and is projected to retain its position during the forecast period. This is attributed to the high-paced urbanization in the country, and its large population. India is projected to witness the fastest growth rate during the forecast period.

A major driving factor of the electric scooter and motorcycle market is the low maintenance of these vehicles. The need for periodic servicing of electric scooters and motorcycles is less than that of traditional vehicles, as these vehicles have fewer vibrating and moving parts. Because of this, the adoption of electric scooters and motorcycles is increasing, as people are not capable of assigning extra time for vehicle servicing. In addition to this, the cost associated with regular maintenance of vehicles is also reduced for electric two-wheelers.

Electric Scooter and Motorcycle Market 

The rising concern regarding environmental degradation is also a key factor contributing significantly to the growth of the electric scooter and motorcycle market. The carbon emissions from vehicles is a primary factor due to which the air pollution level is increasing rapidly. As these vehicles help in reducing the carbon footprints, the governments around the world are spreading awareness regarding their efficiency and reliability. Moreover, as a significant part of any smart city project is to reduce the carbon emissions, their development is further driving the adoption of electric two-wheelers.

Another factor driving the growth of the electric scooter and motorcycle market is the tax concessions on purchasing eco-friendly vehicles. In order to encourage the adoption of eco-friendly vehicles, the governments in various countries are offering reduction in registration tax and other incentives such as tax rebates and subsidies. For example, the Federal Government of the U.S. offered 10% electric motorcycle tax credit, of up to $2,500, on the purchase of Zero motorcycles (manufactured by Zero Motorcycles Inc.), in 2017.

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Hence, the market is registering growth due to the provision of tax concessions on purchasing eco-friendly vehicles, surging concern regarding environmental degradation, and low maintenance of electric two-wheelers.  

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Electric Bike(E-Bike) Market is Set to Boom In Near Future

Due to government initiatives toward the adoption of eco-friendly vehicles in the form of tax concessions, rapid urbanization, growing concern for carbon emission, and low maintenance cost of electric vehicles, the market for electric two wheelers is growing. The e-bike market and e-scooter market size is projected to grow to $13,864.0 million by 2025, increasing at a 7.3% CAGR during the forecast period (2018–2025).

The domain has been segmented by product, battery type, voltage, technology, and geography. As the name suggests, the market, based on the product, is divided into scooter and motorcycle. In 2017, the scooter category dominated the market by holding the largest share in terms of value (over 95.0%). The reason for this was the easy availability of a variety of e-scooter models and their low cost. However, during the forecast period, the demand for electric motorcycles is expected to increase, thus leading to the electric scooter and motorcycle market growth.

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Similarly, the technology segment of the electric scooter and motorcycle industry is categorized into plug-in and battery. Of the two, the plug-in category, due to its easy operability and low cost, had higher sales volume share (more than 95.0%) in the market. On a global ground, Asia-Pacific (APAC) accounted for the largest revenue share (more than 90.0%) in 2017. China, due to its rapid urbanization and large population, accounted for the major share in APAC. While China will still lead the market during the forecast period, India is projected to be the fastest growing.

Across the globe, rising carbon emissions have been a great concern for every environmentalist and government. This concern has resulted in a rise in e-vehicle sales, thus leading to the growth of the e-scooter and motorcycle market. Furthermore, electric scooters and motorcycles have been appreciated by various governments across the world as an efficient and reliable light motor vehicle alternative. In several countries, governments are offering tax concessions to encourage people to adopt eco-friendly vehicles, such as the Government of India under its FAME scheme.

The global electric scooter and motorcycle sector is quite fragmented, where the top five players held less than 35.0% share of the total revenue.  All of the five major players — Zhejiang Luyuan Electric Vehicle Co. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., Yadea Technology Group Co. Ltd., Dongguan Tailing Electric Vehicle Co. Ltd., and AIMA Technology Co. Ltd. — are based in China. Other market players who have an impressive regional presence are Mahindra GenZe, Vmoto Limited, Hero Electric Vehicles Pvt. Ltd., Energica Motor Company S.p.A., GOVECS AG, BMW AG, and Ampere Vehicles Pvt. Ltd.

With increasing global warming levels, the need and demand of eco-friendly products, such as electric scooters and motorcycles, is expected to rise, thus leading to the growth of the market.

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