Rising concerns towards environmental conservation and lowering carbon emissions have facilitated an increase in the demand for premium electric motorcycles. Technological innovations made recently in electric engines and batteries have enabled automakers to develop advanced electric vehicles. These vehicles are capable of delivering premium as well as high-speed driving experience to users.
They are also capable of offering maximum torque, enhanced speed, improved aesthetics, and significant traveling range compared to IC engine-based motorcycles. It would be imperative to state that the demand for high-performance electric motorcycles could thereby witness exponential demand in the coming years.
Various federal authorities worldwide are offering huge subsidies to promote the adoption of electric vehicles to lower carbon emissions. State-funded organizations, as well as prominent players are focusing on setting up state-of-the-art charging infrastructure in order to back the growing demand for electric motorcycles.
Moreover, other technological advancements, like the advent of Lithium-ion battery technology, might foster the growth of premium electric motorcycles industry over the forthcoming years. According to new research report., the premium electric motorcycle market is expected to surpass USD 7 billion by 2026.
Based on product, the market is segmented into sports and off-road electric motorcycles. Out of these, the sports electric motorcycles segment is anticipated to witness significant growth owing to the product’s ability to deliver maximum efficiency at higher speed. Companies operating in this market generally offer electric sports bikes that offer top speeds of up to 200 km/h, and reaching 0-100 km/h within 3.2 seconds. Growing initiatives to conduct electric bike racing events may facilitate the demand for electric sports bikes in the forthcoming years.
In terms of battery capacity, the premium electric motorcycle market is categorized between below 10 kWh, 10 – 15 kWh, 15 – 20 kWh, and above 21 kWh segments. Growing demand for electric bikes designed for operating in urban areas could expedite the expansion of a 10 –15 kWh engine segment over the study timeframe.
These bikes possess lower battery capacities and offer lower travelling range. These features are mostly ideal for urban driving scenarios. Manufacturers are also incorporating easy to swap batteries into these low-capacity motorcycles, which would allow drivers to swap their bike’s batteries anywhere and anytime, without the need to recharge drained out batteries.
Speaking of the regional landscape, North America premium electric motorcycle industry is slated to generate lucrative opportunities in the upcoming years. Factors such as rising federal initiatives that are geared towards curbing carbon emissions and greenhouse gases in the region could massively benefit North America industry expansion.
Regulators in the U.S. have shifted their focus towards deploying more charging stations in the country. Authorities believe that this move would support the production and adoption of electric motorcycle in the region. Rising disposable incomes among North American citizen could amplify the premium electric motorcycle industry in the future.
Despite this, high priced batteries make premium electric motorcycles considerably costly compared to IC engine counterparts. This factor could hinder the premium electric motorcycle market growth. Nevertheless, in a move to address these impending challenges, manufacturers have started to work on new battery technology that could lower the overall cost of such electric bikes.
Harley Davidson, Inc., Energica Motor Company S.p.A., Evoke Motorcycles, Zero Motorcycles, IV electrics, Hadin Motorcycles, KTM Sportmotorcycle GmbH, Emflux Motors, Lightning Motorcycles, Arc Vehicle Ltd. and Ultraviolette Automotive Pvt Ltd are some of the major players partaking in premium electric motorcycle industry share.
Manufacturers of these vehicles are integrating latest technologies like fast charging, artificial intelligence, and battery management systems in their new vehicle variants. Moreover, these firms have begun to explore various inorganic and organic growth strategies like buyouts and mergers in order to maintain a competitive edge over rivals.