With rising demand for eco-friendly mobility solutions, the global electric motorcycles & scooters market is forecast to clock in remunerative growth by the end of 2026. As the field of energy storage makes large strides in terms of technological development and battery capacities, electric scooters and motorcycles are catching up to their fossil-fuel powered counterparts.
Today's electric two wheelers boast of the same range as those of gasoline-fuel vehicles. However, in addition to providing a driving range that is on par, the more advanced electric vehicles also boast of higher reliability. Electric engines have fewer moving parts, which means that these vehicles aren't plagued with the same breakdown problems as the older ICE-based models.
This means that these vehicles are easier on consumers' pockets in the long run, a very important factor, considering that developing economies make up a lion's share of the global two-wheeler market.
Recently, Graphenano, a leading player in the field of energy storage technologies announced the innovation of, graphene batteries, which could offer electric vehicles an effective driving range of approximately 500 miles on a single charge.
According to the company, these batteries could be fully charged within just a couple of minutes and can discharge and charge more than 33 times quicker than the current industry-standard lithium ion batteries. The ability to discharge quicker is highly crucial for giving vehicles vast amounts of torque and power to be able to pull away more quickly.
The overall electric motorcycle and scooter market has been classified into different segments on the basis of product, battery type, voltage, as well as regional landscape.
With respect to product, the market is further bifurcated into scooters and motorcycles. Among these two, the growth scale is expected to tip more towards the motorcycles segment as product demand would be impelled by launch of novel electric motorcycles that boast of long range and quality-of-life upgrades supported by advanced technologies.
When it comes to battery type, the industry would still be dominated by Li-ion battery storage technologies. The short charging cycles of Li-ion based energy storage units would be driving industry growth, allowing it to register a respectable CAGR of over 2.5% through the forecast timeframe.
By voltage, the segment is further divided into 48V, 36V, 24V, and others. Among these sub-segments, the motorbikes and scooters with 24V capacity would be witnessing the most amount of growth. As mentioned above, the affordable nature of vehicles in this voltage segment would be the primary reason behind its growth.
From the regional perspective, the LATAM industry would be recording a remunerative business growth trend by 2026. LATAM is home to a number of developing economies, where market conditions are ideal for fostering two-wheeled vehicle sales.
The MEA market would also be experiencing a respectable rate of revenue gains through the analysis timeframe as there has been an increasing demand for electric mobility solutions fueled by a positive outlook towards the region's tourism industry.