The global electric scooter and motorcycle market, by value, is estimated to be USD 4.9 billion in 2023 and is projected to reach USD 14.7 billion by 2028, at a CAGR of 24.8% from 2023 to 2028. In the near future, demand for e-scooters and e-motorcycles is expected to increase due to favourable government policies and OEM investment.
The need for zero-emission alternative fuel vehicles has increased as a result of rising emission levels, rising prices, and the limited supply of petroleum. Over the past few years, the demand for electric two-wheelers has increased significantly as a result. By enforcing strict emission rules and offering incentives and tax breaks for the early adoption of electric two-wheelers and other low-emission vehicles, governments in a number of nations are supporting programmes to encourage sustainable sources of energy.
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The electric scooter and motorcycle market is dominated by players such as Yadea Technology Group Co.,Ltd. (China), Jiangsu Xinri E-Vehicle Co., Ltd (China), NIU International (China), Hero Electric (India), and Okinawa Autotech Internationall Private Limited (India). These companies adopted strategies such as new product launches, deals, and others to gain traction in the electric scooter and motorcycle market.
Yadea Technology Group Co.,Ltd. has a range of products designed for personal use and commercial deliveries, with a specific focus on improving its existing product line. It invests heavily in R&D and continues to invest in developing new models of electric two-wheeled vehicles and electric bicycles with advanced performance characteristics and new technology for core parts and components. In 2022, Yadea Technology Group Co.,Ltd. global sales are the first to exceed 60 million units. In June 2022, Company Launched its latest offering in the popular Guanneng range. The all-new Guanneng 3 represents a new generation of long-range, intelligent electric vehicles and features breakthrough long-lasting battery technology. Along with this in August 2022, Target Company entered into the Agreement in relation to the Acquisition with Yadea Group.
Jiangsu Xinri E-Vehicle Co., Ltd., also known as Sunra, is one of the largest electric scooter and motorcycle manufacturers and distributors in China. It has partnered with several technology partners for market growth. It also focuses on new product developments to cater to the growing market demand. The company has a presence in more than 70 countries and more than 2000 after-sales outlets as of 2022. It has a production capacity of around 4 million units annually. In January 2023, Company opened a flagship store in Cambodia with new upgrade and continues to cultivate the electric scooter ans motorcycle market in Southeast Asia.
NIU International focuses on enhancing its business by implementing multiple strategies to increase its brand awareness and set up channel partners for sales and distribution. It established a distinct omnichannel retail network to sell its products and services. Company has expanded into 38 countries with retail stores across cities in Asia, Europe and Latin America. Company also continues to expand support for sharing businesses globally with 20 sharing operators in 13 countries providing SaaS solutions for electric two wheelers. In October 2022, NIU International announced to launch of their newest kick scooter, the KQi3 Max. With a top speed of 20 MPH, and a 40.4-mile range, the KQi3 Max kick scooter offers maximum performance, comfort, and stability. Further, In 2023, the company plans to launch its first two-wheeled electric vehicle equipped with sodium-ion batteries.
Hero Electric has huge brand equity and is the market leader in the Indian electric scooter market. The brand has been recognized across the globe that offers more opportunities for global expansion. It has the largest market share in the Indian market for the electric two-wheeler segment. It is strongly focused on growth and has partnered with many companies. In January 2023, Hero Electric has entered into a long-term partnership with Maxwell Energy Systems for the supply of advanced battery management systems. Under the partnership, Maxwell will supply more than 10 lakh units of its battery management systems (BMS) over the next three years to Hero Electric. The company has a wide range of product portfolios designed to cater to the Indian markets. It has a significant market share in the electric two wheeler market segment in India. Company has reported sales of 100,123 units in 2022 from 49,231 units in 2021.
Okinawa Autotech Internationall Private Limited (formerly known as Okinawa Autotech Private Limited) is a 100% Indian electric two wheeler manufacturing company. In January 2923, Company inaugurates its first-ever european r&d centre in partnership with tacita. This centre will further focus on new product development, upgrading the existing product portfolio, and developing an all-new e-powertrain to support the next generation of products. In addition to this, in February 2023, Okinawa Autotech announced its Extended Warranty Program (EWP) across its entire range of electric vehicles. The scheme is announced in partnership with Assurant Inc., a leading global business services company.
Electric Scooter and Motorcycle Market by Vehicle (E-Scooters/Mopeds & E-Motorcycles), Battery (Lead Acid & Li-Ion), Distance, Voltage (36V, 48V, 60V, 72V, Above 72V), Technology Usage(Private, Commercial), Vehicle Class & Region - Global Forecast to 2028
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