The global electric scooter and motorcycle market is projected to grow from USD 4.3 Billion in 2024 to USD 12.4 Billion by 2030, registering a CAGR of 18.9%. The significant advancements in battery technology and the broader tech ecosystem are propelling the electric scooter and motorcycle market. Improvements in lithium-ion battery efficiency have resulted in electric two-wheelers with greater range, faster charging times, and longer lifespans, addressing some of the main concerns potential buyers have had in the past. Alongside this, the development of smart technologies such as battery swapping has revolutionized the user experience. Electric scooters and motorcycles now often come equipped with features like GPS navigation, smartphone connectivity, and remote diagnostics, enhancing convenience and usability. Furthermore, the growth of urbanization and the shift towards shared mobility solutions, such as electric scooter-sharing services, have made these vehicles an integral part of urban transportation networks. This trend is bolstered by significant investments from established automotive companies and innovative startups, ensuring continual improvement and increasing market penetration of electric two-wheelers globally.
Electric scooters and mopeds represent a burgeoning segment of the urban mobility landscape, offering a sustainable and convenient alternative to traditional gasoline-powered vehicles. These compact and nimble two-wheelers are powered by electric motors, eliminating the need for gasoline and reducing harmful emissions, making them environmentally friendly options for urban commuters. With advancements in battery technology, electric scooters and mopeds boast impressive performance characteristics, including rapid acceleration, quiet operation, and extended range on a single charge. Benefits such as low operating and maintenance costs are the primary reasons for the rising adoption of electric scooters/mopeds. Consumers from emerging countries are already affected by the increased cost of petrol due to the rise in crude oil prices. Major players in this segment globally include Yadea (China), NIU (China), Jiangsu Xinri Electric Vehicle Co., Ltd. (China), Ola Electric (India), Hero Electric (India), Gogoro (Taiwan), Okinawa (Japan), Silence (Spain), GOVECS (Germany), and Askoll (Italy). These companies have launched various electric scooter/moped models to cater to different demands and requirements in the market. For instance, In February 2024, Ola Electric launched a new scooter, the ola S1X (4kWh), in India. The scooter, equipped with a 6 kW motor, offers a driving range of 190 km on a single charge. Additionally, in January 2023, the company launched Voltguard, an electric scooter powered by an ATL lithium battery pack (72 V 27 Ah*2).
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Battery technology is gaining momentum in the electric scooter and motorcycle market due to the lack of charging infrastructure. It is more convenient to charge the battery or swap it with a charged one than to search for a charging station. Gogoro has become quite popular with its advanced battery-swapping technology. In April 2024, Gogoro (Taiwan) announced the signing of a non-binding memorandum of understanding with Sumitomo Corporation (Japan) and Sumitomo Mitsui Finance and Leasing Co., Ltd. (Japan). This will accelerate Gogoro’s global business expansion while providing Sumitomo and SMFL with new opportunities to expand their mobility business and second-life battery use cases using Gogoro Smart Batteries and battery swapping.
Additionally, In December 2023, Gogoro opened a battery swapping network in Delhi (India) and Goa (India) with plans to expand to Mumbai (India) and Pune (India) in the first half of 2024. Battery swapping offers the advantage of eliminating the risk associated with owning the batteries and drastically reduces the cost of the vehicle. With battery swapping, the end users can switch to different batteries with added features as battery technology continuously evolves.
A hub motor is an electric motor mounted on the wheel that directly generates power for the wheels. It is used in electric two-wheelers, such as electric scooters and motorcycles. The hub motor shares the vehicle strain between the front and rear wheels. It improves the driving experience and requires minimal maintenance. QS Motor (China), Schaeffler Technologies (Germany), Elaphe LTD (Slovenia), Michelin (France), Jiashan Neopower International Trade (China), Robert Bosch GmbH (Germany), Accell Group N.V. (Netherlands), Cutler MAC (Shanghai) Brushless Motor Co. Ltd (China), Heinzmann GmbH & Co. KG: (Germany) and Nidec Corporation (Japan), are some of the leading suppliers of hub motors to electric two-wheelers manufacturers. These companies are expanding to manufacture hub motor to cater to the market demand. For instance, in September 2023, Nidec Corporation (Japan) subsidiaries Nidec Industrial Automation India Private Limited inaugurates a new factory Campus in Karnataka, India. The campus manufactures a wide range of motors, generators, drives, and system solutions to become India's market leader in segments that include renewable energy, data centers, industrial, infrastructure, and electric vehicles (EVs). Automotive OEMs are investing in developing new models with hub motors. For instance, in 2024, Bajaj will introduce Bajaj Chetak Scooter with a larger battery pack, including an affordable variant with a hub-mounted motor.
Additionally, In March 2024, at Motor Show 2024, Storm (Thailand) launched three models of electric motorcycles STROM APE AP-400L, Panther V2 and SEAL V3 Upgraded. The Panther V2 and SEAL V3 Upgrades are designed with hub motors. Thus, the availability of new models and the increased demand from Asia Pacific are expected to drive the market for hub motors.
The North American electric scooter and motorcycle market is experiencing significant growth during the forecasted period. The North American electric two-wheeler industry is one of the most advanced globally. The region houses major electric two-wheeler manufacturers such as Zero Motorcycles (US), Z Electric Vehicles (US), Damon Motors (Canada), and Harley Davidson (US). North America is a key region for innovations, significant R&D, and technological advancements in electric two-wheelers. The US, traditionally a global technological leader, is North America's largest electric scooter and motorcycle market, followed by Canada. Fuel efficiency and zero carbon emissions fuel the demand for electric scooters and motorcycles. The US and Canada also have a large charging infrastructure network, which might help the electric scooter and motorcycle market grow rapidly. The US has always been a market with a demand for high-performance motorcycles rather than commuting scooters/mopeds. Following its peers and rivals, Honda plans to release four battery-powered bikes in the US by 2025. In October 2023, Kawasaki announced the launch of its first two electric motorcycles in the US, the Ninja e-1 sport bike and the Z e-1 naked bike. Both models are available for order in North American markets (US and Canada).
The US is estimated to lead the North American electric scooter and motorcycle market during the forecast period due to the growing demand for performance-oriented electric motorcycles such as Harley Davidson and Zero Motorcycles in the country. In November 2023, Zero expanded its DS lineup of electric sport bikes with the 2024 DS and DSR models. The DS has a motor that produces 68 horsepower and 97 lb-ft of torque, and a top speed of 104 mph. Manufacturers worldwide are also introducing new electric motorcycle models in the region. For instance, China-based Evoke Electric Motorcycles has launched its all-new grand tourer (GT) electric motorcycle in North America. The new Evoke Motorcycles 6061-GT is the longest-range electric motorcycle on the market, with more than 600+ km (370 miles) on a single charge. Thus, introducing new and advanced vehicle models in the region will support the market growth during the forecast period.
Key Players
The electric scooter and motorcycle market is dominated by established players such as Yadea Technology Group Co., Ltd. (China), Ola Electric (India), TVS Motor Company (India), Ather Energy (India), and Gogoro (Taiwan).
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