Electric Motorcycle Market Size, Share, Growth Analysis, By Type(E-scooters and E-motorcycles), By Battery(Lithium-ion (Li-ion) and Lead-acid) - Industry Forecast 2024-2031

Electric Motorcycle Market size was valued at USD 34.9 billion in 2021 and is poised to grow from USD 35.63 billion in 2022 to USD 121.08 billion by 2030, growing at a CAGR of 19.1% during the forecast period (2023-2030).

The increasing concern over greenhouse gas emissions has led to a consensus on the need for environmentally friendly transportation solutions, driving the expansion of the electric motorcycle industry. Governments in regions such as Asia Pacific, North America, and Europe have implemented favorable tax and purchasing incentives, further fueling market growth. Additionally, the advancement of battery technology and the integration of electric motorcycles into delivery fleets and mobility services present additional opportunities for market adoption. Despite these positive factors, there are challenges that the electric motorcycle market must overcome. These include the underdeveloped charging infrastructure, range anxiety among potential customers, and the high cost of electric vehicles. However, the commercial sector, particularly in logistics and food delivery, is emerging as a promising avenue for the electric motorcycle industry. For example, in Latin America and Africa, food delivery platforms have partnered with electric mobility startups to incorporate electric motorcycles into their operations. This trend is exemplified by iFood, a Brazilian food delivery platform, which collaborated with Voltz Motor to develop the EVS Motor iFood electric motorcycle. The motorcycle offers significant cost savings and covers a distance of 100 to 180 kilometers with two battery packs. The Asia Pacific region is expected to experience the highest growth rate in the electric motorcycle market. This growth can be attributed to government initiatives promoting electric mobility, rising fuel costs, and the adoption of electric motorcycles by e-commerce and food delivery platforms. Furthermore, the increasing disposable income in densely populated countries such as Indonesia, India, China, and Vietnam is likely to further boost the demand for electric motorcycles in this region.

Key players in the electric motorcycle industry are actively introducing new models with enhanced features such as increased battery capacity, advanced displays, Bluetooth connectivity, and connected vehicle technology. These companies aim to encourage the adoption and sales of electric motorcycles, contributing to the overall market growth. To strengthen their market presence and expand their product portfolios, major industry players are adopting organic and inorganic growth strategies, including the launch of new products, mergers, acquisitions, and partnerships. For instance, Pure EV, an Indian electric two-wheeler OEM, recently unveiled its eco Dryft electric motorcycle, equipped with a 3.0 kWh battery, smart battery management system, Bluetooth connectivity, and a digital instrument cluster. The motorcycle offers a range of 130 km and a top speed of 75 mph, manufactured at the company's Hyderabad-based facility.

US Electric Motorcycle Market is poised to grow at a sustainable CAGR for the next forecast year.