Rising demand for fuel-efficient automobiles, combined with rising concerns about greenhouse gas and carbon emissions, is expected to increase the adoption of electric scooters (e-scooters).
Electric scooter market in North America is expected to grow at the fastest rate due to government initiatives and the growing high-performance E-Motorcycle segment. Asia Pacific is expected to grow steadily because of the high demand for energy-efficient and emission-free electric two-wheelers.
Growing environmental concerns, combined with desire for lower commuting expenses, convenience, and pollution control, are driving the adoption of electronic vehicles around the world.
Covid-19 Impact Analysis:
The Covid-19 epidemic has had an impact on the overall automotive industry, resulting in a fall in the growth of the electric power train market.
OEMs had to wait for the lockdowns to be released before they could resume production, which had a negative impact on their operations. As a result, automakers needed to cut down on their production volumes. In addition, component manufacturing has been halted, and amller Tier II and Tier III manufacturers encountered cash flow problems. The automotive sector is a high-capital-intensive industry that requires periodic funding to stay afloat. As a result of the production halt and lower demand during the outbreak, there was an impact on electric scooter and motorbike producers.
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Key Trends and Drivers:
- Commuters are increasingly looking for convenient, time-efficient, and cheap forms of transportation to get to their destination due to rising traffic congestion and long commutes.
- Rising price of petroleum products, most recently due to Ukraine war will drive customers towards electric powered auto options. Electric two-wheelers will significantly reduce the operating costs of these as electricity produced through renewable sources of energy becomes more cost competitive.
Restraints and Challenges:
- The absence of charging infrastructure will be the main impediment to the expansion of the electric scooter sector. Most emerging countries lack the requisite charging infrastructure. Manufacturers have begun to provide their own charging stations; nonetheless, these are insufficient to make the charging process simple.
- While electric two-wheelers are more energy efficient than traditional two-wheelers, they still fall short in terms of design and performance.
- Safety of batteries is a major issue that can undermine customer confidence in electric scooters. Recent incidents of electric scooters catching fire due to problems with batteries is definitely going to have an impact on the market.
Segmentation:
By Vehicle Type
- Electric Motorcycles
- E-scooters & Bikes
By Battery Technology
- Sealed Lead Acid
- Lithium-ion
- Lithium-ion Polymer
By Technology
- Plug-in
- Battery
By Vehicle Class
- Economy
- Luxury
Key Players:
- Hero Electric
- Silence Urban Ecomobility
- NIU International
- Walberg Urban Electrics GmbH
- Ather Energy Pvt. Ltd.
- Gogoro Inc.
- Trek Bicycle Corporation
- AllCell Technologies
- BMW Motorrad International
- Yamaha Motor Company Limited
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