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Electric Motorcycle market to grow
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Electric Motorcycle market to grow with a CAGR of 19.36% until 2026
According to TechSci report on, “Electric Motorcycle Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026”.To get more news about ev, you can visit davincimotor.com official website.
Global electric motorcycle market is anticipated to grow with a CAGR of 19.36% in the forecast years, 2022-2026, to reach USD6220.82 million by 2026. The market was valued at USD1930.64 million in 2020, and this growth can be attributed to the rapidly increasing demand for environment-friendly automobiles among the global population. Due to the recent pandemic situation, consumers were highly inclined toward personal vehicle possession. Consumers are actively adapting personal vehicles in cost-effective range and with the advantage of environment friendly vehicles thus preferring electric motorcycle and supporting the growth of the global electric motorcycle market in the next five years. Rising concerns toward carbon emission, worsening climatic conditions, and increasing green energy applications further drive the growth of the global electric motorcycle market in the upcoming five years.
Moreover, increasing demands from the e-commerce industry for delivery personnel, faster delivery services, enhancing customer-delivery services further substantiate the growth of the global electric motorcycle market in the future five years. Rising fuel costs also influence consumer preferences toward electric motorcycles and aid the growth of the global electric motorcycle market in the forecast years until 2026. Prices of crude oil increased by 70% in the past year and a further increase in the crude oil prices post COVID-19 further drives the growth of the market. Governmental support through favorable schemes, financial support to the electric automobile manufacturers, along with promotions regarding environmental crises further drive the growth of the global electric motorcycle market in the forecast period.With increasing globalization, e-commerce giants are expanding their operations in wider geographies, and their need for on-time delivery further builds a positive scope for the increasing demand for electric vehicles and thus aids the growth of the global electric motorcycle market in the forecast years until 2026.
The global electric motorcycle market is segmented by type, range, battery capacity, battery type, regional distribution, and competitive analysis. Based on range, the market is further bifurcated into less than 50 km, 50–100 km, 101–150 km, and above 150 km. 101-150 km range products are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on account of the increasing dependency of the consumers on electric motorcycles to travel on a regular basis and daily utilities requirements. Also, charging the electric vehicles is a challenge, therefore the consumers prefer a longer distance range of electric vehicles such that charging is affordable as well as efficient for at least daily usage, thus driving the growth of the sub-segment along with the growth of the global electric motorcycle market in the next five years. Above 150km range electric motorcycles are also preferred by the consumers and register significant growth in the future five years due to rising disposable income among the population and increasing demands for electric vehicles. An increasing number of charging infrastructure would further aid the growth of the global electric motorcycle market.