Electric Motorcycle Market Size, Share, Report 2023-2032
The global electric motorcycle market was surpassed at USD 30.17 billion in 2022 and is expected to hit around USD 172.68 billion by 2032, growing at a CAGR of 19.06% from 2023 to 2032. The electric motorcycle market in the United States was accounted for USD 1.2 billion in 2022.
Key Pointers
Report Scope of the Electric Motorcycle Market
| Report Coverage | Details |
| Revenue Share of Asia Pacific in 2022 | 83% |
| CAGR of Asia Pacific from 2023 to 2032 | 19.55% |
| Revenue Forecast by 2032 | USD 172.68 billion |
| Growth Rate from 2023 to 2032 | CAGR of 19.06% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Companies Covered | Honda Motor Co., Ltd.; Maeving; Energica Motor Company S.p.A.; Zero Motorcycles, Inc.; CAKE; SUR-RON USA; Harley-Davidson, Inc.; Electric Motion; KTM Sportmotorcycle GmbH; Fonz Moto Pty Limited |
The market is expected to grow due to the increasing demand for energy-efficient commuting options, rising concern for carbon emission by ICE-based two-wheelers, and increasing fossil fuel prices worldwide coupled with depleting reserves contributing to the market growth. Furthermore, the increasing interest of established two-wheeler market players entering the electric motorcycle space and the advent of electric motorcycle startups providing technologically advanced vehicles also supports the market growth.
The introduction of charging station ecosystems, declining battery costs, and the development of battery management technologies by major market players is contributing to the electric motorcycle industry growth. Additionally, the inclusion of telematics, cellular connectivity, and improvement in aerodynamic characteristics of vehicles, are creating new opportunity avenues for electric motorcycle industry development within the forecast period.
The market has gained significant traction over the years owing to the active advocacy from government authorities worldwide. In emerging economies such as India and Indonesia, governments are introducing incentives and schemes for purchasing and manufacturing electric motorcycles. For instance, on January 2023, the Indonesian government announced that by 2024, Indonesia would provide public funds amounting to USD 455.88 million (7 trillion rupiah) to subsidize the purchase of electric motorcycles. The government anticipates increasing the vehicle count by 2024. The shift towards electric vehicles will contribute to a decrease in the usage of fossil fuels and the development of EV production facilities to use the nation's abundant nickel sources, which are crucial for the production of batteries. Similarly, on June 2021, the Indian government increased the subsidy for electric two-wheelers under the second phase of the FAME India scheme by 50%, making them more affordable-a decision that will significantly benefit customers of electric motorcycles. According to the Ministry of Heavy Industries and Public Enterprises, under FAME India phase II, the subsidy for electric two-wheelers will now be USD 17.96 (Rs 15,000) per kWh.
The development of battery technology to address the concerns surrounding range and performance anxiety further contributes to market growth. The expansion of battery capacity and its safety is a crucial parameter governing the traction of the market. However, electric motorcycle batteries encounter issues such as catching fires, temperature vulnerability, battery weight, size, and running cost which hinder the market growth The OEMs have developed their batteries with improved power output to address these problems. For instance, in November 2021, Zero Motorcycles, Inc. introduced its new battery pack made of polycarbonate and die-cast aluminum. The lithium ion-based battery contains 56 cells, increasing the battery capacity and improving cell chemistry.
The lithium-ion batteries by Zero Motorcycles Inc. have undergone significant advancements. Zero Motorcycles Inc. has increased the energy density of its batteries by up to 20%. These upgraded power packs are available in two standard capacities of 15.6 and 14.4 kWh owing to major battery design and construction advancements. The pack size plus symbol denotes options for further capacity increases of up to 17.3 kWh. The SR/S and SR/F, premium street vehicles, are equipped with a larger 15.6+ kWh battery arrangement, while the ordinary SR/S and SR/F will have a 14.4+ kWh battery configuration. The increase in battery capacity owing to the upgrades coupled with the use of a power tank enables the battery to produce and store over 21 kWh of energy. The maximization of battery capacity prompts the rider to leverage an increased vehicle range of 227 miles (365 km) and an accelerated range of 113 miles (182 km) at 70 mph. and performance. Moreover, this development also created avenues for accelerating the adoption of electric motorcycles, thus supporting market growth.
The absence of charging infrastructure is one of the main obstacles to the electric motorcycle industry expansion. Unlike developed nations, most emerging nations lack the requisite charging infrastructure. Solutions for the infrastructure of charging are provided by manufacturers everywhere. For instance, ChargePoint (U.S.) develops and manufactures the hardware for the charging stations and the power management software for a mobile application for the charging network. Moreover, ChargePoint offers demand-based charging stations for every type of electric vehicle. A similar selection of charging options is provided by ONEX Commercial (Taiwan), including standard, quick, and battery swapping. For the market to flourish, customers need an extensive charging infrastructure network that allows them to go long distances without worrying about where the nearest charging station is.
Drive Type Insights
Based on drive type the market is divided based on belt, chain, and hub drive. Among all the segments, hub motor has accumulated the highest market share of over 49% of the global market in 2022 and is anticipated to register a CAGR of 18.52% from 2023-2032. Electric motorcycle hub motors have different advantages, such as easier installation, superior performance, and lower cost. Consequently, the hub motors is anticipated to become a favorable option for electric motorcycle manufacturers. Moreover, parameters including high torque, improving vehicle handling, increased power, and increased range have increased segmental growth. Hub motors are becoming more and more popular as a result of its benefits, including, high power efficiency, flexibility, lightweight, elasticity, and small sizes. It also helps to reduce maintenance costs while providing enhanced driving experience. Additionally, electric motorcycle hub motors require fewer components. As a result, it contributes to lowering mechanical component losses, which results in a vehicle that runs quietly.
End-Use Insights
Based on end-use type the market is bifurcated into personal and commercial segments. Among all the segments, the personal segment has the largest market share of about 71% in 2022 due to its environmental friendliness, low cost, lightweight, low maintenance requirements, and ease of maneuverability. Electric motorcycles are revolutionizing the personal vehicle market. They are generally favored above their electric competitors. Electric motorcycles are popular among millennials as well as middle and low-income demographics. To create a proactive driving experience, many manufacturers are incorporating linked car technology in these scooters. Electric motorcycle usage will also increase due to manufacturers placing more emphasis on creating private charging stations or specific locations for charging cars.
The commercial segment is anticipated to have the fastest growth with a CAGR of 22.13% during the forecast period. Electric motorcycles are a practical and affordable last-mile delivery option for business applications. The electric motorcycle may be a viable solution for quick and effective mobility in factories, universities, warehouses, and industrial sites with enormous land areas. Many car rental companies are implementing electric motorcycles that may be used in combination or time-length packages for lengthy trips as the trend of shared mobility is taking off, causing the market to grow.
Battery Type Insights
Based on the battery type segment, the market is divided into lead acid battery lithium-ion battery, and others. Among all the segments, the lithium-ion based battery sub-segment is anticipated to continue growing at the largest market share rate of more than 91% and has the highest CAGR of 19.54%. The demand for battery-operated electric motorcycles is driven by more ecologically friendly batteries and a growing need for high-performance batteries like lithium ion based batteries. These batteries have many advantages, including high charge density, low weight, and good charging-discharging efficiency, which is supporting the demand for lithium-ion battery based electric motorcycle market growth. In 2022, the lead acid battery market contributed a consistent portion of total sales. The use of lead-acid batteries is declining due to considerations like their lower abuse tolerance, bulkier size, and quick discharge, even when not carrying a significant load.
Regional Insights
Asia Pacific region accumulated revenue of over 83% in 2022 and the fastest CAGR of 19.55% throughout the projection period, showcasing dominance in the market in the region. Improved economic conditions in nations like India, Thailand, Indonesia, and China are supporting market growth. Rapid urbanization, the rising affordability of electric motorcycles, and rising consumer awareness of clean energy mobility to reduce vehicle emissions are further factors driving regional market growth. Also, over the following years, research and development activities will continue to significantly improve the market.
Major Japanese players like Kawasaki Heavy Industries, Ltd., Honda Motor Co., Ltd., Yamaha Motor Co., Ltd., and Suzuki Motor Corporation, are investing aggressively to develop electric motorcycles, battery pack technology, and charging infrastructure while announcing plans to introduce electric motorcycles. Other major companies such as Energica have also entered the Asia Pacific market space by shipping orders to countries such as Australia and Pakistan Thus, supporting the electric motorcycle industry growth.
Electric Motorcycle Market Segmentations:
By Drive Type
By End-Use
By Battery Type
By Regional
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Drive Type Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Electric Motorcycle Market
5.1. COVID-19 Landscape: Electric Motorcycle Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Electric Motorcycle Market, By Drive Type
8.1. Electric Motorcycle Market, by Drive Type, 2023-2032
8.1.1 Belt Drive
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Chain Drive
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Hub Motor
8.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Electric Motorcycle Market, By End-Use
9.1. Electric Motorcycle Market, by End-Use, 2023-2032
9.1.1. Personal
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Commercial
9.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Electric Motorcycle Market, By Battery Type
10.1. Electric Motorcycle Market, by Battery Type, 2023-2032
10.1.1. Lithium-ion
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Lead Acid
10.1.2.1. Market Revenue and Forecast (2020-2032)
10.1.3. Others
10.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Electric Motorcycle Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.1.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.1.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.1.4.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.1.4.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.1.5.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.1.5.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.2.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.2.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.2.4.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.2.4.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.2.5.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.2.5.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.2.6.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.2.6.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.2.7.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.2.7.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.3.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.3.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.3.4.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.3.4.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.3.5.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.3.5.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.3.6.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.3.6.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.3.7.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.3.7.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.4.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.4.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.4.4.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.4.4.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.4.5.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.4.5.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.4.6.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.4.6.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.4.7.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.4.7.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.5.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.5.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.5.4.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.5.4.3. Market Revenue and Forecast, by Battery Type (2020-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Drive Type (2020-2032)
11.5.5.2. Market Revenue and Forecast, by End-Use (2020-2032)
11.5.5.3. Market Revenue and Forecast, by Battery Type (2020-2032)
Chapter 12. Company Profiles
12.1. Honda Motor Co., Ltd.
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Maeving.
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Energica Motor Company S.p.A.
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Zero Motorcycles, Inc.
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. CAKE
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. SUR-RON USA
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Harley-Davidson, Inc..
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Electric Motion
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. KTM Sportmotorcycle GmbH.
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Fonz Moto Pty Limited
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers