In its latest report, P&S Intelligence forecasts the North American electric scooters and motorcycles market value to grow from $164.7 million in 2020 to $590.4 million by 2025, at a 25.1% CAGR between 2021 and 2025, As a result of such robust support of the government.In 2017, the Californian government began offering a 10% tax credit on the purchase of electric motorcycles costing up to $2,500.
Additionally, a rebate of up to $900 is provided for buying electric motorcycles in the state, under the Clean Vehicle Rebate Project (CVRP). Similarly, the U.S. Postal Service has received $6 billion from the federal government for procuring electric delivery vehicles. Furthermore, the Canadian government’s initiatives that are benefitting the North American electric scooters and motorcycles market include the $1,524 (CAD-$2,000) rebate being offered under the British Columbia Specialty-Use Vehicle Incentive (SUVI) Program on the purchase of low-speed electric motorcycles.
Key Findings of North American Electric Scooters and Motorcycles Market
- Electric motorcycle sales to generate highest revenue in near future
- Vehicles with >15-kWh battery capacity witnessing rapid adoption
- Strong government support major driver for market
- Regional electric two-wheeler firms receiving heavy funding
- Shared mobility companies largest users of electric two-wheelers
- Smart charging stations potential opportunity for market players
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During the COVID-19 pandemic, the North American electric scooters and motorcycles market is witnessing slow growth. Due to the lockdowns implemented around the world, including in this continent, the production and supply of electric two-wheelers and their components stopped. Additionally, a lot of people are under extreme financial stress, which is why they are not purchasing automobiles and other non-essential goods.
In the years to come, the higher value CAGR in the North American electric scooters and motorcycles market, of 26.0%, under the battery segment, is predicted to be seen by the lithium-ion (Li-ion) bifurcation. Compared to lead–acid batteries, Li-ion batteries are almost a third in weight and more efficient, as they can carry more charge per unit volume. Coupled with the higher power and longer driving range, the eco-friendliness of Li-ion batteries makes them more popular.
Browse report with detailed COVID-19 impact analysis on “North America Electric Scooters and Motorcycles Market Research Report: By Type (Motorcycle, Scooter, Kick Scooter), Battery Capacity (<5 kWh, 5–10 kWh, 10–15 kWh, >15 kWh), Battery (Lead Acid, Lithium-Ion), Application (Sharing Services, Food and Grocery, Personal Users) – Industry Analysis and Growth Forecast to 2025” at: https://www.psmarketresearch.com/market-analysis/north-america-electric-scooters-and-motorcycles-market
Sharing services is the largest category in the North American electric scooters and motorcycles market, under the application segment. Shared mobility offers people convenient first- and last-mile commute, without them having to own the vehicle themselves. With the swelling urban population in the region, the demand for cost-effective short-distance transportation is surging, which is leading to the growth of the shared electric mobility niche here.
In the near future, the U.S. will generate the higher revenue for the companies in the North American electric scooters and motorcycles market on account of the strong government support for electric vehicles, to reduce the emission of greenhouse gases (GHGs). Additionally, the rising prices of diesel and gasoline are impelling individuals to purchase or share electric two-wheelers, at least for short-distance commute.
Major players in the North American electric scooters and motorcycles market are Zero Motorcycles Inc., KTM North America Inc., Energica Motor Company S.p.A., Razor USA LLC, TORROT ELECTRIC EUROPA S.p.A., Segway Inc., Lightning Motorcycle Corp., Harley-Davidson Inc., and Bell Custom Cycles.