Although sales volumes in the next couple of years are likely to remain low, due to continued high costs for components and low levels of demand, this market is poised for growth after 2015, as consumer markets continue to expand, new competitors enter the market, and suppliers increase capabilities.
According to a new report from Navigant Research, worldwide sales of electric motorcycles will grow from 1.2 million vehicles annually in 2014 to 1.4 million in 2023, while sales of electric scooters will grow from 4.1 million to 4.6 million.
“Consumers are seeking refuge from higher gasoline prices, two-wheel electric vehicles are growing more mature, and cities are becoming increasingly congested with traffic,” says John Gartner, research director with Navigant Research. “All of these factors will contribute to growing demand for power two-wheel vehicles — particularly high-powered electric motorcycles.”
The market for electric motorcycles and electric scooters is led by China, where the majority of these vehicles are sold. According to the report, however, policies limiting urban traffic in China indicate reduced sales in that country.
Electric motorcycle manufacturers in North America and Europe will address the market challenges by improving product quality and expanding their distribution channels.
Navigant Research forecasts that sales of electric motorcycles and electric scooters in these two regions will expand at a compound annual growth rate (CAGR) of more than 30 percent through 2023.