According to a new report from Navigant Research, worldwide sales of e-motorcycles will grow from 1.2 million vehicles annually in 2014 to 1.4 million in 2023, while sales of e-scooters will grow from 4.1 million to 4.6 million.
The market for power two-wheel (PTW) vehicles, which includes electric motorcycles (e-motorcycles) and electric scooters (e-scooters), has grown slowly in recent years. 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.
The market for e-motorcycles and e-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.
E-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 e-motorcycles and e-scooters in these two regions will expand at a compound annual growth rate (CAGR) of more than 30% through 2023.