DUBLIN, January 24, 2022--(BUSINESS WIRE)--The "Europe Electric Scooters and Motorcycles Market Research Report: By Product, Power, Voltage, Cooling System, Maximum Speed, Battery Type, Battery Charging Mode, Charging Time, Battery Capacity, Range, OEMs Analysis - Industry Analysis and Demand Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The European electric scooters and motorcycles market size stood at $284.2 million in 2019, is projected to increase to $758.5 million by 2025, at a 27.6% CAGR during 2020-2025.
This is because, concerned at the rapid degradation of the environment, the European Union (EU) and governments in individual countries have started implementing stringent emission regulations. Moreover, the European electric scooters and motorcycles market is being driven by the government initiatives to encourage people to switch to green mobility. For instance, the government of Italy has set aside $11.34 million (EUR 10 million) to offer subsidies on the purchase of electric scooters.
Due to the COVID-19 pandemic, the European electric scooters and motorcycles market has been dealt a severe blow, as the factory shutdowns and movement restrictions have almost completely halted the production and import of such automobiles. Moreover, even people have been facing financial distress because of job and salary cuts, which is why they are not spending on non-essential commodities, including automobiles.
In the coming years, the high-powered motorcycle category, under the product segment of the European electric scooters and motorcycles market, is predicted to witness the fastest growth. With time, European residents have begun opting for electric vehicles (EVs) that offer a higher motor power and greater speed.
In the years to come, electric scooters and motorcycles with lithium-ion batteries are expected to witness the higher sales value CAGR, of 27.8%, in Europe. This is because these batteries can carry more charge per volume, which offers the vehicle a longer driving range. Moreover, the cost of these batteries is declining, they are lighter, and their disposal has few associated environmental concerns.
Electric two-wheelers that support the removable battery charging mode are gaining widespread popularity among Europeans because their batteries are easier to charge and they are cost-effective.
France has been contributing the highest revenue to the European electric scooters and motorcycles market for some time now. The country's government has implemented several favorable policies to encourage the adoption of clean-energy vehicles. For instance, companies with fewer than 50 employees are offered subsidies of up to $3,543 (EUR 3,000) on electric two-wheelers, the batteries of which have a capacity of more than 10 kWh.
In the future, sales of electric scooters and motorcycles are expected to pick up the most rapidly in Spain, in terms of revenue. Like in France, government initiatives must be credited for the rising demand for such eco-friendly vehicles. In December 2018, the government started providing an $886 (EUR 750) subsidy in Madrid on electric motorcycles costing less than $9,440 (EUR 8,000) and offering a maximum speed of 70 km/h or above.
Increasing sales of electric two-wheelers through online mediums
Increased demand for high-powered electric motorcycles
Deployment of electric scooters for sharing services
Traffic woes in major European cities
Rising concerns over greenhouse gas emissions leading to several government initiatives
Implementation of stringent emission regulations
Impact analysis of drivers on market forecast
Range anxiety and inadequate infrastructure
Long charging time
High vehicle cost
Impact analysis of restraints on market forecast
Growing demand for last-mile delivery options
Long-range electric scooters and motorcycles to gain traction
TORROT ELECTRIC EUROPA S.A.
Kwang Yang Motor Co. Ltd.
Askoll EVA SpA
Zero Motorcycles Inc.
Lightning Motors Corp.
Scutum Logistic S.L.
emco electroroller GmbH
Piaggio & C. SpA
For more information about this report visit https://www.researchandmarkets.com/r/5jmjhj
View source version on businesswire.com: https://www.businesswire.com/news/home/20220124005375/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900