Electric Scooters and Motorcycles Market in Asia-Pacific is Fastest growth due to Rapid Urbanization and Increase in Household Incomes

New York, New York, August 15, 2017 /– The electric scooters and motorcycles have been categorized into 48V, 24V, 36v and are available in even more voltages like 60V and 72V. The speed of the scooter and motorcycle range from 30 km/hr to 70 km/hr. All electric scooters and motorcycles are provided recharging by plugging into ordinary wall outlets, usually taking about eight hours to charge.

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As per the findings of the research, electric scooters were in higher demand compared to electric motorcycles. Sealed lead acid battery vehicles have been the largest revenue contributor in the global market; however, Li-ion battery based scooters and motorcycles are expected to witness the highest growth in demand, during the forecast period. China had been globally the largest market for these electric vehicles; whereas, the market is expected to witness the highest growth in India, during the forecast period.

Geographically, Asia-Pacific accounted for more than 90% of the global electric scooter and motorcycle shipments in 2016. The highest growth in shipment is expected in Europe, during the forecast period; however, the market in North America is also expected to grow at nearly the same rate. The growth of the electric scooters and motorcycles market in Asia-Pacific is due to rapid urbanization and increase in household incomes, which is attracting the consumers to replace their fuel-driven two-wheelers with the electric variant. China, India, Indonesia, Japan and S. Korea are the major electric two-wheeler markets in Asia-Pacific; other major markets in the region include Australia, and Vietnam.

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Apart from this, regulatory bodies across several countries have encouraged the adoption of ecofriendly vehicles, providing favorable environment in terms of incentives and relaxation in stringent norms to set up manufacturing units, and boost the sales of products and services. These favorable conditions have also been extended to several subsidiaries on adoption of electric 2 wheelers and huge public investments in various countries. For example, in Hong Kong, fiscal redemptions are provided based on LMVs and HMVs.

The global electric scooter and motorcycle market is highly fragmented, where top five players accounted for less than 35% revenue. All of the five major players -Yadea Technology Group Co. Ltd., Zhejiang Luyuan Electric Vehicle Co. Ltd., Aima Group, Sunra Group, and Dongguan Tailing Electric Vehicle Co. Ltd., are based in China. The other players having good regional presence include Govecs Group, Amper Vehicles, Vmoto Limited, Hero Electric, Energica Motor Company S.p.A., BMW, and Mahindra GeneZe. New product launches and joint ventures have been the key strategies of these major players to expand their presence in this market.

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