Europe Electric Motorcycles & Scooters Market size surpassed USD 300 million in 2019 and is anticipated to register a growth rate of 18.5% between 2020 and 2026.
The market demand is owing to an increase in the subsidies and grants offered by government authorities. Subsidies aid in the reduction of the overall purchasing cost of electric motorcycles and scooters, leading customers to opt for them over gas-powered electric two-wheelers. Furthermore, Europe targets to reduce 60% of carbon emissions in the transport sector by 2050, accelerating the market size.
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The electric motorcycles & scooters market in Europe witnessed a dip in sales and revenues due to the outbreak of the Novel Coronavirus. Several European countries faced a huge loss of life and economic recession due to the rapid spread of the pandemic. The adoption of high-cost electric motorcycles and scooters experienced a setback due to the rising financial insecurities among end-users.
Stringent government regulations pertaining to vehicular emissions caused due to gasoline and diesel fuel vehicles will support the market growth. Growing consumer awareness related to minimizing the carbon footprint of vehicles in countries including UK, Germany, France, and the Netherlands will boost the market demand.
SLA batteries will have a major share in the Europe electric motorcycles & scooters market through 2026 on account of low product cost. The availability of several models of SLA batteries in a wide range of voltage configurations is increasing their adoption in the market. These batteries are highly cost-effective compared to their lithium counterparts. They are reliable and tolerant to overcharging that enhances the battery lifespan.
The increasing government support to develop a robust EV charging infrastructure is driving the electric motorcycles & scooters market expansion in Europe. The local government is introducing subsidies and incentives to increase the number of charging stations in private properties such as homes and residential buildings. For instance, in June 2020, the Austrian government announced the subsidies of up to USD 710 for charging points at homes. This also includes the usage of intelligent charging cables to charge the EVs.
Prominent companies operating in the market are Energica Motor Company S.p.A, Amper Vehicles, Z Electric Vehicle, Suzuki Motors Corporation, Harley Davidson, Lightning Motorcycles, BMW, CAKE 0 Emission AB, Govecs Group, Mahindra GenZe, Hero Eco, Honda Motors, Zero Motorcycles, KTM, and Shandong Incalcu Electric Vehicle Co. Ltd.
These industry players are emphasizing on strategic partnerships and collaborations to enhance their service offerings. For instance, in May 2020, CAKE 0 Emission AB and Polestar announced a strategic partnership to expand their distribution channel and cater to new customer demands. The partnership assisted CAKE to distribute its electric motorcycle models via Polestar’s retail channels in Europe. This will assist the company to expand its presence in the region.