European Electric Scooters and Motorcycles Market Revenue Worth $758.5 Million by 2025, says P&S Intelligence
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NEW YORK, April 6, 2021 /PRNewswire/ -- The amount of greenhouse gas (GHG) emissions in Europe rose from 1,080 million tons in 2016 to 1,095 million tons in 2017. As a result, the European electric scooters and motorcycles market size, which 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, according to the market research report published by P&S Intelligence.
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.
Key Highlights of Electric Scooters and Motorcycles Market in Europe
- Electric scooters continue to witness highest adoption in Europe
- Electric two-wheelers with a >80-km/h maximum speed witnessing rising demand
- Government initiatives key driver for electric scooter and motorcycle sales in continent
- France largest hub for electric two-wheelers in Europe
- Market has consolidated nature
- Automakers launching new vehicle models for higher revenue
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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.
Browse detailed report with COVID-19 impact analysis on Europe Electric Scooters and Motorcycles Market @ https://www.psmarketresearch.com/market-analysis/europe-electric-scooters-and-motorcycles-market
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.
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The major players in the European electric scooters and motorcycles market are GOVECS AG, TORROT ELECTRIC EUROPA S.A., Gogoro Inc., Kwang Yang Motor Co. Ltd., BMW AG, unu GmbH, Niu Technologies, Zero Motorcycles Inc., Askoll EVA SpA, Lightning Motors Corp., Scutum Logistic S.L., Alta Motors, emco electroroller GmbH, Piaggio & C. SpA, and ETRIX AG.
More reports on electric scooters and motorcycles:
Global Electric Scooter and Motorcycle Market - The APAC accounted for the largest share of the electric scooter and motorcycle market in the past and is predicted to maintain its dominance over the market in the years to come as well.
North America Electric Scooters and Motorcycles Market - The North American electric scooters and motorcycles market valued $164.7 million in 2020, and it is expected to reach $590.4 million by 2025
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
SOURCE P&S Intelligence
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