55 million electric motorbikes and mopeds to be sold by 2024
Are we seeing a shift towards electrification of two wheels? In less than a decade’s time the world could contain upwards of 55 million electric PTWs, or e-PTWs as they are known.
A recent report, Electric Motorcycles and Scooters, Electric Motorcycles and Scooters, by Navigant Research examines the global markets for electric motorcycles and scooters and the related battery technologies, including global forecasts for electric two-wheeled vehicles and the batteries used in the vehicles through to 2024.
Although China currently dominates the e-PTW market, accounting for 96% of e-scooters, this is set to shrink to 77% by 2024, with Western Europe set for a surge in this part of the motorcycle industry. Already a contributor of billions to the UK economy, it will be interesting to see if our PTW sector embraces electric battery technology.
Taken together, increasing interest from large manufacturers and decreasing battery costs offer an opportunity to drastically change the current market landscape for electric motorcycles and electric scooters.
With well-known players such as Yamaha (PES1 pictured above) and Harley Davidson poised to expand offerings into this space, and low battery costs making products more affordable, sales of these vehicles are expected to experience stable and continuous growth in the coming decade.
“The acquisition of Brammo by Polaris Industries may have kick-started the entrance of large market players into the electric motorcycle market, and other companies are now gearing up to participate,” says Ryan Citron, research analyst with Navigant Research.
“Meanwhile, in terms of battery costs, units that would have cost more than $1,000/kWh just a few years ago can now be had for about one-third of the price, and the cost of lithium ion (Li-ion) batteries is expected to continue to decline throughout the forecast period.”
Increased use of Li-ion batteries, which offer vastly improved power densities and longer lifespans over sealed lead-acid (SLA) batteries, is expected to be a key technology trend as the market for electric motorcycles and scooters grows.