High-performance electric motorcycles: Key market research findings
- Lower operating and maintained costs augments the demand for high-performance electric motorcycles
- Western Europe dominates the market geographically
- Key vendors – Energica, Lightning Motorcycles, Victory Motorcycles, and Zero Motorcycles
Technavio’s market research analysts predict the global high-performance electric motorcycle market to reach 40,150 units in terms of unit shipments by 2020. The lower total operating and maintenance costs of electric motorcycles as opposed to internal combustion engine (ICE)-powered machines is the driving force behind growth in this market. The operating cost of high-performance electric motorcycles is lower than gasoline-driven vehicles even in countries with high fuel prices. High-performance electric motorcycles help attain cost savings of fuel, changing spark plugs, oil and oil filters, and others, while offering performance similar to ICE-driven models. During 2015, Western Europe dominated the global high-performance electric motorcycle market by accounting for almost 46% of the overall market share. The growth in the high-performance electric motorcycle market in Western Europe is fueled by initiatives taken by governments and companies in the private sector to boost the adoption of electric motorcycles and the use of eco-friendly transport.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, manufacturers have started focusing largely on the improvement of battery technology. Improvements in battery technology play a vital role in the growth of this market as electric motorcycles are powered and driven by battery-powered systems. Manufacturers are now shifting their focus to the development of Li-ion batteries with extended life,” says Siddarth Jaiswal, Lead Analyst, Automotive, Technavio Research.
Governments in many countries are extending benefits in the form of financial incentives to the buyers of battery operated electric vehicles, which is resulting in the increased adoption for high-performance electric motorcycles. Such incentives and price reductions by OEMs help reduce price difference between high-performance electric motorcycles and ICE-driven machines of similar performance. For instance, the US government gives federal tax credits worth 10% of the purchase price in all 50 states with a maximum cap of $2,500. Such incentives vary according to the price of the electric motorcycle (which varies as per the battery size). In addition, 30% tax credit is given on the purchase of charging equipment.
The key vendors in the market include Energica, Lightning Motorcycles, Victory Motorcycles, and Zero Motorcycles. At present, the market has limited providers and is characterized by rapid technological innovations. Vendors are making investments in the lighter high-performance electric motorcycles with greater driving range. With the declining prices of Li-ion batteries and powertrain components, the overall cost of high-performance electric motorcycles is expected to decrease in the coming years.
A more detailed analysis is available in the Technavio report, Global High-performance Electric Motorcycle Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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