Automotive Business Point

In the context of transportation, one phrase that is on everyone’s minds these days is ‘electric vehicle (EV)’. Such automobiles are being considered the future of traveling, as they are specifically designed to reduce the air pollution levels drastically. Therefore, to increase their penetration among the masses, governments across the globe are offering purchase subsidies, tax rebates, and financial incentives. For instance, the Indian government has made an investment of INR 10,000 crore under the FAME India II scheme to promote EVs. Thus, P&S Intelligence expects the electric scooter and motorcycle market value to rise to $10,529.7 million by 2025 from $5,913.9 million in 2019, at a high 14.4% CAGR between 2020 and 2025. Unlike several models of hybrid cars and buses, only pure-electric two-wheelers are available, which makes them, on average, more environment-friendly than other vehicles. Moreover, they are cost-effective, which is why government EV promotion schemes generally...

In the transport sector, efforts are being stepped up to encourage and impel people to adopt clean mobility. This is the primary reason for the growth of the electric scooter and motorcycle market , which is projected to reach $13,864.0 million by 2025, at a 7.3% CAGR during 2018–2025 (forecast period). Being propelled only by an electric motor and battery, instead of an internal combustion engine, burning gasoline or diesel, such two-wheelers release no harmful gases into the environment, which is why governments around the world are pushing for their usage. Between motorcycles and scooters, the latter account for higher uptake, as they are more cost-effective than the former, and a wide range of scooter models are available around the world. In addition, electric mopeds and scooters are vastly popular among women in Asia-Pacific (APAC), who are increasingly using them for daily chores, such as grocery shopping and dropping and picking up children from schools, and also for commu...