The European electric scooters and motorcycles market is expected to reach $892.4 million by 2025, with a CAGR of 26.2% during the forecast period, according to P&S Intelligence.
The major driving factors for the growth of the market are deployment of electric scooters for sharing services, rising concerns over greenhouse gas emissions, government initiatives, and implementation of stringent emission regulations.
The rising concerns over greenhouse gas emissions coupled with introduction of several government initiatives is a major factor for the growth of the European electric scooters and motorcycles market. Accelerating rate of environmental degradation caused by greenhouse gas emissions has become a major concern for governments across the world. This has resulted in various government initiatives to reduce carbon emissions on a large scale.
For instance, the Italian government has recently enacted a legislation to provide subsidies on electric scooter purchases, and the scheme is valid through 2019. The government has allocated $11.34 million (EUR 10 million) to support the scheme. Thus, such initiatives by the government to increase the adoption of electric vehicles as an effort to reduce carbon emissions are driving the European electric scooters and motorcycles market.
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Insights into market segments
Based on voltage, the European electric scooters and motorcycles market is classified into 48 V, 60 V, 72 V, and 100 V and above. Among these, electric scooters and motorcycles having battery voltage of 60 V dominated the European market in 2018, accounting for over 40% share in terms of volume. This is mainly due to the growing consumers’ demand for high-speed vehicles, along with durable body and improved aesthetics.
Implementation of stringent emission regulations acting as a major driver
In July 2002, Directive 2002/51/EC, amended Directive 97/24/EC, and Euro 2 and 3 standards were implemented by the European Union for motorcycles. From environmental perspective, the primary objective of these emission standards is to reduce or keep constant emissions from the L-category vehicles. Euro 3 emission rules were implemented in 2016, followed by the implementation of Euro 4 emission standards, which were applied to motorcycles from January 2016 and to scooters from 2017. Since the implementation of Euro 4 standards, the country is focusing on adopting to vehicles with lesser emission. This has led to the growth of the European electric scooters and motorcycles market.
France was the largest electric scooters and motorcycles market in 2018
France held the largest share in the European electric scooters and motorcycles market during the historical period, accounting for over 25% sales volume in 2018. However, Spain is expected to be the largest market for electric scooters and motorcycles in Europe during the forecast period. This is due to the fact that introduction of scooter sharing business is getting popular in major cities of the country and many new players have started their operation in Barcelona as the scooter culture is vibrant in the city.
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Europe Electric Scooters and Motorcycles Market Competitive Landscape
Some of the major players operating in the European electric scooters and motorcycles market are GOVECS AG, Gogoro Inc., TORROT ELECTRIC EUROPA S.A., Kwang Yang Motor Co. Ltd., unu GmbH, BMW AG, Niu Technologies, Askoll EVA SpA, Zero Motorcycles Inc., Lightning Motors Corp., Alta Motors, Scutum Logistic S.L., emco electroroller GmbH, ETRIX AG, and Piaggio & C. SpA.
