Electric bike market worth £16BN by 2024
In six years, 'leccy bikes will generate more money than Amazon. Possibly...
BY THE time 2024 rolls around, analysts expect the global market for electric bike and scooters to be worth more than £16 billion. Yes. Billion.
In a report by Global Market Insights, low noise levels, high mechanical efficiency, easy incorporation of regenerative braking, and relatively economical maintenance costs are among the chief benefits over the conventional engines which will propel the electric motorcycles and scooters market growth over the forecast timeframe.
It goes on to say that in 2017, scooters dominated the electric motorcycles & scooters market by capturing over 85% share. This can be attributed to its increased adoption in the urban areas, where high motor traffic is among the major transportation problems. The scooters are designed light weight for easy maneuverability and offer speeds ranging across 30 miles per hour, at reduced ownership costs and are preferred modes of transportation, specifically in the metro cities.
Favorable regulatory standards and incentive plans imposed by regional authorities will also fuel the electric motorcycles and scooters market growth over the forecast period.
