New Study Forecasts Strong Electric Motorcycle Growth
A recent study by Infiniti Research Ltd predicts that the electric motorcycle market will grow 42 percent in the next five years. Reported on military-technologies.net, the detailed analysis includes all major global markets, and identifies major players like Zero Motorcycles, Energica Motor Company, Lightning Motorcycle, and SAROLEA.
The study is designed to assist manufacturers and vendors in developing marketing strategies and recognizing trends through 2021. Other prominent vendors mentioned in the report were Alta Motors, Bell Custom Cycles (BCC), CAKE, KTM Sportmotorcycle, Lito, Polaris Industries, Saietta Group, Emflux Motors, Johammer e-mobility, Torkmotors, and ZecOO- The Electric Motorcycle.
“One trend in the market is development of long-mile range motorcycles,” said one analyst on the study team. “High-performance electric motorcycles are the known for their power and mile range. Although their mile range is quite larger than low-powered motorcycles, it is not enough for premium pricing. Hence, OEMs are continuously working toward the development of battery technology so that mile- range bridge between these motorcycles and ICE counterparts is reduced.”
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The report concludes that the most prominent driver in the market is decreasing battery prices, which allows OEMs to push cost benefit toward customers. Battery technology represents the key role in market development, because it determines the mile range and charging time for electric motorcycles. Since batteries account for 25 percent of the total cost, they have the strongest effect on both profitability and adoption rate. The shift from lead acid batteries to lithium-ion sources has increased performance by a factor of eight. The market is facing continuous improvement in battery technology, which increases the battery energy density.
The report also states that high purchase prices remain the most challenging prospect for high-performance electric motorcycles. Although while the initial cost of electric motorcycles is higher than equivalent internal combustion powered bikes, the total cost of ownership is less than that of IC-powered bikes due to the latter's higher fuel and maintenance costs.