Impact of COVID-19 on the Global Electric Motorcycles Market
Electric motorcycles are two or three-wheeled plug-in electric vehicles. This bike has a two or three-wheel layout, is fitted with a battery and electric motor, and is used for commuting, long-distance travel, and cruising. Electric motorcycles segment includes electric bikes, electric mopeds, electric bicycles, and electric scooters, which are two-wheeled vehicles powered by an electric motor. These bikes are designed for higher speeds and provide enhanced high-speed handling and better acceleration. The rising investments in vehicle charging infrastructure and the adoption of green vehicles has led to the growth of the electric motorcycles market. Declining battery prices and depleting oil reserves across the world are some of the factors responsible for the high adoption of electric motorcycles.
However, the COVID-19 pandemic has spread across the world, which has slowed down the global economy. The lockdowns have resulted in revenue losses for manufacturing companies, which are now focusing on reducing operational costs, minimizing risks, and maximizing revenues to survive in the market. The automotive sector is one of the industries profoundly impacted by the outbreak of the pandemic. The impact of the novel coronavirus on the overall motorcycle industry is relatively high due to the shutdown of manufacturing facilities, which has resulted in slowing down the production of vehicles. The delays in product launches and disruptions in the distribution and final assembly are also hindering the growth of the market.
Post the pandemic, when the lockdowns are lifted in most of the countries, the resumption of the manufacturing sector is expected to boost the production and sales of electric motorcycles. In April 2020, Harley Davidson announced the expansion of its portfolio of electric bikes to serve the customers in a better way, in the post lockdown period. The Asia-Pacific region held the largest share in the electric motorcycles market owing to the increasing concerns regarding greenhouse gases and carbon emissions, which has led to an increase in the need for fuel-efficient vehicles. The resumption of China’s manufacturing of auto parts and supply chains is expected to drive the growth of the electric motorcycles market.
Electric Motorcycle Sales in India