Global electric motorcycle sales are predicted to reach US$30 billion in 2030.

Published on: 2024-04-09 19:21
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Will electric motorcycle sales take off in Asia?

 

 

Thailand is the country with the highest motorcycle usage rate

 

In the UK, the term "electric car" immediately conjures up images of a Tesla or other similar vehicles, but across Asia the battle for EV dominance is being waged on motorcycles.

 

Visit most Asian countries and you'll immediately notice motorcycles swarming around and buzzing everywhere.

 

Typically, it functions a lot like a family car - just at a much cheaper price - whether you're in Taiwan, Cambodia, India or Indonesia, it's not uncommon to see a two-wheeler carrying the entire family.

 

In fact, Asia accounts for more than half of global motorcycle sales, and in some countries it's not normal for a family not to own one.

 

A man rides a loaded motorcycle with his child.

 

 

It's not uncommon to see loaded motorcycles in Asia, like this example of a man and child in Vietnam.

 

Take Thailand, a country with the highest per capita motorcycle usage rate, as an example. 87% of households own at least one motorcycle. These are typically scooter varieties where the rider sits with their feet directly in front of them.

 

Among households that own motorcycles, Thailand is followed by Vietnam (86%), Indonesia (85%) and Malaysia (83%). In the huge markets of China and India, this figure subsequently fell to 60% and 47% respectively, but still dwarfed the UK's 7%.

 

The vast majority of Asian motorcycles currently run on gasoline, but transportation experts say the massive shift to electric models is gathering pace.

 

"We believe there is huge room for growth in electric motorcycle sales, especially in Asia, for the following reasons," said Arushi Kotecha, automotive analyst at the Economist Intelligence Unit, a global research organization.

 

"First, personal disposable income, especially in markets outside China such as India and Southeast Asia, remains low on average, making cars unaffordable.

 

"And, especially at a time like this, when food and fuel inflation is so high. That increases the direct cost of owning a gasoline vehicle. That's why we think the switch to electric motorcycles will be faster."

 

An Ola scooter

 

 

Electric scooters, like the ones pictured here, look very similar to gas scooters.

 

Sales of electric motorcycles in Asia could grow three to four times their current levels by the end of the decade, with global demand growing by the same amount, Ms. Kotecha added.

 

Meanwhile, a report earlier this year predicted global sales of electric motorcycles would double from $15.73bn (£13bn) in 2020 to $30.52bn by 2030.

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