Electric Moped Market Size, Share & Trends Analysis Report - Forecast(2024 - 2030)

Electric Moped Market Overview:

Electric Moped Market size is estimated to reach $16 billion by 2030, growing at a CAGR of 12% during the forecast period 2024 – 2030. Electric mopeds are eco-friendly two-wheeled vehicles powered by electric motors and rechargeable batteries. They offer a convenient and sustainable mode of transportation for short urban commutes. With zero emissions, they contribute to reducing air pollution and noise levels in cities. 

Electric mopeds are typically lightweight and compact, making them easy to maneuver through traffic and navigate tight spaces. They often have features like regenerative braking, which helps to extend their range by converting kinetic energy into stored electricity during deceleration (KERS). Many models offer impressive acceleration and top speeds suitable for city travel. Additionally, they require minimal maintenance compared to traditional gasoline-powered mopeds, with fewer moving parts and no need for oil changes. As cities continue to prioritize sustainability and reduce reliance on fossil fuels, electric mopeds are becoming increasingly popular as a clean and efficient transportation solution. For instance, in the United States, support for electric scooters and mopeds often takes the shape of rebates or tax credits. These encouragements target both consumers and manufacturers, intending to accelerate the transition to electric transportation. Among these initiatives, the federal tax credit stands out, permitting consumers to receive a credit equivalent to 10% of the electric moped's cost, capped at $2,500. Also, European countries are encouraging the adoption of electric mopeds by providing subsidies and incentives. In France, for example, the Bonus Ecologique program offers a rebate of up to 27% (capped at €900) on the purchase price of electric mopeds, depending on their model and battery capacity. This initiative aims to make electric mopeds more affordable and accessible to the general population.

Market Snapshot

Electric Moped Market – Report Coverage:

The “Electric Moped Market Report – Forecast (2024 – 2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Electric Moped Market.

COVID-19 / Ukraine Crisis – Impact Analysis:

• The COVID-19 pandemic initially disrupted the electric moped market, causing a decrease in sales due to economic uncertainty and restrictions on movement. However, as people sought safer and more sustainable transportation options, the market saw a resurgence with growing demand for personal electric vehicles. Essentially, the electric moped industry reacted positively to the COVID-19 pandemic.

• In Ukraine, the crisis heightened geopolitical tensions, impacting supply chains and causing fluctuations in market confidence. Uncertainty over trade routes and political instability have hindered market growth temporarily, but long-term prospects depend on stabilizing the situation and restoring consumer confidence in the region.

• Ukraine is a major exporter of raw materials and components used in various industries, including electronics and manufacturing. Disruptions to the supply chain originating from Ukraine has led to delays or shortages in the production of electric mopeds and their components.

Key Takeaways:

• Asia-Pacific Region Dominates the Market

The Electric Moped Market in 2023 was primarily led by the Asia Pacific region and is anticipated to maintain its dominance throughout the forecast period, boasting the largest market share. This trend is propelled by favorable government policies and regulations in the Asia Pacific, which are incentivizing the uptake of electric mopeds. In 2023, the Indian government had introduced the Faster Adoption and Manufacturing of Electric Vehicles II (FAME-II) scheme to promote the use of electric vehicles. As part of this initiative, electric mopeds buyers can receive a subsidy of up to ₹10,000, depending on the moped's battery capacity and model. This subsidy is automatically applied to the final purchase price when buying from authorized dealerships. 

Notably, India, China, Japan, and South Korea stand out as significant markets for Electric Mopeds, buoyed by active government initiatives promoting the adoption of electric vehicles, including mopeds, across the region.

• Urban Commuters Dominate the Market

The urban commuter type of mopeds dominated the market, boasting a balance between performance, range and affordability. Designed for city commuting, these electric mopeds often have sleek, contemporary designs, lightweight frames, and advanced features like regenerative braking, integrated lights, and digital displays. Their compact size makes them ideal for navigating through traffic and finding parking in crowded urban areas. For example, according to the World Bank, nearly 70% of world’s population will live in cities by 2050.

• Rising Fuel Costs Due to Supply Shortages Promote Market Growth

The surge in fuel costs over the last ten years has spurred an increase in the use of electric vehicles for daily commuting. This rise in fuel prices can be attributed to the escalating costs of crude oil, largely influenced by the Organization of the Petroleum Exporting Countries (OPEC). For instance, in 2023, a combination of heightened vehicle demand and supply shortages pushed average crude oil prices to $82.49 per barrel. Furthermore, projections suggest that prices will continue to climb due to limited crude oil reserves in the foreseeable future.

• Governments Promote the Use of Electric Vehicles

Governments worldwide are actively developing the charging infrastructure required for adopting electric mopeds. In addition, the federations are offering overall cost benefits with respect to electric mopeds by offering incentives, schemes, and subsidies. For example, California residents can take advantage of the Clean Vehicle Rebate Project, which provides rebates of up to $2,000 for eligible electric mopeds depending on the moped’s battery capacity. Similarly, the UK offers the Plug-in Grant scheme, which can provide electric moped buyers with a maximum grant of £1,500 or 20% of the moped’s price, whichever is lower. As a result, consumers are more inclined toward the use of electric mopeds considering the benefits and eco-friendly nature. Mopeds equipped with electric motors help in maintaining higher speed more effectively as well as make the ride more comfortable on rough roads.

• Limitations due to Battery Life

The electric moped market faces a critical constraint in battery technology. While advancements have boosted range and performance, limitations persist in energy density and charging time. Manufacturers strive to balance these factors to offer competitive products. Innovations like swappable batteries and fast-charging infrastructure aim to mitigate these constraints. However, continued research into battery efficiency and sustainable materials remains crucial to unlock the full potential of electric mopeds and drive widespread adoption.

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Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Electric Moped Market. The top 10 companies in this industry are listed below:

1. NIU Technologies
2. Yadea Group Holdings Ltd
3. Ninebot Inc. (Segway)
4. Silence
5. Keeway
6. Horwin
7. Vmoto Soco Group (Super Soco)
8. Piaggio & Co. SpA (Vespa)
9. Honda Motor Co., Ltd.
10. Yamaha Motor Co., Ltd.

Scope of Report

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