Market.us has provided a fresh new report on the booming electric motorcycle and scooter market. It anticipates the industry to grow by at least a 6% CAGR through 2031, with plenty of global adoption in the coming decade. This should come as no surprise to anyone who has travelled outside of North America. While cars still reign supreme in the US and Canada, markets around the world have the scooter and motorbike as the predominant method of transportation.
With heavy hitters like Harley Davidson (NYSE:HOG) and Triumph getting into the industry, it was only a matter of time until wide scale adoption. Rising fuel costs have pushed consumers to the electric vehicle sector, where the US recorded the highest percentage of its total vehicles delivered being electric in the first quarter of this year.
Other major markets like China continue to push the envelope when it comes to electrifying their transportation system. China accounts for more than 50% of the global EV market, and is led by major automakers like Nio (NYSE:NIO) and BYD (OTC:BYDDY). In other markets like Latin America, companies like iQSTEL (OTC:IQST) are looking to launch its EVOSS subsidiary of electric motorcycles. The world is trending towards electrification as an environmentally friendly alternative to ICE or internal combustion engine vehicles.
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