Electric Car vs Electric Motorcycle Sales Projections for 2024

248

Electric Vehicle (EV) sales usually look at cars and light commercial vehicles – though another fast-growing segment, which is increasing in popularity in the developing world, is electric motorcycles.

Last year, almost 10 million EVs (cars) were sold worldwide, with two million in China and one million in the United States.

However, what about electric motorcycles? The global market size for electric motorcycles (EMCs) was valued at $61 billion (USD) last year and expected to more than double over the decade, with a projected valuation of $109 billion (USD) by 2030. In India, first quarter 2024 EV sales jumped 14.4%, selling 273,590 – a significant jump for a developing nation already known for motorcycle enthusiasm, also helping EMC along through manufacturing and consumer incentives.

So, what are the sales looking like for EVs and EMCs in Australia? What trends are emerging? Are EMCs a viable option in Australia for 2024?

 

Australian EV sales

EV sales in Australia more than doubled during 2023 according to the Federal Chamber of Automotive Industries, with 87,217 vehicles sold. This represents 7.2% of the total market, compared with 3.1% of sales the year prior.

Electric, hybrids, and plug-in hybrids totalled 196,868 sales overall, a market share of 16.2%. The projected revenue of the EV market in Australia during 2024 is expected to reach $3.3 billion (USD) and an annual growth rate (CAGR 2024-2028) of 17.05%, resulting in a projected market volume of $6.2 billion (USD) by 2028.

The CSIRO also predicts that prices of EVs, one of the most significant barriers to entry for would-be buyers, will reach parity with petrol/diesel cars within the next two to three years.

 

EMC sales in Australia

Electric motorcycle sales are not as robust as EV sales in Australia, even if we are looking at pedal-assisted e-Bikes and eScooters. Total sales of motorbikes tipped 95,890 during 2023, a drop of 3.3% over the year previous.

The eBike market is valued at $65.42 million according to Mordor Intelligence, with a projected annualised growth rate of 8.52% through to 2029. True Electric Motorcycles eclipse the prices of petrol bikes, with the city-focused Harley-Davidson LiveWire retailing for approximately $44,000; their X series which touts many of the same features and use cases starts at a far tidier $8,495.

Australian Automobile Association, traffic congestion has caused an average reduction in driving speeds of 3-8% in the country’s major cities, which has led some commuters to embrace alternatives to traditional cars.

Some people have taken to eBikes or eScooters instead. EMCs have many advantages in terms of noise levels and a smoother overall rider experience, though acceleration may be too much to handle for new or inexperienced riders. Of course, the biggest barrier to entry at the moment is cost – as shown before, there is almost a triple price premium for electric equivalent bikes. Limited range and lack of charging stations may also contribute to riders opting to stick to petrol and diesel bikes for the time being.