The global electric two-wheeler market size reached US$ 39.9 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 109.5 Billion by 2032, exhibiting a growth rate (CAGR) of 11.9% during 2023-2032. The increasing focus on reducing carbon emissions and combating air pollution, continuous advancements in electric vehicle (EV) technology, the establishment of a robust charging infrastructure, and the heavy investments by numerous governments, private companies, and electric utility providers are some of the factors propelling the market.
Electric two-wheelers are powered by electric motors and rechargeable batteries. They have gained significant popularity in recent years due to their numerous advantages. Electric two-wheelers offer a clean and eco-friendly mode of transportation as they produce zero tailpipe emissions, reducing air pollution and contributing to a greener environment. These vehicles are cost-effective, requiring less maintenance and having lower operating costs than their conventional counterparts. With rising fuel prices, electric two-wheelers provide an affordable alternative for daily commuting and short-distance travel. Technological advancements in battery technology have improved performance and longer ranges for electric two-wheelers. Moreover, electric two-wheelers offer a convenient and efficient solution to urban congestion. Their compact size and maneuverability allow riders to navigate through traffic easily and find parking spaces more easily. They present a sustainable, economical, and practical transportation option, contributing to the expansion of clean mobility and addressing the challenges of urban transportation in a rapidly evolving world.
The global market is majorly driven by the increasing support of governments. Several governments worldwide provide financial incentives, tax benefits, and subsidies to promote the adoption of electric vehicles, including electric two-wheelers. These incentives make electric two-wheelers more affordable and attractive to consumers. Furthermore, the rising consumer awareness and consciousness about environmental issues are significantly contributing to the market. Individuals are becoming more concerned about climate change and air pollution, leading them to choose electric two-wheelers as a cleaner and greener mode of transportation. Apart from this, advancements in battery technology have significantly improved the performance and range of electric two-wheelers. Longer battery life and faster charging times have alleviated concerns about range anxiety, making electric two-wheelers a more viable option for daily commuting. Besides, the growing network of charging infrastructure is catalyzing the market. Establishing more charging stations and developing fast-charging technologies have made it more convenient for electric two-wheeler owners to charge their vehicles, further boosting the market growth. Additionally, the advancements in electric vehicle technology, including motor efficiency, lightweight materials, and improved aerodynamics, have contributed to the overall product performance and efficiency. The reduction in component costs, particularly batteries, has made electric two-wheelers more affordable for consumers. The availability of government-funded research and development initiatives and collaborations with private companies have accelerated innovation in the electric two-wheeler industry. These initiatives encourage the development of cutting-edge technologies and the introduction of new features in electric two-wheelers.
2. What is the expected growth rate of the global electric two-wheeler market during 2024-2032?
3. What are the key factors driving the global electric two-wheeler market?
4. What has been the impact of COVID-19 on the global electric two-wheeler market?
5. What is the breakup of the global electric two-wheeler market based on vehicle type?
6. What is the breakup of the global electric two-wheeler market based on the battery technology?
7. What are the key regions in the global electric two-wheeler market?
8. Who are the key players/companies in the global electric two-wheeler market?
Electric two-wheelers are powered by electric motors and rechargeable batteries. They have gained significant popularity in recent years due to their numerous advantages. Electric two-wheelers offer a clean and eco-friendly mode of transportation as they produce zero tailpipe emissions, reducing air pollution and contributing to a greener environment. These vehicles are cost-effective, requiring less maintenance and having lower operating costs than their conventional counterparts. With rising fuel prices, electric two-wheelers provide an affordable alternative for daily commuting and short-distance travel. Technological advancements in battery technology have improved performance and longer ranges for electric two-wheelers. Moreover, electric two-wheelers offer a convenient and efficient solution to urban congestion. Their compact size and maneuverability allow riders to navigate through traffic easily and find parking spaces more easily. They present a sustainable, economical, and practical transportation option, contributing to the expansion of clean mobility and addressing the challenges of urban transportation in a rapidly evolving world.
The global market is majorly driven by the increasing support of governments. Several governments worldwide provide financial incentives, tax benefits, and subsidies to promote the adoption of electric vehicles, including electric two-wheelers. These incentives make electric two-wheelers more affordable and attractive to consumers. Furthermore, the rising consumer awareness and consciousness about environmental issues are significantly contributing to the market. Individuals are becoming more concerned about climate change and air pollution, leading them to choose electric two-wheelers as a cleaner and greener mode of transportation. Apart from this, advancements in battery technology have significantly improved the performance and range of electric two-wheelers. Longer battery life and faster charging times have alleviated concerns about range anxiety, making electric two-wheelers a more viable option for daily commuting. Besides, the growing network of charging infrastructure is catalyzing the market. Establishing more charging stations and developing fast-charging technologies have made it more convenient for electric two-wheeler owners to charge their vehicles, further boosting the market growth. Additionally, the advancements in electric vehicle technology, including motor efficiency, lightweight materials, and improved aerodynamics, have contributed to the overall product performance and efficiency. The reduction in component costs, particularly batteries, has made electric two-wheelers more affordable for consumers. The availability of government-funded research and development initiatives and collaborations with private companies have accelerated innovation in the electric two-wheeler industry. These initiatives encourage the development of cutting-edge technologies and the introduction of new features in electric two-wheelers.
Electric Two-Wheeler Market Trends/Drivers:
The increasing issues pertaining to traffic congestion
The increasing traffic congestion is significantly contributing to the product demand. As urban areas become more crowded with vehicles, commuting times and frustrations related to traffic congestion have intensified. Electric two-wheelers offer a practical solution for navigating through congested streets more efficiently. Furthermore, electric two-wheelers are compact and highly maneuverable, allowing riders to weave through traffic and find alternative routes easily. They can bypass long lines of stationary vehicles and reach their destinations faster, making them an appealing choice for urban commuters seeking to avoid the delays and frustrations associated with traffic congestion. Additionally, the convenience and agility of electric two-wheelers in navigating through traffic congestion reduce commuting times and alleviate the stress and frustration associated with being stuck in traffic. As a result, more individuals are opting for electric two-wheelers as a means of transportation, contributing to the growing demand for these vehicles.Growing utilization of cycling in fitness and recreational activities
The growing utilization of cycling in fitness and recreational activities plays a significant role in driving the growth of the electric two-wheeler market. Cycling has gained popularity as a form of exercise and leisure activity due to its numerous health benefits and the increasing focus on leading an active lifestyle. Furthermore, electric two-wheelers, such as electric bicycles, provide an attractive option for individuals who want to engage in cycling but may face challenges such as physical fitness limitations or hilly terrains. The electric assistance offered by these vehicles allows riders to overcome physical exertion barriers and tackle challenging routes. For fitness enthusiasts, electric two-wheelers offer the flexibility to adjust the electric motor's level of assistance, allowing riders to customize their workout intensity. This versatility makes e-bikes suitable for individuals of varying fitness levels, enticing more people to incorporate cycling into their fitness routines. Additionally, the utilization of electric two-wheelers for recreational activities has expanded due to their enhanced range and battery life. Riders can explore longer distances and engage in outdoor adventures without the worry of fatigue or the need for excessive physical exertion. This opens up new possibilities for weekend getaways, scenic rides, and exploring nature, contributing to the growth of the electric two-wheeler market.Rising demand for eco-friendly vehicles
The rising demand for eco-friendly vehicles is positively influencing the market. With increasing awareness about environmental concerns, there has been a growing emphasis on reducing carbon emissions and mitigating the impact of transportation on the planet. Electric two-wheelers offer a sustainable and eco-friendly alternative to conventional petrol or diesel-powered vehicles. They produce zero tailpipe emissions, reducing air pollution and contributing to improved air quality in urban areas. Furthermore, the rising demand for eco-friendly vehicles is driven by the desire to reduce dependence on fossil fuels. Electric two-wheelers operate on electricity, which can be generated from renewable energy sources such as solar or wind power. This helps to reduce reliance on finite fossil fuel resources and promotes the adoption of cleaner energy options.Electric Two-wheeler Industry Segmentation:
The publisher provides an analysis of the key trends in each segment of the global electric two-wheeler market report, along with forecasts at the global, regional, and country levels from 2024-2032. The report has categorized the market based on vehicle type, battery type, voltage type, peak power, battery technology, and motor placement.Breakup by Vehicle Type:
- Electric Scooter/Moped
- Electric Motorcycle
Electric Scooter/Moped dominate the market
The report has provided a detailed breakup and analysis of the market based on vehicle type. This includes electric scooter/moped and electric motorcycle. According to the report, electric scooter/moped represented the largest segment.Breakup by Battery Type:
- Lithium-Ion
- Sealed Lead Acid (SLA)
Breakup by Voltage Type:
- < 48V
- 48-60V
- 61-72V
- 73-96V
- >96V
Breakup by Peak Power:
- < 3 kW
- 3-6 kW
- 7-10 kW
- >10 kW
Breakup by Battery Technology:
- Removable
- Non-Removable
Non-removable holds the largest share of the market
A detailed breakup and analysis of the market based on battery technology have also been provided in the report. This includes removable and non-removable. According to the report, non-removable accounted for the largest market share.Breakup by Motor Placement:
- Hub Type
- Chassis Mounted
Breakup by Region:
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Netherlands
- Norway
- Others
- North America
- United States
- Canada
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
- Turkey
- Saudi Arabia
- Egypt
- Others
Asia-Pacific exhibits a clear dominance, accounting for the largest electric two-wheeler market share
- The report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific (China, Japan, India, South Korea, Australia, and Others); Europe (Germany, France, United Kingdom, Italy, Netherlands, Norway, and Others); North America (the United States and Canada); Latin America (Brazil, Mexico, and Others); the Middle East and Africa (Turkey, Saudi Arabia, Egypt, and Others).
The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- AIMA Technology Co. Ltd
- Ampere Vehicles Pvt. Ltd
- BMW AG
- GOVECS AG
- Hero Electric Vehicles Pvt. Ltd
- Mahindra GenZe
- Terra Motors Corporation
- Vmoto Limited
- Yadea Technology Group Co. Ltd
- Zero Motorcycles, Inc
Key Questions Answered in This Report
1. What was the size of the global electric two-wheeler market in 2023?2. What is the expected growth rate of the global electric two-wheeler market during 2024-2032?
3. What are the key factors driving the global electric two-wheeler market?
4. What has been the impact of COVID-19 on the global electric two-wheeler market?
5. What is the breakup of the global electric two-wheeler market based on vehicle type?
6. What is the breakup of the global electric two-wheeler market based on the battery technology?
7. What are the key regions in the global electric two-wheeler market?
8. Who are the key players/companies in the global electric two-wheeler market?
Table of Contents
1 Preface3 Executive Summary14 Value Chain Analysis
2 Scope and Methodology
4 Introduction
5 Global Electric Two-Wheeler Market
6 Market Breakup by Vehicle Type
7 Market Breakup by Battery Type
8 Market Breakup by Voltage Type
9 Market Breakup by Peak Power
10 Market Breakup by Battery Technology
11 Market Breakup by Motor Placement
12 Market Breakup by Region
13 SWOT Analysis
15 Porters Five Forces Analysis
16 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- AIMA Technology Co. Ltd.
- Ampere Vehicles Pvt. Ltd.
- BMW AG
- Energica Motor Company S.p.A.
- GOVECS AG
- Hero Electric Vehicles Pvt. Ltd.
- Mahindra GenZe
- Terra Motors Corporation
- Vmoto Limited
- Yadea Technology Group Co. Ltd.
- Zero Motorcycles Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 148 |
| Published | March 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 39.9 Billion |
| Forecasted Market Value ( USD | $ 109.5 Billion |
| Compound Annual Growth Rate | 11.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
