IMARC Group's report titled "Electric Two-Wheeler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the global electric two-wheeler market share. The global market size reached US$ 39.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 109.5 Billion by 2032, exhibiting a growth rate (CAGR) of 11.5% during 2024-2032.
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Factors Affecting the Growth of the Electric Two-Wheeler Industry:
Rising Environmental Concerns:
The growing demand for electric two-wheelers on account of rising environmental concerns is offering a positive market outlook. In line with this, people are increasingly becoming concerned about air quality, climate change, and pollution. They are seeking transportation options that assist in reducing the impact on the environment. Furthermore, electric two-wheelers produce zero tailpipe emissions. In addition, the increasing focus on reducing carbon footprints and combating air pollution in urban areas is impelling the market growth. Moreover, the rising adoption of sustainable transportation solutions to maintain a greener future is bolstering the market growth.
Favorable Government Initiatives:
Governing agencies of several countries are encouraging the adoption of electric two-wheelers by implementing stringent regulations for carbon emissions. They are also offering several incentives and subsidies on the purchase of electric two-wheelers, which is bolstering the market growth. Besides this, these initiatives benefit in reducing the upfront costs associated with purchasing electric two-wheelers and attracting a larger consumer base. Furthermore, the rising focus on reducing the dependence on fossil fuels is impelling the market growth. In addition, the increasing demand for sustainable mobility solutions among individuals is propelling the market growth.
Technological Advancements:
Technological advancements in electric two-wheelers, such as improved battery technology, with higher energy density and faster charging capabilities, benefit in extending the range and reducing charging times. Apart from this, advanced motor and powertrain technology assist in improving performance, providing riders with smoother acceleration and enhanced efficiency. Furthermore, connectivity features, such as smartphone integration and global positioning system (GPS) navigation, enhance the riding experience. Additionally, innovations in regenerative braking and energy management systems maximize efficiency and range, which is strengthening the market growth.
Leading Companies Operating in the Global Electric Two-Wheeler Industry:
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.
Electric Two-Wheeler Market Report Segmentation:
By Vehicle Type:
Electric Scooter/Moped
Electric Motorcycle
On the basis of the vehicle type, the market has been bifurcated into electric scooter/moped and electric motorcycle.
By Battery Type:
Lithium-Ion
Sealed Lead Acid (SLA)
Based on the battery type, the market has been divided into lithium-ion and sealed lead acid (SLA).
By Voltage Type:
<48V
48-60V
61-72V
73-96V
>96V
On the basis of the voltage type, the market has been classified into <48V, 48-60V, 61-72V, 73-96V, and >96V.
By Peak Power:
<3 kW
3-6 kW
7-10 kW
>10 kW
Based on the peak power, the market has been segregated into <3 kW, 3-6 kW, 7-10 kW, and >10 kW.
By Battery Technology:
Removable
Non-Removable
On the basis of battery technology, the market has been segmented into removable and non-removable.
By Motor Placement:
Hub Type
Chassis Mounted
Based on the motor placement, the market has been bifurcated into hub type and chassis mounted.
Regional Insights:
North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Region-wise, the electric two-wheeler market is divided into Asia Pacific (China, Japan, India, South Korea, Australia, and others), Europe (Germany, France, United Kingdom, Italy, Netherlands, Norway, and others), North America (United States and Canada), Latin America (Brazil, Mexico, and others), and Middle East and Africa (Turkey, Saudi Arabia, Egypt, and others).
Global Electric Two-Wheeler Market Trends:
The escalating demand for electric two-wheelers due to the increasing fuel prices is propelling the market growth. In addition, the rising adoption of electric two-wheelers, as they offer a cost-effective alternative and rely on electricity, is supporting the market growth. Besides this, people are increasingly preferring electric two-wheelers due to their lower operational costs. The increasing development of advanced charging infrastructure for electric vehicles is contributing to the market growth. Furthermore, the widespread availability of charging stations benefits in enhancing convenience for individuals.
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