The global electric two wheeler market will reach USD 1.55 billion at a 34.57% CAGR by 2030, states the new Market Research Future report.
Electric Two-Wheeler Market Drivers
Low Maintenance and Operating Costs to Boost Market Growth
The low maintenance and operating costs of electric two wheelers will boost market growth over the forecast period. The surging expense of petroleum products is one of the most critical elements driving the electric scooter and motorcycle business. The key driver of the electric scooter & motorbike market is the rising cost of gasoline goods. The rising price of gasoline is already affecting consumers in developing countries. Electric two-wheelers could have lower running costs and more efficiency than traditional vehicles. Electronic systems outperform mechanical models in terms of efficiency and durability because they break less frequently due to less friction and wear. As a result, compared to the gasoline-powered vehicles, electric two-wheelers survive longer and have a lower environmental impact. Electric scooters and motorbikes with greater range than the existing breed of electric two wheelers are expected to be developed by manufacturers. Electric scooters and motorbikes with greater range than the existing breed of electric two wheelers are expected to be developed by manufacturers.
Report Coverage
Metrics
Details
Market Size till 2030
2027: USD 1.55 billion
CAGR
34.57% CAGR (2022-2030)
Base Year
2021
Forecast Period
2022-2030
Key Market Opportunities
The demand from both domestically and internationally
Key Market Drivers
The addition or loss of liquid
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Opportunities
Rising Adoption by Logistics Companies to offer Robust Opportunities
The increasing use of electric two-wheelers by logistics companies to provide fast and easy mail and delivery services, as well as the expanding e-commerce industry will offer robust opportunities for the market over the forecast period.
Restraints and Challenges
Lack of Charging Infrastructure to act as Market Restraint
The lack of charging infrastructure and incidents of fire & battery overheating may act as market restraints over the forecast period.
Electric Two-Wheeler Market Segmentation
The global electric two wheeler market is bifurcated based on voltage, battery type, and type.
By type, electric motorcycle will lead the market over the forecast period.
By battery type, the electric two wheeler market is segmented into Sealed Lead Acid, Lithium-Ion and others.
By voltage, the electric two wheeler market is segmented into 24V, 36V, 48V and More than 48V.
COVID-19 Analysis of Electric Two-Wheeler Market
The COVID-19 epidemic has spread all through the world, prompting lockdowns to be implemented in order to contain the virus's spread. These lockdowns have led in the temporary closure of manufacturing factories and other enterprises, which has harmed sales of electric two-wheelers in a number of nations. Manufacturing firms have seen significant delays in manufacturing and, as a result, in new product releases, stifling market growth. Many manufacturing enterprises are experiencing revenue losses as a result of the lockdowns, forcing them to cut operational expenses in order to remain competitive. The pandemic has rapidly spread across Europe, leading in the closure of manufacturing facilities and, as a result, a decrease in sales of electric two-wheelers. The progressive lifting of lockdowns in various nations during the third quarter of 2020 is predicted to aid in the restart of manufacturing activities, boosting output and sales of electric two-wheelers over the projection period.
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Electric Two-Wheeler Market Regional Analysis
APAC to Head Electric Two Wheeler Market
In the Asia-Pacific area, the electric two-wheeler sector is expected to dominate China, India, and Japan. Electric two-wheelers and electric two-wheeler components are the most popular goods in the global market from the region's growing economies. Over the forecast period, the electric two-wheeler market is also likely to be pushed by visitor numbers. China is a key producer of electric two-wheelers in the Asia-Pacific area. EV innovations will be funded by a newly formed USD 47 billion budget established by China's Reform and Development Commission in 2018. To meet the rising need for electric two-wheelers both locally and globally, government agencies are attempting to reduce the cost of these vehicles.
With growing production of electric two-wheelers and the expansion of the charging infrastructure network, the Asia Pacific region will have the largest electric scooter and motorbike market in 2022, with a volume share of 86%. The region's market growth can also be linked to increased demand for energy-efficient commuting, as well as many initiatives by commercial groups and governments. China's fast rising economy is encouraging the growth of electric two-wheelers in order to minimize pollution created by ICE vehicles in the country.
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The Indian government is promoting electric two-wheelers in the country through projects such as FAME-II, which provides buyers with subsidies and tax breaks. The government again has also extended the FAME II scheme, which was earlier introduced from 2019 to March 31, 2022, for another two years, until March 31, 2024. The requisite charging infrastructure for electric vehicles would also be established under this concept. The government has also upped the subsidy incentives under this program from Rs 10,000 per kWh- Rs 15,000 per kWh.
Electric Two-Wheeler Market Key Players
Eminent industry players in the electric two wheeler market report include,
- Jiangsu Xinri E-Vehicle Co. Ltd(China)
- Ampere Vehicles(India)
- Vmoto Limited(Australia)
- Hero Electric(India)
- GOVECS AG(Germany)
- Energica Motor Company S.p.A.( Italy)
- Niu International (China)
- China Zhongneng Vehicle Group Co.(China)
- Zero Motorcycles Inc(US)
- and Wuxi YADEA Export-Import Co. Ltd(China).
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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