The electric two-wheeler market is on the verge of a significant transformation, with a projected Compound Annual Growth Rate (CAGR) of approximately 12% during the assessment period from 2023 to 2030. This burgeoning industry is set to surpass a market value of over US$80 billion by the end of 2030, driven by various factors and key findings, as highlighted in a comprehensive market analysis.
Electric two-wheelers, known for their eco-friendliness and reduced air and noise pollution, are gaining immense popularity globally. They are powered solely by batteries, eliminating the reliance on conventional fuels. This shift towards electric mobility is further fueled by government incentives and the unpredictability of petrol prices in the global oil market.
Key Report Findings:
Remarkable Expansion: The electric two-wheeler market is poised for remarkable growth between 2023 and 2030.
Electric Scooter Surge: Electric scooters are leading the charge in increasing demand for electric two-wheelers.
Hub Motor Dominance: Hub motors continue to dominate the electric two-wheeler market, offering efficient and compact propulsion.
48V Category Leads: In 2022, the 48V category held the highest revenue share in the electric two-wheeler market.
Lithium-Ion Batteries Prevail: Lithium-ion batteries maintain their dominance in the market, offering higher energy density and performance.
Asia Pacific Takes the Lead: Asia Pacific remains the frontrunner, with North America experiencing the strongest growth until 2030.
1. Growing Use of Battery Swapping Technology: Battery swapping technology is revolutionizing the electric vehicle landscape, providing convenience and alleviating range anxiety. Government investments and policies are further propelling this technology, particularly in countries like India.
2. Mounting Sales of Electric Motorbikes and E-bikes for Short Trips: Urban commuters are turning to lightweight electric vehicles such as electric motorbikes and e-bikes to navigate traffic congestion. Government incentives, like tax advantages and reduced GST on electric motorcycles, are driving their adoption, especially in emerging economies like India.
Overview of Key Segments:
E-scooter Sales Highest: E-scooters and mopeds are expected to dominate the market due to their affordability and suitability for daily commuting.
Lithium-Ion Battery Type Dominant: Lithium-ion batteries lead the market, offering superior energy density, rapid charging, and increased safety features.
Growth Opportunities Across Regions:
e-Mobility Adoption Soars in Key Asian Countries: Asia Pacific continues to lead the electric two-wheeler market, with governments promoting electric mobility through subsidies, tax breaks, and infrastructure development. Manufacturers like Hero Electric, Okinawa Autotech, and Niu International are driving this growth.
North America Witnesses Escalating Sales: The US and Canada are experiencing significant growth in electric two-wheeler sales, driven by falling battery prices, investments by shared mobility players, and increased efforts by major two-wheeler companies to introduce electric models.
Electric Two-wheeler Market: Competitive Landscape:
Leading players in the electric two-wheeler market include Yadea Group Holdings Ltd., Silence Urban Ecomobility, Niu Technologies, Segway Inc., Hero Electric Pvt. Ltd., Okinawa Autotech Pvt. Ltd., Ather Energy Pvt. Ltd., AIMA Technology Co., Ltd., Ola Electric Mobility Pvt Ltd., Pure Electric, Piaggio & C. SpA, and BMW North America, LLC.
The electric two-wheeler market is poised for exponential growth, driven by technological advancements, government incentives, and increasing consumer demand for eco-friendly transportation options. As the industry continues to evolve, it presents exciting opportunities for manufacturers, investors, and consumers alike.
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