The global electric two-wheeler market is set to experience a substantial surge at a remarkable compound annual growth rate (CAGR) of approximately 12% during the forecast period spanning 2023 to 2030, propelling the market value to exceed US$80 billion by the close of 2030.
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Market Analysis Overview
Electric two-wheelers, akin to traditional scooters and motorcycles, are gaining widespread popularity as eco-friendly and cost-effective alternatives to their petrol-powered counterparts. These vehicles are lauded for their reduced environmental footprint, eliminating local tailpipe emissions and reducing noise pollution. Over the forecast period, advancements in battery management systems are anticipated to drive the demand for electric two-wheelers further. Government incentives and tax benefits are also contributing to the increasing adoption of electric two-wheelers, as they provide a stable and cost-effective alternative to petrol-powered vehicles, the prices of which are subject to volatility in the global oil market.
Key Report Findings
- Remarkable Market Expansion: The electric two-wheeler market is poised for remarkable growth between 2023 and 2030.
- Electric Scooters Lead Demand: Electric scooters are driving the surge in electric two-wheeler demand.
- Hub Motors in Demand: Hub motors remain the preferred choice in the electric two-wheeler market.
- 48V Category Dominance: The 48V category accounted for the highest market revenue share in 2022.
- Lithium-ion Batteries Prevail: Lithium-ion batteries held the highest market revenue share in 2022.
- Asia Pacific Takes the Lead: Asia Pacific continues to lead, while North America exhibits the strongest growth potential until 2030.
Growth Drivers
1. Battery Swapping Technology: Battery swapping technology is revolutionizing the electric vehicle landscape, offering convenience and alleviating range anxiety. Government investments in battery-swapping infrastructure are poised to reshape the market.
2. Increased Sales of Electric Motorbikes and E-bikes: In response to growing traffic congestion and the need for quick urban commutes, lightweight electric vehicles, including electric motorbikes and bicycles, are witnessing mounting sales. Government incentives are further driving the adoption of electric motorcycles.
Market Challenges
1. Performance and Range Limitations: Electric two-wheelers are still evolving and face challenges in matching the performance and range of conventional vehicles. Range limitations, in particular, pose a barrier to widespread adoption.
Overview of Key Segments
1. E-scooter Sales Surge: E-scooters and mopeds are anticipated to dominate the electric scooter and motorcycle market due to their affordability and suitability for daily commuting.
2. Dominance of Lithium-ion Batteries: Lithium-ion batteries are set to dominate the market, offering higher energy density, longer lifespan, and improved performance.
Growth Opportunities Across Regions
1. e-Mobility Adoption Soars in Asia: Asia Pacific leads the electric two-wheeler market due to environmental concerns, government incentives, and consumer preference for eco-friendly transportation.
2. North America Witnesses Escalating Sales: North America experiences significant growth, driven by falling battery prices, investments by shared mobility players, and the efforts of major two-wheeler companies to introduce electric options.
Competitive Landscape
Key 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 on the cusp of a transformative journey, driven by technological innovations, government support, and changing consumer preferences. As sustainability and eco-consciousness become paramount, electric two-wheelers are poised to revolutionize urban mobility and shape the future of transportation.
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