Electric Two Wheeler Market Growing at a Robust 25.57% CAGR: MarkNtel Advisors

Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Electric Two Wheeler Market, The Global Electric Two Wheeler Market is projected to grow at a CAGR of around 25.57% during the forecast period, i.e., 2023-28. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Electric Two Wheeler Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook & Forecasts:

Forecast Period: 2023-2028
CAGR (2023-2028): 25.57%

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Global Electric Two Wheeler Market Segmentation Breakdown:

The Electric Two Wheeler Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

By Vehicle Type
- Scooter/Moped
- Motorcycle

Among them, Electric Scooters/Mopeds dominated the Electric Two Wheeler market owing to the cost-competitiveness of e-scooter & mopeds compared to motorcycles & ease of maintenance.

By Application
- Personal Use
- Commercial Use

Commercial Use application gained significant traction in the past and is expected to continue to grow considerably in the coming years.

By Drive Type
- Off road
- Urban
By Travel Range
- Up to 100 Km
- 101 to 150 Km
- More than 150
By Battery Type
- Lead Acid
- Lithium Ion
By Battery Capacity
- < 2 kWh
- 2-2.5 kWh
- > 2.5 kWh
By Tire Size
- 50 x 17
- 90/90-12
- 5 x 17
- 120/70 ZR17
- 100/70-17
- 90/90-14
- 00-10
- 110/70-12
- 90/90-10
- 110/80-14
- 50-10
- 120/70-12
- Others

Geographical Growth Insights:

By Region

North America
Latin America
Europe
The Middle East & Africa
Asia Pacific
South East Asia

Southeast Asia region observed considerable growth in the historical years due to the increasing incentives of the government of Southeast Asian countries to provide subsidies & flexible grants for the purchase of electric two-wheelers.

MarkNtel Advisors Highlights Key Market Drivers for Electric Two Wheeler Market:

Expansion of E-scooter & E-motorcycle Rentals to Serve Tourists Drives the Market - Tourism is one of the major factors boosting the sales globally, as rental electric two-wheelers are the most preferred choice for tourists to visit the city hassle free on their own. Globally, the demand for these vehicles is being driven by urbanization, digitalization, micro-mobility, traffic congestion, and the cost of owning & maintaining bikes.

The tourist cities like Bali, Kuala Lumpur, Madrid, Delhi, etc., across the world, are facing traffic congestion & pollution caused by rapid urbanization that puts a lot of pressure on the public transport system. Therefore, the consumer prefers the rental electric two-wheeler as it offers hassle-free movement at a competent cost than renting a four-wheeler for the same purpose. As a result of the growing demand, various start-ups, such as Revel, City Scoot, Cooltra, VOGO, etc., that provide QR-based dockless services are increasingly expanding worldwide to gain significant revenues.

Thus, the expansion of e-scooter & motorcycle renting companies are notably driving the sales and is anticipated to continue to support the revenue expansion of the market in the upcoming years as well.

A Comprehensive Analysis of Leading Companies in Global Electric Two Wheeler Market

Hero Electric Vehicles Private Limited
Okinawa Autotech International Private Limited
Energica Motor Company S.P.A.
AIMA Technology Group Co. Ltd.
Yadea Technology Group Co., Ltd
Terra Motors Corporation
Zero Motorcycles Inc.
Honda Motor Co., Ltd.
Dongguan Tailing Electric Vehicle Co., Ltd.
Silence Urban Ecomobility
emcoelectroroller GmbH
Vmoto Limited
Jiangsu Xinri E-Vehicle Co.,Ltd
GOVECS AG
Others

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What are the Growth Opportunity driving the Global Electric Two Wheeler Market?

Government-led Initiatives & Subsidies to Escalate the Demand for the Electric Two-wheelers - Several countries, such as Indonesia, the US, Canada, etc., are working towards a sustainable approach to reduce carbon emissions from the environment & lower the air pollution caused by the automobile industry. This has resulted in the government of the countries such as Vietnam, the UK, and others, drafting initiatives such as Net Zero Emission by 2050 and many more, encouraging users to switch towards electric two-wheelers. For instance:

In 2022, the Government of Vietnam set registration fees for EVs comprising electric motorcycles, electric scooters, and electric cars, to zero, starting in March 2022 to February 2027, to reduce carbon dioxide emissions and work in line with the Net Zero emissions by 2050 initiatives.

Further, the government of countries such as Singapore, France, etc., are also planning to fully support the electric vehicle by providing the required infrastructure like charging stations & battery swapping stations and modifying the availability of incentives such as subsidies, etc. Thus, the rise in the effort of the government of different countries such as the UK, Japan, etc., to switch towards electric vehicles, offers a wide area of opportunity in the sales of electric two-wheeler during the forecast period.

Global Electric Two Wheeler Industry Recent Developments

2023: An electric two-wheeler manufacturer, Yadea Technology Group Co., Ltd., launched a high-speed electric motorcycle in the US as part of the company's strategic layout for the US market. The company plans to open flagship stores in San Francisco & Los Angeles and over 100 Integrated brand dealer stores in the first half of 2023.
2022: Hero Electric Vehicles Private Limited expanded its partnership with Zypp Electric to support the growth of the logistics & delivery segment. Under this partnership, Hero Electric would deploy 1.5 lakh electric scooters for Zypp Electric’s fleet in the next three years.

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