According to the latest report by IMARC Group "Electric Two-Wheeler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", The global electric two-wheeler market size reached US$ 31.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 66.1 Billion by 2027, exhibiting at a CAGR of 13.5% during 2022-2027.
Electric two-wheeler comprises motorcycles, mopeds, and scooters that are lightweight and self-operating automobiles powered by an integrated electric motor and a rechargeable battery. It is utilized by individuals for covering short distances in a versatile manner as it assists in efficient maneuvering through congested roads. It is versatile, portable, durable, cost-effective, fuel-efficient, and an eco-friendly alternative to other modes of transportation. As a result, electric two-wheeler vehicle is gaining traction in the automotive industry across the globe.
Market Trends:
At present, increasing sales of electric two-wheeler vehicles like e-bikes on account of rapid urbanization and inflating income levels of individuals represent one of the major factors strengthening the market growth around the world. Moreover, due to rising environmental concerns, governing agencies of numerous countries are implementing regulations to encourage the use of electric two-wheeler vehicles and reduce the carbon footprint, which is favoring the market growth. The inflating prices of petrol and the growing demand for fuel-efficient and high-performance vehicles are also influencing the market positively. There is a rise in the awareness about the economic and ecological benefits of adopting EVs, which is contributing to the market growth. In addition, the expanding number of EV charging stations is driving the sales of electric two-wheeler vehicles across the globe. Along with this, the integration of the Internet of Things (IoT) in electric charging station systems to assist users in locating the nearby charging stations and availabile vacant spots and schedule convenient slots for fill-ups is also providing a thrust to the market growth.
Apart from this, the increasing adoption of electric two-wheelers by logistics enterprises to offer quick and convenient postal and delivery services and the thriving e-commerce industry is creating a positive outlook for the market. Furthermore, key players are introducing mobile applications to help track fitness and deliver information in real time on smartphones. They are also offering tax rebates and subsidies upon purchasing two-wheeler electric vehicles. This, coupled with increasing investments in promotional activities, including celebrity endorsements by leading manufacturers to improve the existing sales and profitability, is offering lucrative growth opportunities. Besides this, the rising adoption of modular and compact chassis systems in the electric two-wheeler vehicles is bolstering the growth of the market. Additionally, leading players are extensively financing research and development (R&D) activities to launch advanced two-wheeler EVs, which are anticipated to propel the growth of the market in the coming years.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
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.
and Zero Motorcycles
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The report has segmented the market on the basis of Product Type, End-User and Region.
Breakup by Vehicle Type:
Electric Scooter/Moped
Electric Motorcycle
Breakup by Battery Type:
Lithium-Ion
Sealed Lead Acid (SLA)
Breakup by Voltage Type:
<48V
48-60V
61-72V
73-96V
>96V
Breakup by Peak Power:
<3 kW
3-6 kW
7-10 kW
>10 kW
Breakup by Battery Technology:
Removable
Non-Removable
Breakup by Motor Placement:
Hub Type
Chassis Mounted
Market Breakup by Region:
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
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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