The global electric two-wheeler market is set to experience significant growth, with a projected Compound Annual Growth Rate (CAGR) of approximately 12% during the forecast period from 2023 to 2030. By the end of 2030, the market is anticipated to exceed a staggering value of more than US$80 billion.
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Market Overview
Electric two-wheelers, including scooters and motorcycles, have gained immense popularity due to their eco-friendly nature, noise reduction, and government incentives. Technological advancements in battery management systems, coupled with tax benefits, are driving the demand for these vehicles. Moreover, the volatility of petrol prices in the global market has made electric two-wheelers an attractive and cost-effective alternative for consumers.
Key Report Findings
The market for electric two-wheelers is poised for remarkable expansion throughout the forecast period. Electric scooters are driving the demand, with hub motors and 48V batteries leading the market in 2022. Lithium-ion batteries dominate the market, and the Asia Pacific region continues to be the market leader, while North America experiences rapid growth.
Growth Drivers
- Growing Use of Battery Swapping Technology: Battery swapping technology is revolutionizing the market, providing greater convenience for electric vehicle owners. This breakthrough alleviates range anxiety and offers cost-effective solutions, particularly in rural areas and emerging markets.
- Mounting Sales of Electric Motorbikes and E-bikes for Short Trips: As traffic congestion increases, urban commuters are turning to electric motorbikes and e-bikes for convenient and eco-friendly transportation. Tax incentives and government support further boost the adoption of electric motorcycles.
Market Challenges
- Performance, Range, and Design Limitations: While electric two-wheelers offer numerous advantages, they are still evolving in terms of performance and power when compared to traditional counterparts. Range limitations remain a concern for customers, especially those who travel long distances.
Key Segments
- E-scooter Sales Highest: E-scooters and mopeds are expected to dominate the market due to their affordability and popularity for daily commuting. These vehicles are energy-efficient and contribute to cleaner air.
- Lithium-ion Battery Type Dominant: Lithium-ion batteries are the preferred choice due to their higher energy density, lighter design, longer lifespan, and rapid charging capabilities.
Growth Opportunities Across Regions
- e-Mobility Adoption Soars in Key Asian Countries: Asia Pacific continues to lead the market, driven by environmental concerns and government incentives. Major Asian manufacturers such as Hero Electric, Okinawa Autotech, and Niu International are contributing to the region's growth.
- North America to Witness Escalating Sales: North America is experiencing a significant CAGR, with the US leading the market. Falling battery prices, investments in shared mobility, and increased efforts by major two-wheeler companies are driving growth in the region.
Competitive Landscape
Prominent 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.
As the electric two-wheeler market continues to expand and innovate, it presents numerous opportunities for both industry leaders and newcomers to contribute to the sustainable future of urban transportation.
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