Electric Two Wheelers Market
Electric Two-Wheelers Market Forecasts to 2030 - Global Analysis By Vehicle Type (Electric Motorcycle, Electric Scooter, E-bikes, Electric Kick Scooter and Other Vehicle Types), Battery Type, Motor Placement, Category, Motor Power, Motor Speed and by Geography
According to Stratistics MRC, the Global Electric Two-Wheelers Market is accounted for $81.76 billion in 2024 and is expected to reach $129.75 billion by 2030 growing at a CAGR of 8.0% during the forecast period. Due to their eco-friendly and effective design, electric two-wheelers are revolutionizing urban transportation. These vehicles, which include motorcycles and scooters that run on electricity and rechargeable batteries, provide a greener option to conventional gas-powered bikes. They have multiple advantages, including decreased noise pollution, lower operating costs, and a reduction in carbon emissions. Moreover, urban commuters seeking more environmentally friendly transportation options are increasingly choosing electric two-wheelers because of their growing practicality and accessibility due to advancements in battery technology and charging infrastructure.
According to the International Energy Agency (IEA), the global market for electric two-wheelers is expected to grow significantly in the coming years, driven by increasing environmental concerns and advancements in battery technology.
Market Dynamics:
Driver:
Growing costs of fuel
Customers are looking for more affordable transportation options due to the volatility and rising trend of fossil fuel prices. Given that their operating costs are typically lower than those of gasoline-powered vehicles, electric two-wheelers offer a competitive alternative. Since there are fewer moving parts in electric cars, maintenance and repair costs are lowered. Additionally, electricity is frequently less expensive than gasoline. As a result of this gradual cost advantage, electric two-wheelers have become a more appealing choice for consumers on a tight budget.
Restraint:
Exorbitant initial cost of purchase
Even though the cost of electric two-wheelers is declining, many buyers are still significantly hampered by the initial outlay. Exorbitant initial costs, resulting from sophisticated components and pricey battery technology, may be unaffordable, particularly in markets with lower average income levels. Even though some of these expenses can be covered by government incentives and subsidies, the total cost still makes widespread adoption difficult. Furthermore, prospective purchasers frequently compare this upfront cost to the long-term fuel and maintenance savings, which may cause them to postpone making a purchase.
Opportunity:
Development of the charging infrastructure
The market for electric two-wheelers has a significant opportunity in the expansion of the charging infrastructure. By making investments in both public and private charging networks, electric two-wheelers can become more practical for daily use, and range anxiety can be reduced. This entails placing charging stations in key areas, like commercial districts, residential neighborhoods, and urban centers. Moreover, better infrastructure encourages a wider adoption of electric mobility solutions while also making owning an electric two-wheeler more convenient.
Threat:
Environmental impacts of battery disposal
The environmental benefits of electric two-wheelers are offset by the challenges associated with battery disposal and recycling. Resource depletion and pollution can result from improper handling of used batteries. There is pressure on the sector to create efficient recycling procedures and adequately handle battery lifecycle management. Additionally, if these environmental issues are not addressed, there may be a negative public image, regulatory scrutiny, and higher waste management and recycling operations-related costs.
Covid-19 Impact:
The market for electric two-wheelers was not entirely affected by the COVID-19 pandemic. On the one hand, market expansion was hindered by manufacturing delays, supply chain disruptions, and decreased consumer spending as a result of uncertain economic conditions. Lockdowns and social distancing tactics further impacted sales by restricting dealership operations and test drives. On the other hand, the pandemic led to a shift toward more environmentally friendly forms of transportation and increased awareness of environmental issues. Furthermore, electric two-wheelers gained popularity again as an environmentally friendly substitute for conventional cars as cities started to recover and concentrate on greener, more durable urban mobility solutions.
The Lithium-Ion segment is expected to be the largest during the forecast period
The lithium-ion market segment has the largest share in the electric two-wheeler market. With their high energy density, extended lifespan, and lightweight design, lithium-ion batteries are the battery of choice for electric two-wheelers because they provide improved efficiency and performance. When comparing these batteries to Nickel-Metal Hydride (Ni-MH) and Sealed Lead Acid (SLA) batteries, there is a noticeable difference in terms of charging time and range. Moreover, the market segment led by lithium-ion is characterized by its dominance due to the growing emphasis on advanced battery technologies and the increasing adoption of electric vehicles.
The Hub-motor segment is expected to have the highest CAGR during the forecast period
The hub-motor segment of the electric two-wheeler market is growing at the highest CAGR. The simplicity and efficiency of hub motors, which are built into the vehicle's wheels, are two major benefits. They are a desirable alternative for manufacturers and consumers alike because they do away with the need for intricate mechanical systems and lower maintenance requirements. Furthermore, developments in motor technology, the growing market for electric two-wheelers, and the advantages of hub motors in terms of enhanced vehicle efficiency and lower operating costs are the main drivers of this segment's explosive growth.
Region with largest share:
In the market for electric two-wheelers, the Asia-Pacific region has the largest share. In nations like China and India, where there is a strong push for environmentally friendly transportation options and financial incentives from the government to encourage electric mobility, the high adoption rates of electric two-wheelers are the main causes of this dominance. Asia-Pacific has a significant market share due in part to the region's high population, fast urbanization, and rising environmental awareness. Moreover, the region's dominant position in the market is further supported by the existence of significant electric two-wheeler manufacturers and developments in battery technology.
Region with highest CAGR:
Europe is the region where the market for electric two-wheelers is growing at a significant rate. Because of strict environmental regulations that are driving a shift to cleaner transportation options, Europe is experiencing the highest CAGR. Governments in all of Europe are putting supportive laws and financial incentives in place to promote the use of electric cars. Additionally, there is a growing need for electric two-wheelers in this area due to the increased emphasis on cutting carbon emissions and developing technological advancements in electric mobility.
Key players in the market
Some of the key players in Electric Two-Wheelers market include Yamaha Motor Co.Ltd, Gogoro Limited, Ather Energy Pvt. Ltd., Honda Motor Co. Ltd., AIMA Technology Co., Ltd, Hero Electric Vehicles Pvt. Ltd., Energica Motor Company SPA, Bayerische Motoren Werke AG (BMW), Vmoto Limited, Zero Motorcycles, Inc., Jiangsu Xinri E-Vehicle Co. Ltd, Evoke Motorcycles, Ampere Vehicles Pvt. Ltd., Govecs AG, Terra Motors Corporation, Ola Electric, Pedego Electric Bikes and Revolt Motors.
Key Developments:
In April 2024, Honda Motor Co., Ltd. announced that the company has reached a basic agreement with Asahi Kasei Corporation on collaboration for the production of battery separators for automotive batteries in Canada. The two companies will begin detailed discussions with the goal to establish a joint venture company before the end of 2024.
In September 2023, Yamaha Motor Co., Ltd. announced that an agreement was reached to have Chongqing Jianshe Mechanical and Electric Co., Ltd., a current partner of the Company's motorcycle manufacturing joint venture in China, Zhuzhou Jianshe Yamaha Motor Co., Ltd. (ZJYM), transfer ZJYM's equity interest to ZHEJIANG CFMOTO POWER CO., LTD. (CFMOTO).
In March 2023, Two-Wheeler maker Hero MotoCorp announced that it has signed agreement with US-based Zero Motorcycles to collaborate on premium electric motorcycles. The collaboration combines the expertise of Zero in developing power trains and electric motorcycles with the scale of manufacturing, sourcing and marketing of Hero MotoCorp.
Vehicle Types Covered:
• Electric Motorcycle
• Electric Scooter
• E-bikes
• Electric Kick Scooter
• Other Vehicle Types
Battery Types Covered:
• Sealed Lead Acid (SLA)
• Lithium-Ion
• Ni-MH
Motor Placements Covered:
• Hub-motor
• Gear
• Gearless
• Frame-mounted motor
Categories Covered:
• Plug-in Electric
• Battery-operated Electric
Motor Powers Covered:
• <48V
• 48-60V
• 61-72V
• 73-96V
• >96V
• Other Motor Powers
Motor Speeds Covered:
• Below 3.5 kW
• 3.5 kW - 6.5kW
• Above 6.5 Kw
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Electric Two-Wheelers Market, By Vehicle Type
5.1 Introduction
5.2 Electric Motorcycle
5.2.1 Urban
5.2.2 Cruiser
5.2.3 Café Racer
5.2.4 Off-road
5.3 Electric Scooter
5.4 E-bikes
5.5 Electric Kick Scooter
5.6 Other Vehicle Types
6 Global Electric Two-Wheelers Market, By Battery Type
6.1 Introduction
6.2 Sealed Lead Acid (SLA)
6.3 Lithium-Ion
6.4 Ni-MH
7 Global Electric Two-Wheelers Market, By Motor Placement
7.1 Introduction
7.2 Hub-motor
7.3 Gear
7.4 Gearless
7.5 Frame-mounted motor
8 Global Electric Two-Wheelers Market, By Category
8.1 Introduction
8.2 Plug-in Electric
8.3 Battery-operated Electric
9 Global Electric Two-Wheelers Market, By Motor Power
9.1 Introduction
9.2 <48V
9.3 48-60V
9.4 61-72V
9.5 73-96V
9.6 >96V
9.7 Other Motor Powers
10 Global Electric Two-Wheelers Market, By Motor Speed
10.1 Introduction
10.2 Below 3.5 kW
10.3 3.5 kW - 6.5kW
10.4 Above 6.5 Kw
11 Global Electric Two-Wheelers Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Yamaha Motor Co.Ltd
13.2 Gogoro Limited
13.3 Ather Energy Pvt. Ltd.
13.4 Honda Motor Co. Ltd.
13.5 AIMA Technology Co., Ltd
13.6 Hero Electric Vehicles Pvt. Ltd.
13.7 Energica Motor Company SPA
13.8 Bayerische Motoren Werke AG (BMW)
13.9 Vmoto Limited
13.10 Zero Motorcycles, Inc.
13.11 Jiangsu Xinri E-Vehicle Co. Ltd
13.12 Evoke Motorcycles
13.13 Ampere Vehicles Pvt. Ltd.
13.14 Govecs AG
13.15 Terra Motors Corporation
13.16 Ola Electric
13.17 Pedego Electric Bikes
13.18 Revolt Motors
List of Tables
1 Global Electric Two-Wheelers Market Outlook, By Region (2022-2030) ($MN)
2 Global Electric Two-Wheelers Market Outlook, By Vehicle Type (2022-2030) ($MN)
3 Global Electric Two-Wheelers Market Outlook, By Electric Motorcycle (2022-2030) ($MN)
4 Global Electric Two-Wheelers Market Outlook, By Urban (2022-2030) ($MN)
5 Global Electric Two-Wheelers Market Outlook, By Cruiser (2022-2030) ($MN)
6 Global Electric Two-Wheelers Market Outlook, By Café Racer (2022-2030) ($MN)
7 Global Electric Two-Wheelers Market Outlook, By Off-road (2022-2030) ($MN)
8 Global Electric Two-Wheelers Market Outlook, By Electric Scooter (2022-2030) ($MN)
9 Global Electric Two-Wheelers Market Outlook, By E-bikes (2022-2030) ($MN)
10 Global Electric Two-Wheelers Market Outlook, By Electric Kick Scooter (2022-2030) ($MN)
11 Global Electric Two-Wheelers Market Outlook, By Other Vehicle Types (2022-2030) ($MN)
12 Global Electric Two-Wheelers Market Outlook, By Battery Type (2022-2030) ($MN)
13 Global Electric Two-Wheelers Market Outlook, By Sealed Lead Acid (SLA) (2022-2030) ($MN)
14 Global Electric Two-Wheelers Market Outlook, By Lithium-Ion (2022-2030) ($MN)
15 Global Electric Two-Wheelers Market Outlook, By Ni-MH (2022-2030) ($MN)
16 Global Electric Two-Wheelers Market Outlook, By Motor Placement (2022-2030) ($MN)
17 Global Electric Two-Wheelers Market Outlook, By Hub-motor (2022-2030) ($MN)
18 Global Electric Two-Wheelers Market Outlook, By Gear (2022-2030) ($MN)
19 Global Electric Two-Wheelers Market Outlook, By Gearless (2022-2030) ($MN)
20 Global Electric Two-Wheelers Market Outlook, By Frame-mounted motor (2022-2030) ($MN)
21 Global Electric Two-Wheelers Market Outlook, By Category (2022-2030) ($MN)
22 Global Electric Two-Wheelers Market Outlook, By Plug-in Electric (2022-2030) ($MN)
23 Global Electric Two-Wheelers Market Outlook, By Battery-operated Electric (2022-2030) ($MN)
24 Global Electric Two-Wheelers Market Outlook, By Motor Power (2022-2030) ($MN)
25 Global Electric Two-Wheelers Market Outlook, By <48V (2022-2030) ($MN)
26 Global Electric Two-Wheelers Market Outlook, By 48-60V (2022-2030) ($MN)
27 Global Electric Two-Wheelers Market Outlook, By 61-72V (2022-2030) ($MN)
28 Global Electric Two-Wheelers Market Outlook, By 73-96V (2022-2030) ($MN)
29 Global Electric Two-Wheelers Market Outlook, By >96V (2022-2030) ($MN)
30 Global Electric Two-Wheelers Market Outlook, By Other Motor Powers (2022-2030) ($MN)
31 Global Electric Two-Wheelers Market Outlook, By Motor Speed (2022-2030) ($MN)
32 Global Electric Two-Wheelers Market Outlook, By Below 3.5 kW (2022-2030) ($MN)
33 Global Electric Two-Wheelers Market Outlook, By 3.5 kW - 6.5kW (2022-2030) ($MN)
34 Global Electric Two-Wheelers Market Outlook, By Above 6.5 Kw (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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