February 22, 2024

Electric Two-Wheeler Market Poised for Rapid Growth, Exceeding US$80 Billion by 2030

Electric two-wheelers are revolutionizing urban mobility, driven by their eco-friendly nature and cost-effective operation. These vehicles, powered solely by batteries, contribute to cleaner air and reduced noise pollution, making them increasingly popular worldwide. The Electric Two-Wheeler Market is set to surge at a robust CAGR of approximately 12% from 2023 to 2030, reaching an impressive market value of over US$80 billion by 2030.

Key Report Findings

Remarkable Market Expansion: The electric two-wheeler market is poised for substantial growth during the forecast period, driven by rising demand for electric scooters.

Hub Motors in Demand: Hub motors continue to be a preferred choice in the electric two-wheeler market, ensuring efficient performance.

48V Category Leads: The 48V category captured the highest market revenue share in 2022, indicating its dominance in the market.

Lithium-Ion Battery Dominance: Lithium-ion batteries emerged as the preferred choice in 2022, offering superior energy density, longer lifespan, and faster charging.

Asia Pacific Takes the Lead: Asia Pacific maintains its leadership position in the electric two-wheeler market, with North America experiencing robust growth through 2030.

Growth Drivers

Battery Swapping Technology: The adoption of battery swapping technology is set to transform the market, alleviating range anxiety and enhancing long-distance travel convenience. Government initiatives and investments further bolster this innovative approach.

Sales Surge in Electric Motorbikes and E-Bikes: As traffic congestion worsens, urban commuters are turning to electric motorbikes and e-bikes for quick, cost-effective solutions. Favorable tax policies in countries like India incentivize their adoption.

Market Challenges

Performance, Range, and Design Limitations: Although electric two-wheelers offer eco-friendly benefits, they still face performance and range limitations compared to conventional counterparts. Overcoming these limitations is crucial to broader adoption.

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Overview of Key Segments

E-Scooter Sales on the Rise: E-scooters and mopeds dominate the electric scooter and motorcycle market due to their affordability and suitability for daily commuting. Companies like Nexzu Mobility are driving innovation in this segment.

Lithium-Ion Battery Preferred: Lithium-ion batteries lead the market due to their higher energy density, lighter design, longer lifespan, and faster charging capabilities, contributing to the overall efficiency of electric two-wheelers.

Growth Opportunities Across Regions

e-Mobility Adoption Soars in Asia Pacific: Asia Pacific continues to lead the market, driven by environmental concerns, government incentives, and infrastructure development. Key players in this region include Hero Electric, Okinawa Autotech, Jiangsu Xinri, Niu International, and Yadea Technology Group.

North America Witnesses Escalating Sales: The North American market experiences significant growth, attributed to falling battery prices, increased investments by shared mobility players, and major two-wheeler companies introducing electric options. Canada’s electric two-wheeler market shows remarkable potential.

Competitive Landscape

Leading players in the electric two-wheeler market include Yadea Group Holdings, Silence Urban Ecomobility, Niu Technologies, Segway Inc., Hero Electric, Okinawa Autotech, Ather Energy, AIMA Technology, Ola Electric Mobility, Pure Electric, Piaggio & C., and BMW North America. These industry leaders continue to drive innovation and shape the future of urban mobility.

 

Browse Global Electric Two-Wheeler Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 – (By Vehicle Type Coverage, By Motor Placement Coverage, By Motor Power Coverage, By Battery Type Coverage, By Geographic Coverage and Leading Companies): https://www.fairfieldmarketresearch.com/report/electric-two-wheeler-market

 

Similar Reports:

Electric Bus Market: https://www.fairfieldmarketresearch.com/report/electric-bus-market

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Electric Vehicle Tires Market: https://www.fairfieldmarketresearch.com/report/electric-vehicle-tires-market

    

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This press release first seen on Brilad