Electric Two-Wheeler Market Projected to Grow at a 25.41% CAGR from 2024 to 2032

The Electric Two-Wheeler Market is growing rapidly with increasing demand for eco-friendly, cost-efficient transportation solutions.

CALIFORNIA, CA, UNITED STATES, January 20, 2025 /EINPresswire.com/ -- According to a comprehensive research report by Market Research Future (MRFR), The Electric Two-Wheeler Market Information by Type, Battery Type, Voltage and Region - Forecast till 2032, The Global Electric Two-Wheeler Market is estimated to reach a valuation of USD 44423.18 million at a CAGR of 25.41% during the forecast period from 2024 to 2032.

Electric Two-Wheeler Market Overview

Electric two-wheelers are vehicles powered by electric motors instead of internal combustion engines. They run on rechargeable batteries, such as lithium-ion or lead-acid, which power the electric motor to drive the vehicle. Electric two-wheelers encompass electric scooters, motorcycles, and mopeds, which are becoming increasingly popular in urban areas due to their compact size, low operating costs, and ability to navigate congested traffic.

The market for electric two-wheelers is poised for substantial growth, with global sales expanding rapidly in both developed and developing regions. According to market reports, the electric two-wheeler market is expected to surpass USD 100 billion by the mid-2030s, expanding at a compound annual growth rate (CAGR) of around 6–8%. This growth is driven by several factors, including advancements in technology, environmental concerns, and changing consumer preferences.

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Key Players

Jiangsu Xinri E-Vehicle (China)

Yadea Technologies (China)

VMOTO (Australia)

NIU International (China)

Energica Motor (Italy)

Govecs (Germany)

China Zhongneng Vehicle (China)

Zero Motorcycles (US)

Hero Electric (India)

Ampere Vehicles (India)

GOGORO Inc. (Taiwan)

Market Dynamics

Drivers

Environmental Sustainability and Green Mobility The increasing awareness of environmental issues, such as climate change, air pollution, and the depletion of fossil fuels, has shifted the focus toward cleaner transportation options. Electric two-wheelers emit zero tailpipe emissions, which makes them an ideal choice for urban mobility. Many countries are pushing for carbon-neutral goals, further promoting the adoption of electric vehicles (EVs) across all sectors, including two-wheelers.

Cost-Effectiveness and Low Operating Costs Electric two-wheelers offer substantial cost savings compared to their gasoline counterparts. The price of electricity required to charge electric vehicles is significantly lower than the cost of gasoline. Additionally, electric motorcycles and scooters require less maintenance, with fewer moving parts and no need for oil changes, reducing overall operating costs.

Government Incentives and Regulations Governments across the globe are providing incentives, subsidies, and tax rebates to promote the adoption of electric vehicles, including two-wheelers. Countries like China, India, and several European nations have launched initiatives to support EV growth, including offering financial incentives to consumers and providing infrastructure for EV charging stations. Moreover, stringent emission regulations on traditional vehicles are pushing consumers and manufacturers to turn to electric alternatives.

Technological Advancements in Batteries The continuous improvement in battery technology, particularly in lithium-ion batteries, has significantly enhanced the performance and range of electric two-wheelers. Advances in energy density and charging speeds, combined with declining battery costs, have made electric two-wheelers more affordable and practical for everyday use. Longer battery life and quicker charging times have also addressed some of the common concerns associated with electric vehicles.

Urbanization and Traffic Congestion With the rapid growth of urban populations, traffic congestion in cities has become a major issue. Electric two-wheelers provide an efficient solution, offering a nimble and agile mode of transport that can navigate through traffic and avoid delays. The compact size and ease of parking also make them an attractive option for city dwellers.

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Restraints

High Initial Purchase Price Despite the lower operating costs, the initial purchase price of electric two-wheelers is still higher than traditional gasoline-powered vehicles. The high cost of advanced batteries contributes significantly to the overall price, making electric two-wheelers less affordable for certain consumers, particularly in developing regions where the adoption rate is slower.

Limited Charging Infrastructure A major barrier to the widespread adoption of electric two-wheelers is the lack of charging infrastructure in many regions. Although urban centers are gradually increasing the number of charging stations, rural and remote areas still face significant challenges in accessing reliable charging options. This limitation can create range anxiety, where consumers worry about running out of battery power without access to a charging station.

Battery Life and Replacement Costs While battery technology has improved, the limited lifespan of batteries still poses a challenge. Electric two-wheeler batteries typically degrade over time, reducing their overall range. The high cost of replacing the battery once it reaches the end of its useful life can be a significant deterrent for potential buyers, especially when compared to the long lifespan of gasoline-powered vehicles.

Regulatory Hurdles The electric two-wheeler market is still subject to varying government regulations and standards across different countries. Differences in taxation policies, safety standards, and certification processes can complicate the market entry for manufacturers. Additionally, some regions still have relatively weak regulatory frameworks for electric vehicles, which may delay the adoption and growth of electric two-wheelers.

Electric Two-Wheeler Market Segmentation

Electric Two-Wheeler Type Outlook

Electric Motorcycles

Electric Scooters

Electric Two-Wheeler Battery Type Outlook

Sealed Lead Acid

Li-ion

Others

Electric Two-Wheeler Voltage Outlook

36V

24V

48V

More than 48V

Electric Two-Wheeler Regional Outlook

North America

US

Canada

Mexico

Europe

UK

Germany

France

Italy

Spain

Rest of Europe

Asia-Pacific

China

India

Japan

Australia

South Korea

Indonesia

Vietnam

Philippines

Myanmar

Singapore

Rest of Asia-Pacific

Middle East & Africa

UAE

Saudi Arabia

Bahrain

Oman

Kuwait

Egypt

South Africa

Algeria

Nigeria

Kenya

Ghana

Rest of Middle East & Africa

South America

Brazil

Argentina

Chile

Colombia

Peru

Venezuela

Rest of South America

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Regional Analysis

Asia-Pacific

The Asia-Pacific region holds the largest share of the global electric two-wheeler market, driven primarily by countries like China and India. China is the world’s largest market for electric vehicles, and the demand for electric two-wheelers is also soaring due to government incentives and a growing focus on pollution control. India, with its burgeoning middle class, is also experiencing a rapid rise in electric two-wheeler adoption. The government's push for EV adoption, coupled with increasing environmental awareness, is expected to fuel further growth in this region.

Europe

Europe is another key region in the electric two-wheeler market, with countries like the Netherlands, Germany, and France leading the way in terms of adoption. The European Union’s stringent emission regulations and the push for a carbon-neutral economy have been significant drivers of electric vehicle adoption. Electric two-wheelers are becoming a popular choice in urban areas due to their lower emissions and ability to circumvent traffic congestion. The growing network of charging stations is also facilitating the expansion of electric mobility in Europe.

North America

North America, particularly the United States, is expected to see steady growth in the electric two-wheeler market, albeit at a slower pace than Asia and Europe. The region is witnessing increasing interest in electric motorcycles and scooters as an alternative mode of transportation, particularly in cities with high traffic congestion. Government incentives and policies are helping to stimulate the market, though the adoption rate is still in its nascent stages compared to other regions.

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