Electric Two Wheelers Market Size, Share, Outlook

The global Electric Two Wheelers Market Size stood at $19.32 billion in 2022 and is poised to register 9.92% growth over the forecast period from 2023 to 2030. Key market driving forces including Low ownership costs and government subsidies, Robust demand in Europe and the Americas, R&D investments in battery technology, and Steady Launch of new models are identified among the main market dynamics

 

Electric Two-Wheelers Market Analysis

Electric two-wheelers including scooters and motorcycles market are witnessing steady growth across end-user segments driven by the continuous launch of comfortable, easy-to-handle, and cost-effective models. As efficient and eco-friendly electric vehicles are being introduced into the market, the demand for new models is increasingly observed. Accordingly, significant business growth for industry stakeholders in the industry is observed.

Sustained policy support is among the main fuelling factors for electric vehicle growth worldwide. Countries such as India launched Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India (FAME), the Production Linked Incentive (PLI) scheme, and others to support domestic manufacturing and sales. The Internal combustion engine (ICE) technology-based vehicle sales remain dominant but electric two-wheelers are making rapid headway. The rapid development of electric-powered vehicles captures the growing demand for more sustainable alternatives. In addition, many vehicle manufacturers are putting forward plans to electrify their vehicles much higher than policy targets.

The Covid-19 pandemic and the Russia-Ukraine war caused disruptions in global supply chains, and delays in further advancement of electric propulsion and new battery technologies. Further, the limited performance and range of electric vehicles coupled with delays in the development of charging infrastructure in Western markets and expensive models are resulting in slow growth in sales in these markets.

On the other hand, emerging markets including China, India, South East Asia, Eastern Europe, Latin America, and other markets are witnessing a swift increase in sales. The small battery sizes used in models coupled with the simplicity of manufacturing and low-cost advantages are supporting the penetration in these countries. Ongoing R&D investments to lower the charging time, the launch of higher range vehicles, and improved vehicle performance will further support the sales.

In addition to lower electricity costs, low maintenance costs and low wear and tear of parts support electric vehicle sales. In 2022, players across the industry including R&D companies, Infrastructure providers, Tier I and Tier II suppliers, OEMs, marketing and distribution agencies, and End Users continue to witness rapid growth in sales.

 

Market Dynamics

Market Trend- Low ownership costs and government subsidies encourage rapid market penetration

The demand for cost-efficient, comfortable, easy-to-handle two-wheeled scooters that enable drivers to condition their legs on a platform, rather than to the sides, as occurs on motorcycles is supporting the market for e-scooters.

The declining power of lithium-ion batteries is encouraging the adoption of e-scooters. In particular, amidst soaring oil and gas prices, the shift is further fuelled toward electric mobility. The emergence of commercial transport models is further encouraging new sales.

In developing economies such as India, China, South East Asia, and other countries, the role of electric two and three-wheelers in reducing oil consumption in the transportation sector further strengthens the long-term outlook.

Governments are extending subsidies worldwide to promote the shift towards electric vehicles, driven by the advantages of reduced costs of pollution, declining health costs, innovation possibilities, promoting productivity and employment, and embracing new and sustainable technologies among others.

In addition to developing countries, Western Europe and American markets are also extending significant benefits for buyers to support market sales. Government support coupled with domestic demand is encouraging the sales of electric scooter advances around the world, developed mainly by small and medium-sized companies new in the industry.

 

Market Driver- R&D investments in battery technology fuel the sales of electric vehicles

The rapid growth in electric vehicle sales across developing and developed countries are encouraging the demand for high-performance Lithium-ion batteries. The drive towards eco-friendly and reliable energy sources in the automobile industry is supporting investments in research and innovation in lithium-ion battery technology.

Different types of Lithium-Ion batteries are gaining the market driven by a wide range of vehicles being marketed. Electric vehicles rely on lithium manganese oxide batteries, lithium iron phosphate batteries, and others for their high thermal stability and high-power output are observed.

Increasing applications are strengthening the use of different Lithium-Ion battery types, which supports the lower costs and high performance of the vehicles, thereby supporting the penetration into the ICE vehicle segment

 

Market Opportunity- Robust demand in Europe and the Americas

China is the major market for Electric two-wheelers while Europe and the United States markets are witnessing relatively less penetration of electric models. Electric motorcycles tend to be more expensive, restricting penetration despite lower operational costs. Accordingly, governments are encouraging the shift to electric models to save on the gasoline volume used in the transportation industry. 

An increasing focus on the development of EV charging infrastructures is supporting the foray of electric two-wheeler models. In addition to product enhancement, focus on cost savings, and development of an integrated ecosystem supports the long-term outlook.

Government supports in both Western European and Eastern European markets will drive the market outlook. For instance, Italy extends Eco bonus for e-vehicle buyers while Denmark offers parking advantages, Norway extends toll-free travel, and Netherlands, Spain, France, Austria, Portugal, and other countries extend tax rebates and other benefits for e-vehicle sales. The governments are also in the process of creating a battery management ecosystem, to enable battery recycling, thereby contributing to lower vehicle costs.

 

Market Segmentation

The global Electric Two Wheelers Market is segmented into Types, Voltage types, Battery types, and Countries.

E-scooters accounted for 87.5% market share in 2022

Electric Scooters dominate the global two-wheelers market worldwide. The low-cost advantages coupled with the presence of a large number of models worldwide support the market for electric scooters. During 2022, the segment registered $15.4 billion in revenue, driven predominantly by sales in Asian markets. The segment is poised to register a 9.3% compounded annual growth rate between 2023 and 2030.

 

By Region, Asia Pacific accounts for the highest market size for the period 2023 to 2030

 Asia Pacific is the largest market for Electric Two Wheelers, predominantly driven by purchases from China consumers. Two-wheelers remain the popular mode of transport in China, especially in congested cities in the country. Driven by the low operating costs of electric vehicles, government subsidies for emission-free motorcycles and scooters, and the launch of diverse models across price ranges, the country is witnessing rapid growth in sales volume. The constant launch of new models from leading OEMs such as Yadea, Sunra, NIU, Auteco, Luyuan, Xinri, Ninebot, and others supports the market outlook.

On the other hand, growth in consumer purchasing power is supporting the sales of passenger cars, which act as deterrents for the electric two and three-wheeler market growth. R&D investments in battery technologies including the rapid shift from lead-acid batteries to lithium-ion batteries, fast charging options, and innovative technologies support the market outlook. Further, the emergence of commercial applications including bike-sharing, cargo delivery, logistics, and other applications supports the market outlook for electric two-wheelers.

 

Segmentation

By Type

• Scooter
• Motorcycles and Others

 

By Voltage

• 24 V
• 36 V
• 48 V
• Above 48 V

 

By Battery

• Lead Acid
• Lithium Ion
• Others

 

 

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)

 

Key Players

Leading companies profiled in the study include-

• Zhejiang Luyuan Electric Vehicle Co., Limited
• Vmoto Limited
• Yadea Group Holdings Limited
• Jiangsu Xinri E-Vehicle Co., Ltd
• Govecs AG
• NIU International202
• Hero Electric
• Okinawa Autotech International Pvt Ltd

 

Electric Two Wheelers Market Outlook 2023

1 Market Overview

1.1 Introduction to Electric Two Wheelers Market

1.2 Scope of the Study

1.3 Research Objective

1.3.1 Key Market Scope and Segments

1.3.2 Players Covered

1.3.3 Years Considered

 

2 Executive Summary

2.1 2023 Electric Two Wheelers Industry- Market Statistics

3 Market Dynamics

3.1 Market Drivers

3.2 Market Challenges

3.3 Market Opportunities

3.4 Market Trends

 

4 Market Factor Analysis

4.1 Porter’s Five Forces

4.2 Market Entropy

4.2.1 Global Electric Two Wheelers Market Companies with Area Served

4.2.2 Products Offerings Global Electric Two Wheelers Market

5 COVID-19 Impact Analysis and Outlook Scenarios

5.1.1 Covid-19 Impact Analysis

5.1.2 Post-COVID-19 Scenario- Low Growth Case

5.1.3 Post-COVID-19 Scenario- Reference Growth Case

5.1.4 Post-COVID-19 Scenario- Low Growth Case

 

6 Global Electric Two Wheelers Market Trends

6.1 Global Electric Two Wheelers Revenue (USD Million) and CAGR (%) by Type (2018-2028)

6.2 Global Electric Two Wheelers Revenue (USD Million) and CAGR (%) by Applications (2018-2028)

6.3 Global Electric Two Wheelers Revenue (USD Million) and CAGR (%) by Regions (2018-2028)

 

7 Global Electric Two Wheelers Market Revenue (USD Million) by Type, and Applications (2018-2022)

7.1 Global Electric Two Wheelers Revenue (USD Million) by Type (2018-2022)

7.1.1 Global Electric Two Wheelers Revenue (USD Million), Market Share (%) by Type (2018-2022)

7.2 Global Electric Two Wheelers Revenue (USD Million) by Applications (2018-2022)

7.2.1 Global Electric Two Wheelers Revenue (USD Million), Market Share (%) by Applications (2018-2022)

 

8 Global Electric Two Wheelers Development Regional Status and Outlook

8.1 Global Electric Two Wheelers Revenue (USD Million) By Regions (2018-2022)

8.2 North America Electric Two Wheelers Revenue (USD Million) by Type, and Application (2018-2022)

8.2.1 North America Electric Two Wheelers Revenue (USD Million) by Country (2018-2022)

8.2.2 North America Electric Two Wheelers Revenue (USD Million) by Type (2018-2022)

8.2.3 North America Electric Two Wheelers Revenue (USD Million) by Applications (2018-2022)

8.3 Europe Electric Two Wheelers Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)

8.3.1 Europe Electric Two Wheelers Revenue (USD Million), by Country (2018-2022)

8.3.2 Europe Electric Two Wheelers Revenue (USD Million) by Type (2018-2022)

8.3.3 Europe Electric Two Wheelers Revenue (USD Million) by Applications (2018-2022)

8.4 Asia Pacific Electric Two Wheelers Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)

8.4.1 Asia Pacific Electric Two Wheelers Revenue (USD Million) by Country (2018-2022)

8.4.2 Asia Pacific Electric Two Wheelers Revenue (USD Million) by Type (2018-2022)

8.4.3 Asia Pacific Electric Two Wheelers Revenue (USD Million) by Applications (2018-2022)

8.5 South America Electric Two Wheelers Revenue (USD Million), by Type, and Applications (2018-2022)

8.5.1 South America Electric Two Wheelers Revenue (USD Million), by Country (2018-2022)

8.5.2 South America Electric Two Wheelers Revenue (USD Million) by Type (2018-2022)

8.5.3 South America Electric Two Wheelers Revenue (USD Million) by Applications (2018-2022)

8.6 Middle East and Africa Electric Two Wheelers Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)

8.6.1 Middle East and Africa Electric Two Wheelers Revenue (USD Million) by Country (2018-2022)

8.6.2 Middle East and Africa Electric Two Wheelers Revenue (USD Million) by Type (2018-2022)

8.6.3 Middle East and Africa Electric Two Wheelers Revenue (USD Million) by Applications (2018-2022)

 

9 Company Profiles

 

10 Global Electric Two Wheelers Market Revenue (USD Million), by Type, and Applications (2023-2028)

10.1 Global Electric Two Wheelers Revenue (USD Million) and Market Share (%) by Type (2023-2028)

10.1.1 Global Electric Two Wheelers Revenue (USD Million), and Market Share (%) by Type (2023-2028)

10.2 Global Electric Two Wheelers Revenue (USD Million) and Market Share (%) by Applications (2023-2028)

10.2.1 Global Electric Two Wheelers Revenue (USD Million), and Market Share (%) by Applications (2023-2028)

11 Global Electric Two Wheelers Development Regional Status and Outlook Forecast

11.1 Global Electric Two Wheelers Revenue (USD Million) By Regions (2023-2028)

11.2 North America Electric Two Wheelers Revenue (USD Million) by Type, and Applications (2023-2028)

11.2.1 North America Electric Two Wheelers Revenue (USD) Million by Country (2023-2028)

11.2.2 North America Electric Two Wheelers Revenue (USD Million), by Type (2023-2028)

11.2.3 North America Electric Two Wheelers Revenue (USD Million), Market Share (%) by Applications (2023-2028)

11.3 Europe Electric Two Wheelers Revenue (USD Million), by Type, and Applications (2023-2028)

11.3.1 Europe Electric Two Wheelers Revenue (USD Million), by Country (2023-2028)

11.3.2 Europe Electric Two Wheelers Revenue (USD Million), by Type (2023-2028)

11.3.3 Europe Electric Two Wheelers Revenue (USD Million), by Applications (2023-2028)

11.4 Asia Pacific Electric Two Wheelers Revenue (USD Million) by Type, and Applications (2023-2028)

11.4.1 Asia Pacific Electric Two Wheelers Revenue (USD Million), by Country (2023-2028)

11.4.2 Asia Pacific Electric Two Wheelers Revenue (USD Million), by Type (2023-2028)

11.4.3 Asia Pacific Electric Two Wheelers Revenue (USD Million), by Applications (2023-2028)

11.5 South America Electric Two Wheelers Revenue (USD Million), by Type, and Applications (2023-2028)

11.5.1 South America Electric Two Wheelers Revenue (USD Million), by Country (2023-2028)

11.5.2 South America Electric Two Wheelers Revenue (USD Million), by Type (2023-2028)

11.5.3 South America Electric Two Wheelers Revenue (USD Million), by Applications (2023-2028)

11.6 Middle East and Africa Electric Two Wheelers Revenue (USD Million), by Type, and Applications (2023-2028)

11.6.1 Middle East and Africa Electric Two Wheelers Revenue (USD Million), by Region (2023-2028)

11.6.2 Middle East and Africa Electric Two Wheelers Revenue (USD Million), by Type (2023-2028)

11.6.3 Middle East and Africa Electric Two Wheelers Revenue (USD Million), by Applications (2023-2028)

 

12 Methodology and Data Sources

12.1 Methodology/Research Approach

12.1.1 Research Programs/Design

12.1.2 Market Size Estimation

12.1.3 Market Breakdown and Data Triangulation

12.2 Data Sources

12.2.1 Secondary Sources

12.2.2 Primary Sources

12.3 Disclaimer

 

List Of Tables

Table 1 Market Segmentation Analysis

Table 2 Global Electric Two Wheelers Market Companies with Areas Served

Table 3 Products Offerings Global Electric Two Wheelers Market

Table 4 Low Growth Scenario Forecasts

Table 5 Reference Case Growth Scenario

Table 6 High Growth Case Scenario

Table 7 Global Electric Two Wheelers Revenue (USD Million) And CAGR (%) By Type (2018-2028)

Table 8 Global Electric Two Wheelers Revenue (USD Million) And CAGR (%) By Applications (2018-2028)

Table 9 Global Electric Two Wheelers Revenue (USD Million) And CAGR (%) By Regions (2018-2028)

Table 10 Global Electric Two Wheelers Revenue (USD Million) By Type (2018-2022)

Table 11 Global Electric Two Wheelers Revenue Market Share (%) By Type (2018-2022)

Table 12 Global Electric Two Wheelers Revenue (USD Million) By Applications (2018-2022)

Table 13 Global Electric Two Wheelers Revenue Market Share (%) By Applications (2018-2022)

Table 14 Global Electric Two Wheelers Market Revenue (USD Million) By Regions (2018-2022)

Table 15 Global Electric Two Wheelers Market Share (%) By Regions (2018-2022)

Table 16 North America Electric Two Wheelers Revenue (USD Million) By Country (2018-2022)

Table 17 North America Electric Two Wheelers Revenue (USD Million) By Type (2018-2022)

Table 18 North America Electric Two Wheelers Revenue (USD Million) By Applications (2018-2022)

Table 19 Europe Electric Two Wheelers Revenue (USD Million) By Country (2018-2022)

Table 20 Europe Electric Two Wheelers Revenue (USD Million) By Type (2018-2022)

Table 21 Europe Electric Two Wheelers Revenue (USD Million) By Applications (2018-2022)

Table 22 Asia Pacific Electric Two Wheelers Revenue (USD Million) By Country (2018-2022)

Table 23 Asia Pacific Electric Two Wheelers Revenue (USD Million) By Type (2018-2022)

Table 24 Asia Pacific Electric Two Wheelers Revenue (USD Million) By Applications (2018-2022)

Table 25 South America Electric Two Wheelers Revenue (USD Million) By Country (2018-2022)

Table 26 South America Electric Two Wheelers Revenue (USD Million) By Type (2018-2022)

Table 27 South America Electric Two Wheelers Revenue (USD Million) By Applications (2018-2022)

Table 28 Middle East and Africa Electric Two Wheelers Revenue (USD Million) By Region (2018-2022)

Table 29 Middle East and Africa Electric Two Wheelers Revenue (USD Million) By Type (2018-2022)

Table 30 Middle East and Africa Electric Two Wheelers Revenue (USD Million) By Applications (2018-2022)

 

Table 31 Financial Analysis

Table 32 Global Electric Two Wheelers Revenue (USD Million) By Type (2023-2028)

Table 33 Global Electric Two Wheelers Revenue Market Share (%) By Type (2023-2028)

Table 34 Global Electric Two Wheelers Revenue (USD Million) By Applications (2023-2028)

Table 35 Global Electric Two Wheelers Revenue Market Share (%) By Applications (2023-2028)

Table 36 Global Electric Two Wheelers Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2028)

Table 37 North America Electric Two Wheelers Revenue (USD)By Country (2023-2028)

Table 38 North America Electric Two Wheelers Revenue (USD Million) By Type (2023-2028)

Table 39 North America Electric Two Wheelers Revenue (USD Million) By Applications (2023-2028)

Table 40 Europe Electric Two Wheelers Revenue (USD Million) By Country (2023-2028)

Table 41 Europe Electric Two Wheelers Revenue (USD Million) By Type (2023-2028)

Table 42 Europe Electric Two Wheelers Revenue (USD Million) By Applications (2023-2028)

Table 43 Asia Pacific Electric Two Wheelers Revenue (USD Million) By Country (2023-2028)

Table 44 Asia Pacific Electric Two Wheelers Revenue (USD Million) By Type (2023-2028)

Table 45 Asia Pacific Electric Two Wheelers Revenue (USD Million) By Applications (2023-2028)

Table 46 South America Electric Two Wheelers Revenue (USD Million) By Country (2023-2028)

Table 47 South America Electric Two Wheelers Revenue (USD Million) By Type (2023-2028)

Table 48 South America Electric Two Wheelers Revenue (USD Million) By Applications (2023-2028)

Table 49 Middle East and Africa Electric Two Wheelers Revenue (USD Million) By Region (2023-2028)

Table 50 Middle East and Africa Electric Two Wheelers Revenue (USD Million) By Region (2023-2028)

Table 51 Middle East and Africa Electric Two Wheelers Revenue (USD Million) By Type (2023-2028)

Table 52 Middle East and Africa Electric Two Wheelers Revenue (USD Million) By Applications (2023-2028)

Table 53 Research Programs/Design for This Report

Table 54 Key Data Information from Secondary Sources

Table 55 Key Data Information from Primary Sources

 

 

List Of Figures

Figure 1 Market Scope

Figure 2 Porter’s Five Forces

Figure 3 Global Electric Two Wheelers Revenue (USD Million) By Type (2018-2022)

Figure 4 Global Electric Two Wheelers Revenue Market Share (%) By Type (2022)

Figure 5 Global Electric Two Wheelers Revenue (USD Million) By Applications (2018-2022)

Figure 6 Global Electric Two Wheelers Revenue Market Share (%) By Applications (2022)

Figure 7 Global Electric Two Wheelers Market Revenue (USD Million) By Regions (2018-2022)

Figure 8 Global Electric Two Wheelers Market Share (%) By Regions (2022)

Figure 9 North America Electric Two Wheelers Revenue (USD Million) By Country (2018-2022)

Figure 10 North America Electric Two Wheelers Revenue (USD Million) By Type (2018-2022)

Figure 11 North America Electric Two Wheelers Revenue (USD Million) By Applications (2018-2022)

Figure 12 Europe Electric Two Wheelers Revenue (USD Million) By Country (2018-2022)

Figure 13 Europe Electric Two Wheelers Revenue (USD Million) By Type (2018-2022)

Figure 14 Europe Electric Two Wheelers Revenue (USD Million) By Applications (2018-2022)

Figure 15 Asia Pacific Electric Two Wheelers Revenue (USD Million) By Country (2018-2022)

Figure 16 Asia Pacific Electric Two Wheelers Revenue (USD Million) By Type (2018-2022)

Figure 17 Asia Pacific Electric Two Wheelers Revenue (USD Million) By Applications (2018-2022)

Figure 18 South America Electric Two Wheelers Revenue (USD Million) By Country (2018-2022)

Figure 19 South America Electric Two Wheelers Revenue (USD Million) By Type (2018-2022)

Figure 20 South America Electric Two Wheelers Revenue (USD Million) By Applications (2018-2022)

Figure 21 Middle East and Africa Electric Two Wheelers Revenue (USD Million) By Region (2018-2022)

Figure 22 Middle East and Africa Electric Two Wheelers Revenue (USD Million) By Type (2018-2022)

Figure 23 Middle East and Africa Electric Two Wheelers Revenue (USD Million) By Applications (2018-2022)

Figure 24 Global Electric Two Wheelers Revenue (USD Million) By Type (2023-2028)

Figure 25 Global Electric Two Wheelers Revenue Market Share (%) By Type (2028)

Figure 26 Global Electric Two Wheelers Revenue (USD Million) By Applications (2023-2028)

Figure 27 Global Electric Two Wheelers Revenue Market Share (%) By Applications (2028)

Figure 28 Global Electric Two Wheelers Market Revenue (USD Million) By Regions (2023-2028)

Figure 29 North America Electric Two Wheelers Revenue (USD Million) By Country (2023-2028)

Figure 30 North America Electric Two Wheelers Revenue (USD Million) By Type (2023-2028)

Figure 31 North America Electric Two Wheelers Revenue (USD Million) By Applications (2023-2028)

Figure 32 Europe Electric Two Wheelers Revenue (USD Million) By Country (2023-2028)

Figure 33 Europe Electric Two Wheelers Revenue (USD Million) By Type (2023-2028)

Figure 34 Europe Electric Two Wheelers Revenue (USD Million) By Applications (2023-2028)

Figure 35 Asia Pacific Electric Two Wheelers Revenue (USD Million) By Country (2023-2028)

Figure 36 Asia Pacific Electric Two Wheelers Revenue (USD Million) By Type (2023-2028)

Figure 37 Asia Pacific Electric Two Wheelers Revenue (USD Million) By Applications (2023-2028)

Figure 38 South America Electric Two Wheelers Revenue (USD Million) By Country (2023-2028)

Figure 39 South America Electric Two Wheelers Revenue (USD Million) By Type (2023-2028)

Figure 40 South America Electric Two Wheelers Revenue (USD Million) By Applications (2023-2028)

Figure 41 Middle East and Africa Electric Two Wheelers Revenue (USD Million) By Region (2023-2028)

Figure 42 Middle East and Africa Electric Two Wheelers Revenue (USD Million) By Region (2023-2028)

Figure 43 Middle East and Africa Electric Two Wheelers Revenue (USD Million) By Type (2023-2028)

Figure 44 Middle East and Africa Electric Two Wheelers Revenue (USD Million) By Applications (2023-2028)

Figure 45 Bottom-Up and Top-Down Approaches For This Report

Figure 46 Data Triangulation