PUBLISHER: Acute Market Reports | PRODUCT CODE: 1675051
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1675051
In 2024, the total value of the global market for electric two-wheelers reached US $22 million. The market will reach US $ 84.54 million by the year 2033, expanding at a CAGR of 16.47% during the forecast period of 2025 to 2033. The main market drivers that are promoting industry expansion are the growing use of electric motorbikes and e-scooters for short commutes, growing concerns about the environment, and increasing expenditures by ride-hailing businesses in the micro-mobility arena. During the period covered by this forecast, it is anticipated that there will be a rise in the use of electric two-wheelers (also known as e-scooters) due to the growing concern over greenhouse gas (GHG) emissions and carbon emissions, as well as the rising demand for fuel-efficient vehicles. The market for electric two-wheelers is being driven forward by stringent emission norms imposed by government agencies. These norms include emission standards for greenhouse gas emissions imposed by the Environmental Protection Agency (EPA) of the United States and BS-VI in India and China.
Increasing concern for the environment is driving the growth of the electric two-wheelers market
An increasing concern for the environment is the primary factor driving growth in the market for electric two-wheelers. This is due to the fact that an increasing number of people are becoming aware of the importance of lowering pollution levels, and this newfound awareness has inspired them to look for methods of transportation that are friendlier to the environment and help reduce and control pollution levels. For example, according to the results of a survey conducted by Forbes, the level of environmental awareness among Dutch consumers has increased to the point where sales of electric bicycles have surpassed sales of non-electric bicycles in the country. Because carbon dioxide emissions from burning fossil fuels continue to pose a serious threat to the environment by contributing to global warming and climate change, it is anticipated that the number of people using electric two-wheelers will increase in the years to come.
Potential for growth within the charging infrastructure, which is still in its early stages
Demand for electric two-wheelers is increasing, particularly in the last-mile delivery and logistics industry. Electric two-wheelers are becoming an increasingly popular mode of transportation for the delivery of goods in the final mile and for logistics as e-commerce and home delivery continue to be prominent trends. Car manufacturers have the opportunity to concentrate their efforts on this market and supply electric two-wheelers for this objective. The development of new business models, such as "battery as a service" and "car as a service," amongst others, paves the way for the creation of new revenue streams. There is a lot of potential for growth and diversification of revenue sources within the charging infrastructure, which is still in its early stages.
Inadequate charging infrastructure in developing countries
The absence of a widespread charging infrastructure could be one of the most significant obstacles to the expansion of the market for electric scooters and motorcycles. The majority of developing countries do not have the infrastructure to support charging, in contrast to developed countries. The fact that manufacturers have begun providing their own charging facilities is encouraging, but these facilities alone are not sufficient to make the charging procedure effortless. Solutions for charging infrastructure can be found offered by manufacturers located all over the world. For example, ChargePoint (US) develops and manufactures all of the technology for the charging network, including the hardware for charging stations and the power management software for mobile applications. In a similar vein, iONEX Commercial (Taiwan) provides customers with a variety of options for charging their devices, such as standard, fast, and battery switching.
Market Segmentation by Vehicle
The electric motorcycle and electric scooter are the two submarkets of electric two-wheelers. The electric scooter segment was the most dominant in terms of revenue in 2024, while the electric motorcycle market is anticipated to be the segment with the highest CAGR during the forecast period of 2025 to 2033. This can be attributed to the increased availability of several different models of electric scooters, as well as their earlier debut and more affordable pricing in significant geographic areas all over the world. Traditional manufacturers of two-wheeled vehicles have another reason to consider entering the market: the growing popularity of electric scooters. Because of their lower entry price and a greater variety of models, electric scooters have proven to be more popular than electric motorcycles.
Market Segmentation by Battery Voltage
The market for electric two-wheeler market has been segmented into four categories based on voltage: 24V, 36V, 48V, and more than 48V. In the electric two-wheeler industry in 2024, the 48V segment was the most dominant. The electric two-wheeler segment with more than 48V capacity is anticipated to have the highest CAGR during the forecast period of 2023-2031. Two-wheelers powered by 48 V batteries are gaining more and more popular among customers as a result of their advantageous benefit-to-cost ratio, the growing demand among customers for high-speed vehicles, the sturdy bodies, and the improved aesthetics of the vehicles. The cost-effectiveness of electric two-wheelers, the absence of emissions from the exhaust pipe, and the ability to travel up to 60 kilometers on a single charge are all factors that have contributed to the expansion of the market for over 48V electric two-wheelers.
Regional Insights
The Asia-Pacific region is anticipated to have the largest share of the market as a result of government subsidies, advancements in high technology, and the introduction of new models from countries such as China and India. The market for electric two-wheelers in Asia and the Pacific accounted for US $7.9 Billion in 2024 and is projected to demonstrate a CAGR of 17.64% during the forecast period. The region's rapid adoption of electric two-wheelers and the expansion of the regional market are both being fuelled by several factors, including rising urbanization, rising per capita income, and supportive government regulations for electric cars. China is home to the vast majority of the world's manufacturers of electric two-wheelers. China has become the world's largest market for two-wheeled electric vehicles due to its government regulations, shift towards electric mobility, economic expansion, and demand from other countries.
Partnership & Collaboration to Enhance the Market Share of Key Companies
The top companies include Zero Motorcycles, Inc., F-wheel DYU, Jiangsu Xinari E-vehicle Co., Ltd., YO Bykes, Ola Electric Mobility Pvt Ltd., Hero Electric Vehicles Pvt. Ltd., Yadea Technology Group Co., Ltd, Greaves Electric Mobility Pvt. Ltd., Vmoto Ltd., Ideanomics, Inc, Sanyang Motor Co., Ltd., Zhejiang Luyuan Electric Vehicle Co., Ltd, Niu Technologies, and others. Major market participants are investing in R&D in order to broaden their product offerings, which will contribute to the expansion of the electric two-wheeler industry. Participants in the market are also engaging in a variety of strategic initiatives, such as the introduction of new products, the formation of contractual agreements, the completion of mergers and acquisitions, the increase in the number of investments made, the development of the market, and the collaboration with other organizations.
Historical & Forecast Period
This study report represents an analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Electric Two-wheelers market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the Electric Two-wheelers market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.