Electric Two Wheelers Market 2022
Over the forecast period of 2022-2032, the global market for electric two-wheelers is anticipated to grow at a value CAGR of 11.6%, reaching a market value of US$ 58.66 Bn Mn by the end of 2032.
Electric two-wheelers are expected to experience a growth in demand in the upcoming years due to rising investments in the development of infrastructure and population across numerous nations. Over the next few years, the market for electric two wheelers is anticipated to gain from the introduction of long-range, high-performance electric scooters, motorcycles, and bicycles in several nations.
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The need for carbon footprint reduction in the environment along with fuel-efficient bikes and enhanced user experience, is compelling manufacturers to increase their investments in production, which will bode well for market expansion going forward.
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Key Takeaways from Market Study
- Demand for electric bicycles is projected to increase at a CAGR of 11.5% from 2022 to 2032.
- Electric scooters are expected to hold the highest market share of 12.4% in terms of volume.
- By battery type, lithium-ion batteries are projected to enjoy a market share of more than 26.5% by 2032.
- By category, battery two wheelers are projected to be the leader with a market share of more than 83%.
- By region, East Asia is projected to hold the highest share in the global market accounting for more than 64.5%.
- The U.S. is projected to register the highest absolute $ opportunity of US$ 783.3 Mn from 2022 to 2032.
“Cost-effectiveness, low maintenance, and reduction in carbon footprint to remain main driving factors for sales of electric two wheelers,” says a Persistence Market Research analyst.
Market Landscape Identified to Be Fairly Competitive
On a regional, national, and global basis, the worldwide electric two wheelers market is highly competitive and fragmented.
Key electric two wheeler manufacturers included in the report are GOVECS AG, Vmoto Limited, Honda Motor Co. Ltd., Terra Motors Corp., Bayerische Motoren Werke AG (BMW), Jiangsu Xinri E-Vehicle Co. Ltd., Piaggio & C. SpA, Giant Manufacturing Co. Ltd., Accell Group, Derby Cycle Holding GmbH, Pedego Electric, VOLT E BYK, Energica Motor Co SpA, Zero Motorcycles Inc., and ECCITY Motorcycles.
Conclusion
Increasing monetary and non-monetary incentives are aiding the adoption of battery-powered two wheelers. Furthermore, the desire for sustainable urban mobility and modern transportation is driving the move from traditional to electric forms of transportation. Electric two wheelers are projected to increase energy security and enhance air quality.
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