PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1425002
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1425002
Electric Two Wheeler Market size was valued at USD 69,319.3 Million in 2023, expanding at a CAGR of 5.6% from 2024 to 2032.
The electric two-wheeler market is experiencing a significant surge as global interest in sustainable transportation solutions intensifies. Fueled by the need for eco-friendly mobility options and government initiatives promoting clean energy, this market is witnessing rapid growth. Key players such as Tesla, Niu Technologies, and Zero Motorcycles are at the forefront, driving innovation in battery technology and design. With a focus on reducing carbon footprints and addressing urban congestion, electric scooters and motorcycles are gaining traction in both developed and emerging markets. As advancements continue in battery efficiency, range, and charging infrastructure, the electric two-wheeler market stands poised for further expansion, reshaping the future of urban mobility.
Electric Two Wheeler Market- Market Dynamics
Increasing global emphasis on sustainable and eco-friendly transportation solutions
The increasing global emphasis on sustainable and eco-friendly transportation solutions has become a pivotal driving force shaping the landscape of the automotive industry. With a growing awareness of environmental challenges such as climate change and air pollution, there is a collective push towards adopting cleaner and greener mobility alternatives. For instance, California, a frontrunner in environmental policy, has set a bold target to phase out the sale of new gasoline-powered cars and light trucks by 2035. This ambitious goal aims to accelerate the adoption of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) and significantly reduce greenhouse gas emissions from the transportation sector. In this context, the electric two-wheeler market emerges as a key player, offering a sustainable mode of transportation that significantly reduces carbon emissions compared to traditional internal combustion engine vehicles. Governments worldwide are implementing stringent regulations and providing incentives to promote the adoption of electric vehicles, including two-wheelers, as part of broader efforts to mitigate environmental impact and achieve carbon neutrality goals.
Electric Two Wheeler Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.6% over the forecast period (2024-2032)
Based on type segmentation, E- Scooters/ Moped was predicted to show maximum market share in the year 2023
On the basis of region, Asia Pacific was the leading revenue generator in 2023
The Global Electric Two Wheeler Market is segmented on the basis of Type, Battery Type, Price Range, and Region.
The market is divided into two categories based on type: E- scooters/ Moped and Electric Motorcycles. Within the electric vehicle market, e-scooters/ moped have emerged as dominant players, capturing a significant share of the urban mobility landscape. These compact and nimble two-wheelers address the increasing need for sustainable commuting solutions in densely populated urban environments. Electric mopeds and e-scooters have gained popularity due to their affordability, ease of use, and the convenience they offer for short-distance travel. They serve as ideal alternatives for the last mile connectivity, providing commuters with a practical and eco-friendly solution to navigate through congested city streets. The rise of ride-sharing services and the adoption of micro-mobility platforms have further propelled the demand for electric mopeds and e-scooters, making them integral components of modern urban transportation ecosystems.
Electric Two Wheeler Market - Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
the electric two-wheeler market is characterized by the presence of established manufacturers, innovative startups, and global automotive giants, all vying for a significant share in the rapidly growing market. Key players such as Tesla, Niu Technologies, Zero Motorcycles, and Energica Motor Company are at the forefront, contributing to the market's dynamism. These companies are driving innovation in electric propulsion systems, battery technologies, and design aesthetics, aiming to meet the evolving demands of consumers for efficient, high-performance, and visually appealing electric two-wheelers.
Collaborations and partnerships between electric two-wheeler manufacturers and technology companies also characterize the competitive landscape. These collaborations aim to leverage expertise from various domains, such as battery technology, connectivity solutions, and software development, to enhance the overall performance and features of electric two-wheelers.
In September 2022, Gogoro Inc. declared the opening of Smart scooters and its industry-first battery switching system in the Tel Aviv metropolitan area. In conjunction with market giants Metro Motor and Paz Group, the companies aim to launch in more cities in Israel in the future.
In August 2022, Jio-BP and HERO Electric have an agreement for EV charging and battery solutions. The after-sales service provided by the business will be impacted by this agreement.
GLOBAL ELECTRIC TWO WHEELER MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Hero Electric
Tesla
Niu Technologies
Zero Motorcycles
Energica Motor Company
Ather Energy
Ola Electric
Evoke Motorcycles
Revolt Motors
BMW Motorrad
Evoke Motorcycles
Others