Electric Two-Wheeler Market Size To Reach US$ 72.5 Billion By 2028 | With a 13.18% CAGR

IMARC Group, a leading market research company, has released a report titled "Electric Two-Wheeler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". According to the report, The global electric two-wheeler market size reached US$ 35.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 72.5 Billion by 2028, exhibiting a growth rate (CAGR) of 13.18% during 2023-2028.

Electric two-wheelers are self-propelling automobiles equipped with a battery-powered electric motor. They are available in several forms, such as mopeds, motorcycles, and scooters, which are widely employed by individuals to travel short distances quickly and help maneuver through busy streets. They are affordable, small in size, has a compact design and low-maintenance cost, minimize carbon emissions, and improve fuel efficiency. As a result, electric two-wheelers are gaining immense traction among individuals due to their higher efficiency and eco-friendliness compared to gasoline-powered vehicles across the globe.

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Electric Two-Wheeler Market Trends and Drivers:

The market is primarily driven by the growing awareness regarding the use of clean energy. In addition, the rising concerns about increasing pollution levels due to the surging use of fuel-based automobiles are contributing to the market growth. Moreover, the widespread adoption of advanced lithium-ion-based electric two-wheelers and the introduction of unconventional power sources, including solar panels and rechargeable batteries, represent other major growth-inducing factors. Besides this, electric two-wheelers provide various benefits, such as being lightweight, environment-friendliness, minimizing the cost of ownership, and offering high speed with less effort, which has accelerated the product adoption rate. Along with this, several governments are taking the initiative to encourage the use of electric vehicles (EVs) to reduce carbon dioxide (CO2) and greenhouse gas (GHG) emissions while providing tax rebates and subsidies upon purchasing electric two-wheelers, thereby propelling the market growth. Furthermore, the extensive use of electric two-wheelers by e-commerce industries for offering postal and delivery services in a quick and convenient manner is creating a positive market outlook.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

AIMA Technology Co. Ltd.
Ampere Vehicles Pvt. Ltd.
BMW AG
Energica Motor Company S.p.A.
GOVECS AG
Hero Electric Vehicles Pvt. Ltd.
Mahindra GenZe
Terra Motors Corporation
Vmoto Limited
Yadea Technology Group Co. Ltd.
and Zero Motorcycles

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The report has segmented the market on the basis of Product Type, End-User and Region.

Breakup by Vehicle Type:

Electric Scooter/Moped
Electric Motorcycle

Breakup by Battery Type:

Lithium-Ion
Sealed Lead Acid (SLA)

Breakup by Voltage Type:

96V

Breakup by Peak Power:

10 kW

Breakup by Battery Technology:

Removable
Non-Removable

Breakup by Motor Placement:

Hub Type
Chassis Mounted

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

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This release was published on openPR.