Electric Two-Wheeler Market to Grow at 11.1% CAGR, Reaching US$ 203 Billion by 2034

The electric two-wheeler market (電動二輪車市場) is projected to grow at an 11.1% CAGR between 2024 and 2034, reaching a value of US$ 203,078.7 million by 2034, according to Fact.MR, a provider of market research and competitive intelligence. The market is witnessing rapid growth and is expected to continue expanding in the coming years. The market's competitiveness is being enhanced by the emergence of new and innovative startups in the electric mobility sector, bringing fresh ideas to the industry. Manufacturers focusing on innovative design and form factors, creating stylish and attractive electric two-wheelers, are able to appeal to a broader range of consumers, including those interested in fashion and aesthetics. The growth of the electric two-wheeler market can be attributed to several factors, including increasing concerns about environmental pollution, rising fuel prices, and government incentives and subsidies for electric vehicles. These factors, along with technological advancements and changing consumer preferences, are shaping the market dynamics of the electric two-wheeler industry.

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Key Companies Profiled in This Report

AIMA Technology Co., Ltd
Ather Energy Pvt. Ltd.
Energica Motor Company SPA
Gogoro Limited
Govecs AG
Hero Electric Vehicles Pvt. Ltd
Jiangsu Xinri E-Vehicle Co. Ltd.
Piaggio & C. SpA
Vmoto Limited
Zero Motorcycles Inc.

Initiatives aimed at electrifying rural areas and providing infrastructure support can open up new markets for electric two-wheelers in previously underserved regions. Exploring opportunities to integrate electric two-wheelers with renewable energy sources, such as solar charging stations, can enhance the sustainability profile of these vehicles. The rise of subscription-based models and shared mobility services for electric two-wheelers can provide a cost-effective and convenient alternative to traditional ownership. Manufacturers developing lightweight and compact electric two-wheelers may tap into the growing demand for easy maneuverability and storage in urban environments. Implementation of battery swapping infrastructure and services can address concerns related to charging times and offer greater convenience for users. The integration of AI and IoT technologies into electric two-wheelers can enhance features like predictive maintenance, real-time diagnostics, and smart navigation, providing a more sophisticated user experience. Offering customization options for electric two-wheelers, allowing consumers to personalize their vehicles, can cater to diverse tastes and preferences. Increasing awareness through educational campaigns about the benefits of electric two-wheelers, addressing myths and misconceptions, can drive consumer acceptance and adoption.

Key Takeaways from the Market Study

In 2024, the global electric two wheeler market (전기 이륜차 시장) is estimated to have a global market size of US$ 70,880.2 million.
The electric scooters segment is expected to dominate the market, with a market share of 61.2% in 2024.
The lithium ion category is expected to hold a market share of 82.3% in 2034.
China is predicted to acquire a 69.4% of the global market share in 2024.
East Asia is expected to account for a CAGR of 12.0% by 2034.

Competitive Landscape

Key players in the electric two-wheeler industry are strategically leveraging various tactics to achieve their objectives. These strategies include driving innovation, ensuring stringent quality control measures, forging strategic partnerships, optimizing supply chain management systems, and continually advancing their products and technologies.

Recent Developments:

Gogoro Inc. unveiled its state-of-the-art battery swapping system and Smart scooters in the Tel Aviv metropolitan area in 2022. Through partnerships with industry leaders Metro Motor and Paz Group, the company plans to expand this initiative to additional cities in Israel in the near future.

HERO Electric entered a strategic partnership with Jio-BP in 2022 to collaborate on electric vehicle charging and battery solutions. This partnership is expected to significantly enhance the company's after-sales service capabilities.

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Segmentation of Electric Two Wheeler Market (Markt für elektrische Zweiräder) Research

By Product Type:
Electric Scooters
Electric Motorcycles
Electric Bicycles

By Battery Type:
Lithium Ion
Lead Based
NiMH

By Region:
North America
Europe
East Asia
Latin America
Middle East & Africa
South Asia & Oceania

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This release was published on openPR.