Press release
Electric Two-Wheeler Market to Reach USD 63.04 Billion by 2034, Riding a Strong 21.0% CAGR
Electric Two-Wheeler Market
Report Scope:
The report offers a detailed overview of the market for electric two-wheelers by concentrating on recent advancements, market share, revenue produced, major industry players, and geographic analysis.
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What Are Electric Two-Wheelers?
Electric two-wheelers are motorized vehicles with two wheels that run on electricity. They are gaining popularity as a sustainable and cost-effective mode of transportation, offering features like zero emissions, low running costs, and ease of maintenance. They produce zero tailpipe emissions, contributing to cleaner air and reducing carbon footprints. Their running costs are significantly lower than gasoline-powered vehicles due to the cheaper cost of electricity compared to gasoline. Some electric two-wheelers feature regenerative braking, which captures kinetic energy during braking and uses it to recharge the battery. Several governments across the globe offer tax breaks and subsidies to encourage the adoption of electric vehicles.
Growth Drivers and Opportunities:
• The imposition of restrictions on internal combustion engine vehicles in multiple nations is propelling market expansion.
• The growing progress in battery technology fuels the growth of the electric two-wheeler market.
• Fluctuating global fuel costs are driving consumers to choose energy-efficient transport alternatives, thus aiding market development.
• The market for electric two-wheelers is thriving due to the increasing transition towards sustainable and environmentally friendly transport options.
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Competitive Landscape:
The competitive environment of the electric two-wheeler market is rapidly changing, characterized by strategic alliances and collaborations between major companies seeking to improve their presence in the market. Some of them include:
• Ampere Vehicles
• Ather Energy
• Bajaj Auto Ltd.
• BMW Motorrad
• Gogoro Inc.
• Hero Electric
• Honda Motor Co., Ltd.
• Mahindra Electric Mobility Ltd.
• Niu Technologies
• Ola Electric Mobility
• Piaggio Group
• Revolt Motors
• TVS Motor Company
• Vmoto Limited
• Yadea Group Holdings Ltd.
Region-Wise Summary:
• Asia Pacific held the largest market share in 2024 owing to its strong manufacturing foundation, government support, and solid EV infrastructure.
• The electric two-wheeler market in Europe is anticipated to experience rapid growth during the forecast period, driven by investments in charging infrastructure and policies that promote EV adoption across the region.
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Electric Two-Wheeler Industry: Recent Developments
• January 2025: CBAK Energy partnered with Ather Energy, a leading electric two-wheeler manufacturer in India, to enhance vehicle performance by integrating CBAK's advanced energy storage solutions. This collaboration signifies a major step toward advancing battery technology in India's electric mobility sector.
• November 2024: Honda unveiled two electric motorcycle concepts at EICMA 2024 in Milan. The "EV Fun Concept," Honda's first electric sports model, is slated for a 2025 release, while the "EV Urban Concept" reflects Honda's vision for efficient urban mobility solutions.
• November 2024: LiveWire and KYMCO expanded their strategic partnership to develop an electric maxi-scooter targeted at the European market. This joint venture leverages LiveWire's cutting-edge S2 powertrain, combining the technological strengths of both companies to deliver superior performance and efficiency.
Segmental Summary :
By Vehicle Type Outlook (Revenue, USD Billion, 2020-2034)
• Electric Scooters
• Electric Motorcycles
• Electric Mopeds
By Application Outlook (Revenue, USD Billion, 2020-2034)
• Personal Use
• Commercial Use (e.g., Delivery Services, Ride-Hailing)
By Battery Type Outlook (Revenue, USD Billion, 2020-2034)
• Lithium-Ion Batteries
• Lead-Acid Batteries
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