Press release
Electric Two-Wheeler Market to Surpass USD 203 Billion by 2034, Expanding at an 11.1% CAGR
Market Development
Technological innovations are at the forefront of this market's evolution. Advancements in battery technology, particularly the development of high-energy-density lithium-ion batteries, have enhanced the range and efficiency of electric two-wheelers. Additionally, the integration of smart connectivity features, such as real-time battery status monitoring and navigation assistance, has improved the user experience, making electric two-wheelers more appealing to consumers.
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Market Outlook
The future of the electric two-wheeler market appears promising, with substantial growth anticipated across various segments and regions. Electric scooters are expected to dominate, projected to account for 62.2% of total sales by 2034. In terms of battery types, lithium-ion batteries are set to hold an 82.3% market share by 2034, owing to their superior energy density and efficiency. Geographically, China is projected to maintain a significant presence, with an expected market value of US$ 55,026.8 million by 2034.
Market Analysis
Several factors contribute to the robust growth of the electric two-wheeler market. Urbanization has led to increased traffic congestion, prompting consumers to seek efficient and eco-friendly transportation alternatives. Electric two-wheelers offer a practical solution for navigating crowded city streets. Moreover, rising fuel costs and environmental concerns are driving consumers toward electric mobility options. Government incentives and policies supporting electric vehicle adoption further bolster market growth.
Overview and Scope of the Report
The report by Fact.MR provides a comprehensive analysis of the global electric two-wheeler market, covering over 30 countries, including the United States, Canada, the United Kingdom, Germany, France, Japan, and more. It examines various product types such as electric scooters, electric motorcycles, and electric bicycles, along with battery types like lithium-ion, lead-based, and nickel-metal hydride (NiMH). The study offers insights into market trends, growth drivers, challenges, and opportunities from 2024 to 2034.
Market Segmentation
By Product Type:
Electric Scooters
Electric Motorcycles
Electric Bicycles
By Battery Type:
Lithium-Ion
Lead-Based
Nickel-Metal Hydride (NiMH)
By Region:
North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa
Key Players Covered in This Report
The report profiles several key companies operating in the electric two-wheeler market, including:
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.
Competitive Landscape
The electric two-wheeler market is characterized by intense competition, with companies focusing on pricing strategies, distribution channels, customer service, and regulatory compliance to gain a competitive edge. Adapting to market dynamics and staying abreast of technological advancements are essential for sustained success. For instance, in February 2022, Govecs expanded its presence in the United States by introducing its electric delivery scooter brand, GOVECS FLEX.
Highlights of Our Report
Market Size and Forecast: Detailed projections from 2024 to 2034, highlighting growth trends and market dynamics.
Segment Analysis: In-depth examination of product types, battery types, and regional markets.
Competitive Insights: Profiles of key market players, their strategies, and recent developments.
Opportunities and Challenges: Identification of key opportunities and potential challenges in the market landscape.
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Key Opportunities
The market presents several opportunities for growth:
Electrification of Rural Areas: Initiatives aimed at providing infrastructure support can open new markets in previously underserved regions
Integration with Renewable Energy: Combining electric two-wheelers with renewable energy sources, such as solar charging stations, can enhance sustainability.
Shared Mobility Services: The rise of subscription-based models and shared mobility services offers cost-effective alternatives to traditional ownership.
Lightweight and Compact Designs: Developing vehicles that are easy to maneuver and store caters to urban commuters.
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