Electric Two Wheelers Market Set to Expand at a 11.6% CAGR, Reaching US$ 58.6 Bn by 2031, Says Persistence Market Research

The electric two wheelers market is experiencing an accelerated shift in global transportation, led by urbanization, sustainability goals, and advancing battery technologies. According to Persistence Market Research, the global market for electric two wheelers is projected to rise from a valuation of US$ 19.6 Bn in 2024 to US$ 58.6 Bn by 2031, registering an impressive CAGR of 11.6% during the forecast period. With governments offering supportive regulatory frameworks and incentives, the market is poised for rapid adoption across both developing and developed nations.

The Asia Pacific region, particularly China and India, stands out as the dominant contributor to global revenue due to population density, favorable government policies, and increasing environmental concerns. Among the segments, electric scooters hold the leading position in the market thanks to their affordability, ease of use, and growing popularity for short-distance travel. With surging fuel costs and rising demand for sustainable transport, the market is undergoing dynamic transformation driven by strong policy support and increasing consumer awareness.

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✅Key Highlights from the Report:

➤ The global electric two wheelers market will reach US$ 58.6 Bn by 2031 from US$ 19.6 Bn in 2024.
➤ The market is expected to grow at a CAGR of 11.6% during the forecast period from 2024 to 2031.
➤ Asia Pacific remains the leading region, led by China and India, with increasing EV infrastructure and subsidies.
➤ Electric scooters continue to be the dominant segment in product type due to urban use cases.
➤ Government incentives, fuel price hikes, and emission regulations are major drivers of the market.
➤ Technological advancements in battery and motor efficiency are unlocking new market opportunities.

✅Market Segmentation:

The electric two wheelers market is broadly segmented based on product type, including electric scooters, electric motorcycles, and electric mopeds. Among these, electric scooters remain the largest segment due to their widespread appeal in urban environments, cost-effectiveness, and efficient range. Electric motorcycles, although still emerging, are seeing traction due to their performance edge and growing acceptance among younger consumers seeking sportier options.

In terms of end-users, the market caters to both individual consumers and fleet operators. Consumers form the bulk of the demand in urban areas, seeking affordable personal mobility solutions. Fleet operators, such as last-mile delivery services, are increasingly adopting electric two wheelers due to low running costs and environmental compliance needs. This dual demand pattern is contributing to the overall market expansion across global regions.

✅Regional Insights:

Asia Pacific leads the global electric two wheelers market, accounting for the highest market share in both revenue and volume. This dominance stems from high population density, fast urbanization, and government initiatives in China, India, and Southeast Asia aimed at reducing urban pollution and dependency on fossil fuels.

In Europe and North America, market growth is gaining momentum due to stronger environmental regulations and growing consumer awareness. Urban centers in the EU are introducing green zones and encouraging two-wheeler EVs as alternatives to cars. Meanwhile, U.S. adoption is being driven by rising gas prices and expanding EV charging networks.

✅Market Drivers:

One of the primary growth drivers for the electric two wheelers market is the global shift toward clean mobility. Governments across the world are introducing regulations to cut carbon emissions, offering tax breaks, rebates, and incentives for EV buyers. In addition, increasing fuel prices and cost savings in EV operations are encouraging consumers to switch from traditional IC engine two-wheelers.

The advancement in lithium-ion battery technology, offering better range, lower weight, and faster charging times, is also enabling greater adoption. Increasing investment from both private and public sectors into EV infrastructure, such as charging stations and battery swapping networks, is further driving the market forward.

✅Market Restraints:

Despite the optimistic outlook, the market faces some challenges. The high upfront cost of electric two wheelers, particularly high-performance models, can be a deterrent for budget-conscious consumers. Additionally, limited charging infrastructure in rural and semi-urban areas can hinder mass adoption.

Concerns around battery lifespan, safety, and recycling are also ongoing. While manufacturers are addressing these issues, slow technological transfer and lack of skilled technicians for EV servicing can impact adoption in less developed regions.

✅Market Opportunities:

The growing adoption of shared mobility services, including EV-based ride-hailing and bike-sharing, presents a major growth avenue for electric two wheelers. Startups and established players are leveraging this trend by launching subscription and rental services tailored for urban commuters.

Battery swapping technology, which addresses charging time concerns, is also opening up new opportunities. Markets like India and China are rapidly deploying battery swapping stations to increase convenience. Meanwhile, e-commerce and last-mile logistics providers are investing heavily in electric fleets to meet sustainability goals, providing a sustained demand boost for electric two wheelers.

✅Frequently Asked Questions (FAQs):

➤ How big is the electric two wheelers market in 2024?
➤ What is the projected growth rate of the electric two wheelers market through 2031?
➤ Who are the key players in the global electric two wheelers market?
➤ What is the market forecast for electric two wheelers in 2031?
➤ Which region is estimated to dominate the electric two wheelers industry during the forecast period?

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✅ Key Players

✦ Yadea Group Holdings Ltd.
✦ Hero Electric Vehicles Pvt. Ltd.
✦ Gogoro Inc.
✦ NIU Technologies
✦ TVS Motor Company
✦ Ather Energy Pvt. Ltd.
✦ Bajaj Auto Ltd.
✦ Okinawa Autotech Pvt. Ltd.
✦ Terra Motors Corporation
✦ Vmoto Soco Group

■ In January 2024, Hero Electric partnered with BOLT to deploy 50,000 charging stations across India.
■ In late 2023, NIU Technologies launched a high-performance e-motorcycle targeting the European market.

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About Persistence Market Research:

At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.

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This release was published on openPR.