Press release
Electric Two Wheelers Market Expected to Expand at 11.6% CAGR to Hit US$ 58.6 Bn by 2031 - Persistence Market Research
The global electric two-wheelers market is experiencing a robust surge, with the market size expected to reach US$ 19.6 billion by 2024 and forecasted to expand at a CAGR of 11.6% through to 2031, resulting in an estimated market value of US$ 58.6 billion. This remarkable growth is driven by the increasing global focus on sustainability, as well as the growing environmental concerns regarding carbon emissions from traditional vehicles. The adoption of electric vehicles (EVs), particularly electric two-wheelers, has gained significant momentum due to their ability to address pressing environmental issues, reduce traffic congestion, and offer cost-effective solutions to urban mobility. In this article, we delve deeper into the electric two-wheeler market, its segmentation, key drivers, and regional insights that are shaping the future of this industry.Elevate your business strategy with comprehensive market data. Request a sample report now: https://www.persistencemarketresearch.com/samples/33028
Market Overview and Growth Drivers
The electric two-wheelers market has witnessed significant advancements in technology and adoption over the last few years, as governments around the world implement stringent emission regulations and offer incentives for eco-friendly transportation options. Key growth drivers of this market include rising environmental concerns, government support and incentives, and the demand for energy-efficient mobility solutions. The rising urbanization and the need for convenient and cost-effective transportation options are pushing consumers toward electric scooters and motorcycles as a viable alternative to traditional gasoline-powered vehicles.
In terms of the leading geographical regions, Asia-Pacific stands out as the largest market for electric two-wheelers, driven by countries like China and India. India, in particular, has witnessed a surge in the adoption of electric two-wheelers, with government incentives playing a major role. The market is also witnessing technological advancements such as faster-charging solutions, improved battery technologies, and longer-range electric scooters, which are further fueling growth. The affordability and adaptability of electric two-wheelers in densely populated cities, coupled with their environmental benefits, have made them the preferred choice for many consumers.
Key Highlights from the Report
➤ The electric two-wheelers market is projected to grow at a CAGR of 11.6% from 2024 to 2031.
➤ India is anticipated to be one of the fastest-growing markets, with a CAGR of 35% due to favorable government policies.
➤ The adoption of lithium-ion batteries in electric two-wheelers is expected to dominate the market, owing to their compact size and efficiency.
➤ Plug-in electric two-wheelers are expected to grow significantly, with a value CAGR of 18.9%, due to their cost-effectiveness.
➤ Manufacturers are focusing on improving charging time, range, and introducing smart features in electric two-wheelers to enhance consumer appeal.
➤ The U.S. is estimated to lead the electric two-wheeler market in North America, with a CAGR of 18% from 2024 to 2031.
Market Segmentation
Segmentation by Product Type
The electric two-wheeler market is segmented primarily by product type, which includes electric scooters and electric motorcycles. Electric scooters dominate the market, owing to their affordability, compact size, and suitability for urban environments. With their lightweight design, electric scooters are popular among commuters looking for fast, efficient, and eco-friendly transportation for short-distance travel. On the other hand, electric motorcycles, which tend to offer more power and a greater range, are gaining traction among consumers seeking a more robust electric alternative for longer commutes.
As technology continues to evolve, manufacturers are focusing on increasing the range, reducing charging time, and improving the durability of these electric two-wheelers. This innovation is expected to further spur growth, especially in emerging markets where environmental concerns and the need for urban mobility solutions are growing.
Segmentation by End-User
The end-user segment of the electric two-wheelers market is categorized into individual consumers and fleet operators. Individual consumers primarily use electric scooters and motorcycles for daily commuting, especially in densely populated cities where traffic congestion is a major issue. The affordability, low maintenance cost, and environmental benefits of electric two-wheelers make them a popular choice among urban dwellers.
Fleet operators, including delivery services and ride-sharing companies, are also adopting electric two-wheelers as part of their operations. These businesses are increasingly realizing the economic benefits of switching to electric vehicles, including lower fuel costs, reduced maintenance expenses, and the positive environmental impact. Furthermore, government incentives and subsidies are encouraging fleet operators to shift toward electric mobility solutions.
Regional Insights
Asia-Pacific
Asia-Pacific remains the dominant region for the electric two-wheelers market, with China leading the charge in terms of production and adoption. The Chinese government has played a significant role in driving the transition to electric mobility by offering substantial subsidies, building charging infrastructure, and implementing strict emissions regulations. Additionally, China's extensive urbanization and high population density make electric two-wheelers an ideal transportation solution for millions of commuters.
In India, the market is also expanding rapidly due to government support, increasing fuel prices, and rising environmental concerns. The Indian government has implemented several initiatives, such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, to promote electric vehicles. With the growing adoption of electric scooters and motorcycles, India is expected to witness one of the highest CAGRs in the coming years.
North America and Europe
In North America, the U.S. stands as a key player, driven by its established charging infrastructure, growing environmental awareness, and the shift toward energy-efficient transportation options. Additionally, the European market is also experiencing steady growth, particularly in countries like Germany and France, where governments are offering incentives for electric two-wheeler purchases and investing in charging networks.
Market Drivers
1. Environmental Benefits
The most significant driver for the electric two-wheeler market is the increasing global concern about air pollution and carbon emissions. Governments and environmental organizations are advocating for greener transportation solutions, which is prompting the adoption of electric vehicles. Unlike traditional vehicles that emit harmful gases, electric two-wheelers offer a zero-emission solution, making them an attractive option for consumers and businesses aiming to reduce their carbon footprint.
2. Government Support
Governments worldwide are introducing subsidies, tax incentives, and policy frameworks to accelerate the adoption of electric mobility. The FAME scheme in India, EV tax credits in the U.S., and subsidies in China are just a few examples of how governments are promoting electric two-wheelers. These financial incentives are expected to continue to drive market growth, particularly in emerging economies.
Market Restraints
1. High Initial Cost
Despite the growing demand for electric two-wheelers, their high upfront cost remains a significant barrier for many potential buyers. Although the operating costs are lower, including reduced fuel and maintenance expenses, the initial purchase price can still be prohibitive, especially in price-sensitive markets.
2. Limited Charging Infrastructure
Although the development of charging infrastructure is steadily progressing, limited charging stations in certain regions remain a major constraint for the market. The lack of accessible and reliable charging points limits the convenience of electric two-wheelers, especially in rural areas or places with less-developed infrastructure.
Market Opportunities
1. Technological Advancements
Innovations in battery technology, particularly in lithium-ion and solid-state batteries, offer significant opportunities for the electric two-wheeler market. These technologies promise longer range, faster charging times, and improved battery life, all of which are essential factors for increasing consumer adoption. Manufacturers are investing in these areas to make electric two-wheelers more attractive to a broader audience.
2. Growth in Emerging Markets
With the rise in urbanization and the need for efficient and sustainable transport solutions in emerging economies like India, Brazil, and Southeast Asia, there is tremendous growth potential in these markets. As governments in these regions introduce favorable policies and subsidies, the demand for electric two-wheelers is expected to surge.
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Frequently Asked Questions (FAQs)
➤ How big is the electric two-wheelers market?
➤ Who are the key players in the global electric two-wheelers market?
➤ What is the projected growth rate of the electric two-wheelers market?
➤ What is the market forecast for the electric two-wheelers market by 2032?
➤ Which region is estimated to dominate the electric two-wheelers market through the forecast period?
Company Insights
✦ Hero Electric
✦ Okinawa Autotech
✦ Ather Energy
✦ Bajaj Auto
✦ Yadea Group Holdings
✦ NIU Technologies
■ Reliance Jio is set to launch an electric scooter with a range of 110 km per charge.
■ Ather Energy raised significant funding to expand its manufacturing capacity and enhance research and development efforts.
The electric two-wheelers market continues to evolve, driven by the growing demand for sustainable mobility solutions, technological advancements, and government policies. With continuous innovation and increased market support, the future looks promising for electric two-wheelers as they transform urban transportation.
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.
Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.
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