Press release
Electric Powered Two-Wheelers Market to Hit USD 71.84 Billion by 2034
Electric Powered Two-Wheelers
According to Exactitude Consultancy, the Global Electric Powered Two-Wheelers Market was valued at USD 24.75 billion in 2024 and is projected to reach USD 71.84 billion by 2034, growing at a CAGR of 11.2% from 2024 to 2034.
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Key Market Insights:
• Driven by rising environmental awareness, government incentives, and urban micromobility trends.
• EPTWs offer significant cost savings over gasoline vehicles, with lower maintenance and running costs.
• Demand surging across Asia-Pacific, Europe, and Latin America, especially among daily commuters, delivery fleets, and ride-share users.
• Technological improvements in battery efficiency, charging infrastructure, and smart connectivity are unlocking new growth opportunities.
Major Players:
• Yadea Group Holdings Ltd.
• Hero Electric
• Gogoro Inc.
• Ather Energy
• TVS Motor Company
• NIU Technologies
• Honda Motor Co., Ltd.
• Bajaj Auto
• Revolt Motors
• Vmoto Soco Group
Segmentation Analysis
By Vehicle Type:
• Electric Scooters
• Electric Motorcycles
• Electric Mopeds
• Electric Bicycles (e-bikes)
By Battery Type:
• Lithium-Ion
• Lead Acid
• Others (Solid State, Nickel Metal Hydride)
By Motor Type:
• Hub Motor
• Mid-Drive Motor
• Chain-Drive Motor
By Technology:
• Plug-in
• Battery Swapping
By End User:
• Personal Use
• Commercial (Delivery, Ride-hailing)
• Government/Public
Segmentation Summary:
Electric scooters dominate the EPTW market, especially in emerging economies where affordability and ease of use are paramount. Lithium-ion batteries lead the battery segment due to their superior weight-to-performance ratio. In terms of motor type, hub motors are widely adopted for their low maintenance and efficiency. Battery swapping, pioneered by companies like Gogoro, is gaining traction in densely populated cities with high utilization rates.
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Regional Analysis
Asia-Pacific:
• Largest and fastest-growing market, led by China, India, Vietnam, and Indonesia.
• China dominates global production and consumption, with a mature e-bike ecosystem and established battery supply chains.
• India witnessing explosive growth due to FAME II subsidies, startup innovation, and growing urban youth demand.
• Governments across ASEAN are promoting e-mobility policies and infrastructure.
Europe:
• Strong demand from eco-conscious consumers and delivery operators.
• High sales in Germany, Netherlands, France, and the Nordics driven by EV incentives, congestion charges, and green city plans.
• Popularity of e-bikes for urban commuting and recreation.
North America:
• Slower uptake than APAC and Europe but rapidly improving.
• Cities like New York, San Francisco, and Toronto seeing increased e-bike and e-scooter penetration.
• Growing adoption for last-mile logistics and food delivery services.
Latin America:
• Brazil, Colombia, and Mexico showing strong potential due to high motorcycle dependency and rising fuel costs.
• Incentives for low-income electric vehicle adoption and local manufacturing capacity expanding.
Middle East & Africa:
• Emerging markets, especially in urban hubs like Dubai, Cairo, and Cape Town.
• E-scooters increasingly popular for last-mile transport and rental fleets.
Regional Summary:
Asia-Pacific leads both in volume and innovation, while Europe drives policy-led adoption and North America is catching up fast due to rising environmental awareness and gig economy expansion.
Market Dynamics
Key Growth Drivers:
• Government subsidies and EV policies, such as tax rebates, registration waivers, and scrappage schemes.
• Surging demand for cost-effective, zero-emission personal transportation in traffic-heavy cities.
• Growth in food delivery and e-commerce logistics, fueling demand for electric fleets.
• Advancements in battery range, charging time, and modular designs.
• Rising awareness about climate change and personal carbon footprint reduction.
Key Challenges:
• High upfront cost compared to petrol vehicles in some regions.
• Lack of charging infrastructure and standardization.
• Consumer skepticism around range anxiety, battery lifespan, and reliability.
• Supply chain volatility and raw material dependency (e.g., lithium, cobalt).
Latest Trends:
• Growth of connected EPTWs with features like GPS, theft detection, remote diagnostics.
• Integration with solar charging, IoT platforms, and smartphone apps.
• Subscription-based e-mobility and lease-to-own programs for affordability.
• Battery-as-a-Service (BaaS) gaining momentum in Southeast Asia.
• Major automakers entering the market with EV-specific two-wheeler brands and concepts.
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Competitive Landscape
Key Companies & Strategies:
• Yadea - World's largest electric two-wheeler brand with global expansion plans and smart battery integration.
• Hero Electric - Leading Indian manufacturer, rapidly scaling dealer networks and e-commerce presence.
• Gogoro - Pioneer of battery-swapping networks in Taiwan and now expanding in India and Indonesia.
• Ather Energy - India-based premium e-scooter brand focused on performance and connectivity.
• NIU Technologies - Offers high-tech, app-connected scooters across global markets including Europe and North America.
• TVS & Bajaj - Traditional OEMs transitioning into electric models to compete with new-age players.
Competitive Summary:
The market is highly dynamic, with a mix of legacy manufacturers, startups, and mobility-as-a-service providers. Key success factors include range innovation, pricing strategies, charging access, and software integration. As competition intensifies, partnerships for charging networks, local manufacturing, and EV financing options are becoming differentiators.
Conclusion
The Electric Powered Two-Wheelers Market is on an electrifying trajectory, reshaping the way people commute, deliver, and connect in a sustainable manner. As governments push for decarbonized transport and consumers seek smarter urban mobility, EPTWs are emerging as the go-to solution for daily convenience and environmental responsibility.
Key Takeaways:
• Market to grow from USD 24.75 billion in 2024 to USD 71.84 billion by 2034.
• Strong CAGR of 11.2%, driven by affordability, efficiency, and eco-regulations.
• E-scooters and lithium-ion battery models dominate, with rising adoption of swappable and connected tech.
• Asia-Pacific leads in growth and production, while Europe focuses on sustainability, and North America accelerates logistics adoption.
• The future of EPTWs lies in smart infrastructure, digital mobility ecosystems, and consumer-first design.
As cities aim to build greener, smarter futures, electric two-wheelers will be the frontline warriors of the global clean mobility revolution.
This report is also available in the following languages : Japanese (電動二輪車市場), Korean (전기 구동 이륜차 시장), Chinese (电动两轮车市场), French (Marché des deux-roues électriques), German (Markt für elektrisch betriebene Zweiräder), and Italian (Mercato dei veicoli a due ruote elettrici), etc.
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About Us
Exactitude Consultancy is a market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.
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