Global Electric Two-Wheelers Market on Track to Hit USD 58.6 Billion by 2031, Growing at 11.6% CAGR Amid Rising Fuel Costs and Demand for Sustainable Transport | Persistence Market Research

The global electric two wheelers market has entered a transformative growth phase driven by technological advancement, consumer preference for eco-friendly mobility, and favorable government policies. According to Persistence Market Research, the industry is set to reach US$ 19.6 Bn in 2024, expanding robustly at a CAGR of 11.6% through the forecast period to achieve a market size of US$ 58.6 Bn by 2031. This sharp rise underlines the rapid acceptance of electric two-wheelers as a mainstream alternative to conventional fuel-powered vehicles.

Growing environmental concerns and the push for reduced carbon emissions are significant catalysts for this market's growth. Furthermore, the surge in fuel prices and improved battery technologies are reinforcing adoption. Among product categories, electric scooters are emerging as the leading segment due to their urban mobility advantages. Regionally, Asia-Pacific dominates the market, with China and India leading, owing to high population density, supportive government incentives, and increasing urbanization that fuels demand for affordable, clean transportation.

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Key Highlights from the Report

➤The global electric two wheelers market is projected to reach US$ 58.6 Bn by 2031.
➤The industry is forecasted to record a healthy CAGR of 11.6% from 2024 to 2031.
➤Asia-Pacific leads the market, with China and India driving large-scale adoption.
➤Electric scooters account for the largest product share in the market.
➤Rising fuel prices and environmental concerns are key growth accelerators.

Technological innovations in battery management and charging infrastructure support market expansion.

Market Segmentation

The electric two wheelers market segmentation can be primarily analyzed on the basis of product type. Among the different categories, electric scooters dominate the market as they cater to the largest consumer base in urban regions. Their compact design, cost-effectiveness, and suitability for short-distance commuting make them the preferred choice for daily users. Electric motorcycles are also gaining traction, particularly in developed markets, where higher performance and speed are demanded. Continuous advancements in lithium-ion battery technology and charging infrastructure are further expanding the usability of both product categories.

End-user analysis reveals that the market can be divided between personal and commercial use. While personal ownership remains the largest share due to urban commuters, commercial applications-such as delivery services, e-commerce logistics, and ride-hailing-are rising rapidly. The growing penetration of online retail platforms and last-mile delivery requirements in cities are accelerating demand for commercial fleets of electric scooters and bikes. This dual demand from personal and enterprise users is expected to strengthen market dynamics throughout the forecast period.

Regional Insights

The Asia-Pacific region is the clear leader in the electric two wheelers market. China accounts for the majority of global sales due to mass adoption, extensive government subsidies, and a strong domestic manufacturing base. India is also emerging as a fast-growing market, supported by government initiatives under schemes like FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles). Increasing urban congestion, coupled with rising fuel costs, makes electric scooters an affordable and sustainable option for millions of daily commuters.

In contrast, Europe and North America are witnessing rising adoption driven by sustainability goals, stringent emission regulations, and investments in charging networks. European countries, including Germany, France, and the Netherlands, are actively promoting electric mobility through subsidies and urban green initiatives. Meanwhile, North America is seeing adoption among eco-conscious consumers and delivery businesses, with electric motorcycles gaining popularity among young riders.

Market Drivers

One of the strongest drivers of the electric two wheelers market is the global shift toward sustainable and clean transportation. Governments worldwide are implementing stringent emission regulations and offering financial incentives, tax rebates, and subsidies to encourage the adoption of electric vehicles. This policy-driven push, combined with consumer awareness about reducing carbon footprints, is fueling demand for electric two-wheelers.

Another major growth driver is the technological advancement in battery design and charging infrastructure. The development of lithium-ion batteries with higher energy density, faster charging capabilities, and longer lifespans has significantly improved the practicality of electric scooters and motorcycles. Additionally, urbanization and rising fuel prices are steering consumers toward cost-effective, electric mobility solutions, making this segment increasingly attractive for middle-class and urban populations.

Market Restraints

Despite rapid growth, certain challenges continue to restrain market expansion. High upfront costs associated with electric two-wheelers remain a major concern, especially in developing countries where affordability is a primary factor for consumers. Although operating costs are low, the initial purchase price compared to conventional two-wheelers is a significant barrier for mass adoption.

Another restraint is the limited availability of charging infrastructure in many regions. While urban centers are gradually deploying charging stations, rural and semi-urban areas still lag behind, creating range anxiety among potential buyers. Furthermore, battery recycling and disposal present environmental challenges that may slow down adoption if not adequately addressed. These limitations underscore the need for continued policy support and infrastructure investment.

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Market Opportunities

The electric two wheelers market offers abundant opportunities for stakeholders over the coming years. One of the most promising areas is the commercial application segment. The surge in e-commerce, food delivery, and last-mile logistics has created a strong demand for cost-efficient, electric-powered fleets. Companies that can provide reliable and scalable electric two-wheeler solutions stand to gain significantly from this trend.

There is also growing potential in emerging markets such as Southeast Asia, Latin America, and Africa, where rising urban populations and inadequate public transportation systems create demand for affordable private mobility solutions. Coupled with improving battery technologies and charging infrastructure, these regions represent untapped growth opportunities. Additionally, the rise of shared mobility platforms integrating electric scooters into their fleets is creating new revenue streams and expanding consumer access to sustainable transport.

Reasons to Buy the Report

➤Gain insights into the projected growth of the market to US$ 58.6 Bn by 2031.
➤Understand key drivers such as government incentives, technology, and fuel price shifts.
➤Evaluate regional trends with a focus on Asia-Pacific's leading role in adoption.
➤Analyze market segmentation by product type and end-user categories.
➤Identify growth opportunities in commercial applications and emerging economies.

Company Insights

Some of the key players operating in the global electric two wheelers market include:

• AIMA TECHNOLOGY GROUP CO., LTD.
• TAILG
• Jiangsu Xinri E-Vehicle Co., Ltd.
• TVS Motors
• Bajaj Auto
• OLA Electric
• Ather Energy
• Hero Electric (Hero MotoCorp)
• Energica Motor Company S.p.A
• Piaggio
• Honda Motor Co. Ltd.
• Yamaha
• Kawasaki Motors Corp
• BMW AG
• Livewire (Harley Davidson)
• Revolt Motors
• Gogoro Inc.

Recent Developments

• Several manufacturers have launched upgraded lithium-ion battery models with extended ranges and shorter charging times to attract urban commuters.
• Leading companies in Asia-Pacific have expanded partnerships with e-commerce delivery firms to deploy large fleets of electric scooters for last-mile logistics.

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