Electric Two Wheelers Market Set for Growth as Key Players Like Hero, Yadea, and NIU Drive Expansion | Persistence Market Research

The global electric two wheelers market has emerged as a critical segment within the clean mobility landscape, driven by rising concerns over carbon emissions, rapid urbanization, and supportive government policies. According to Persistence Market Research, the industry is projected to reach a market valuation of US$ 19.6 Bn by 2024 and is anticipated to expand at a CAGR of 11.6% during the forecast period, attaining a size of US$ 58.6 Bn by 2031. This steady growth highlights the accelerating transition from traditional fuel-powered scooters and motorcycles to energy-efficient electric alternatives, supported by consumer adoption and infrastructure advancements.

The key drivers behind this market growth include government incentives for electric mobility, rising fuel prices, and the expansion of charging networks. Within the market, electric scooters dominate as the leading product segment, thanks to their suitability for urban commuting and cost-effective performance. Geographically, Asia Pacific stands out as the leading region, with China and India accounting for a substantial share of demand. Factors such as government subsidies, strong domestic manufacturing, and an increasing middle-class population contribute to the region's dominance in this industry.

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Key Highlights from the Report

➤ The global electric two wheelers market is expected to reach US$ 19.6 Bn by 2024 and grow to US$ 58.6 Bn by 2031.
➤ The market will register a strong CAGR of 11.6% during the forecast period.
➤ Asia Pacific leads the market due to government support, domestic manufacturing, and large-scale adoption in China and India.
➤ Electric scooters are the dominant segment, favored for daily commuting in urban and semi-urban regions.
➤ Growing fuel costs and environmental concerns are accelerating consumer preference for electric mobility.
➤ Enhanced charging infrastructure and battery innovations are boosting overall market adoption globally.

Market Segmentation

The electric two wheelers market can be segmented based on product type, which mainly includes electric scooters, electric motorcycles, and mopeds. Among these, electric scooters remain the leading category due to their affordability, easy maneuverability in urban traffic, and short-range suitability. Motorcycles, while gaining popularity among performance-driven consumers, represent a smaller yet fast-growing portion of the market, thanks to new models entering global markets. Mopeds, although less popular in advanced economies, still contribute significantly in emerging markets where cost-sensitive buyers prefer compact, lightweight two wheelers.

Segmentation also extends to end-user categories, broadly classified into individual consumers and commercial fleets. Individual consumers account for a significant portion of demand, driven by daily commuting needs and cost savings over conventional fuel vehicles. On the other hand, commercial users such as last-mile delivery companies, courier services, and ride-sharing platforms are increasingly adopting electric two wheelers to reduce operating costs and align with sustainability goals. This dual demand from individuals and enterprises continues to support long-term market expansion.

Regional Insights

Asia Pacific is the undisputed leader in the electric two wheelers market, with countries like China, India, and Japan driving demand. China, in particular, benefits from large-scale domestic manufacturing, government subsidies, and widespread consumer acceptance of electric mobility. India is following closely, spurred by favorable government policies such as subsidies under the FAME scheme and the rising penetration of shared mobility platforms.

Europe and North America are also witnessing rapid growth, although from a smaller base compared to Asia. In Europe, strict emission regulations and strong environmental awareness are pushing consumers toward electric two wheelers. In North America, adoption is being fueled by urban congestion challenges and the increasing integration of advanced battery technologies. Together, these regions are expected to represent attractive growth opportunities during the forecast period.

Market Drivers

A significant driver of the electric two wheelers market is the growing global focus on reducing carbon emissions and promoting green mobility. Governments across various regions are implementing favorable policies, including tax incentives, subsidies, and non-financial benefits like dedicated lanes and parking. Rising fuel costs are also compelling consumers to shift toward more cost-efficient alternatives, particularly in countries with high dependency on imported oil.

Another factor contributing to market expansion is the proliferation of shared mobility services, where electric scooters and mopeds are increasingly used for last-mile connectivity. Additionally, the rapid growth of e-commerce has amplified the need for efficient delivery solutions, further supporting adoption. Continuous improvements in battery efficiency and charging infrastructure are ensuring better user experiences, thereby accelerating consumer acceptance of electric mobility solutions.

Market Restraints

Despite its strong growth trajectory, the electric two wheelers market faces notable challenges. One of the primary restraints is the high upfront cost of electric two wheelers compared to their internal combustion engine counterparts. Although long-term savings are achievable through lower fuel and maintenance costs, initial affordability remains a barrier in many emerging markets.

Another restraint is the limited charging infrastructure in developing economies. While urban centers are seeing steady improvements, rural and semi-urban areas often lack adequate charging facilities, deterring potential buyers. Moreover, range anxiety continues to be a concern for many users, particularly in regions with long commuting distances. Uncertainty regarding battery lifespan and recycling also poses challenges for manufacturers and policymakers.

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Market Opportunities

The electric two wheelers market is brimming with opportunities as manufacturers, governments, and technology providers continue to collaborate. Growing investments in battery technology, particularly in solid-state and fast-charging solutions, are expected to overcome limitations related to charging time and range. Furthermore, the integration of smart connectivity features such as GPS, IoT, and AI-driven energy management systems is likely to enhance user experience and safety.

Expanding commercial applications present another significant opportunity. Logistics and delivery companies are increasingly adopting electric fleets to cut costs and reduce emissions, creating a substantial avenue for growth. Emerging markets in Latin America, Africa, and Southeast Asia also represent untapped opportunities, where increasing urbanization and supportive government policies could accelerate adoption. Strategic partnerships between manufacturers and energy providers will play a crucial role in scaling infrastructure and enabling broader market penetration.

Reasons to Buy the Report

➤Gain access to detailed market forecasts up to 2031, including CAGR and revenue figures.
➤Understand key drivers, restraints, and opportunities shaping the electric two wheelers market.
➤Analyze comprehensive segmentation insights by product type and end-user categories.
➤Evaluate regional performance with a focus on Asia Pacific, Europe, and North America.
➤Access competitive intelligence and recent developments from key players in the industry.

Company Insights

The global electric two wheelers market features a mix of established manufacturers and emerging players, competing through innovation, pricing, and distribution strategies. Key players operating in the industry 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)

Recent Developments:

• Several manufacturers have announced plans to expand production capacities in Asia Pacific to meet surging demand from China and India.
• Leading players are integrating smart technologies, such as AI-driven navigation and IoT-enabled battery monitoring systems, to enhance consumer appeal.

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