Electric Two-Wheeler Market Set to Surge at 12% CAGR by 2030

The global electric two-wheeler market is poised for substantial growth, with a projected Compound Annual Growth Rate (CAGR) of approximately 12% during the period from 2023 to 2030. By the end of the forecast period, the market is expected to surpass a valuation of US$80 billion, driven by several key factors and market dynamics.

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Electric two-wheelers, including scooters and motorcycles powered solely by batteries, are witnessing unprecedented demand due to their eco-friendly nature, reduced air and noise pollution, and government incentives. Furthermore, technological advancements in battery management systems are anticipated to boost the adoption of electric two-wheelers.

Key Report Findings

1. Remarkable Expansion: The electric two-wheeler market is set to experience significant expansion between 2023 and 2030.

2. Electric Scooters Leading the Way: Electric scooters are driving the demand for electric two-wheelers.

3. Hub Motors in Demand: Demand for hub motors remains high in the electric two-wheeler market.

4. 48V Category Dominance: The 48V category held the highest market revenue share in 2022.

5. Lithium-Ion Batteries Prevail: The lithium-ion battery type accounted for the highest market revenue share in 2022.

6. Asia Pacific Continues to Lead: Asia Pacific will maintain its leadership position, while North America will experience robust growth through 2030.

Growth Drivers

1. Battery Swapping Technology: The adoption of battery swapping technology is set to transform the market by enhancing convenience, alleviating range anxiety, and making electric two-wheelers more accessible, particularly in rural and less developed regions.

2. Sales of Electric Motorbikes and E-bikes: Increasing traffic congestion and the need for quick urban commuting are driving the mounting sales of electric motorbikes and e-bikes, with favorable government policies further promoting their adoption.

Market Challenges

1. Performance and Range Limitations: Electric two-wheelers are still evolving, and while manufacturers are making strides in design and technology, they have not yet reached the performance levels of traditional two-wheelers. Range limitations remain a key challenge, especially for long-distance travelers.

Key Segments

1. E-scooter Sales Leading: E-scooters and mopeds are expected to dominate the electric scooter and motorcycle market due to their affordability and rising demand for cost-effective commuting solutions.

2. Lithium-Ion Battery Dominance: Lithium-ion batteries are set to dominate the market due to their higher energy density, lighter design, longer lifespan, and improved performance.

Growth Opportunities Across Regions

1. e-Mobility Adoption Soars in Asia: Asia Pacific, with its escalating environmental concerns and government incentives, will continue to lead the electric two-wheeler market. Notable manufacturers in the region include Hero Electric, Okinawa Autotech, Jiangsu Xinri, Niu International, and Yadea Technology Group.

2. North America Witnesses Escalating Sales: North America is poised for significant growth, driven by factors such as falling battery prices, increased investments in shared mobility, and the expansion of electric two-wheeler offerings. The US market is leading the way, with Canada also experiencing substantial growth.

Competitive Landscape

Leading players in the global electric two-wheeler market include Yadea Group Holdings Ltd., Silence Urban Ecomobility, Niu Technologies, Segway Inc., Hero Electric Pvt. Ltd., Okinawa Autotech Pvt. Ltd., Ather Energy Pvt. Ltd., AIMA Technology Co., Ltd., Ola Electric Mobility Pvt Ltd., Pure Electric, Piaggio & C. SpA, and BMW North America, LLC.

The electric two-wheeler market is on an upward trajectory, driven by environmental concerns, technological innovations, and favorable government policies. As commuters seek cleaner and more efficient transportation options, the electric two-wheeler industry is poised to play a pivotal role in the future of mobility.

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