Global Electric Two-Wheeler Market Set to Surge at a 12% CAGR, Reaching Over US$80 Billion by 2030

– The global electric two-wheeler market is poised for substantial growth, with a projected Compound Annual Growth Rate (CAGR) of around 12% during the period from 2023 to 2030, culminating in a market value surpassing US$80 billion by the end of 2030, according to a comprehensive market analysis.

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Market Insights

Electric two-wheelers, which include electric scooters and motorcycles, have gained significant traction due to their eco-friendly and cost-effective nature. Their contribution to reducing air and noise pollution, coupled with regulatory incentives and tax benefits, has driven their demand. Moreover, advancements in battery management systems and the adoption of lithium-ion batteries are expected to further boost the electric two-wheeler market.

Key Findings

• The electric scooter segment is a major driver of the electric two-wheeler market.
• Hub motors continue to be in high demand.
• The 48V category held the highest market revenue share in 2022.
• Lithium-ion batteries dominate the electric two-wheeler market.
• Asia Pacific leads, with North America experiencing the strongest growth till 2030.

Growth Drivers

Battery Swapping Technology: The introduction of battery swapping technology is revolutionizing the electric vehicle industry, alleviating range anxiety and making EVs more convenient for long-distance travel. Government investments and policies are further accelerating this transformation, particularly in countries like India.

Sales of Electric Motorbikes and E-bikes: Increasing traffic congestion has led to a surge in sales of electric motorcycles and e-bikes for short trips, driven by advantageous tax policies and reduced GST rates in countries like India.

Market Challenges

Performance, Range, and Design Limitations: Despite technological advancements, electric two-wheelers are still striving to match the performance and power levels of conventional two-wheelers. Range limitations also deter potential buyers, especially those with longer commutes.

Key Segments

E-scooter Sales Highest: E-scooters and mopeds are expected to dominate the market due to their affordability and suitability for daily commuting.

Lithium-ion Battery Type Dominant: Lithium-ion batteries are expected to maintain their dominance due to their higher energy density, longer lifespan, and rapid charging capabilities.

Growth Opportunities Across Regions

e-Mobility Adoption Soars in Asia: Asia Pacific leads the market, driven by environmental concerns, government incentives, and the popularity of electric scooters for local transportation.

North America Witnesses Escalating Sales: North America is experiencing significant growth, with factors like falling battery prices, increased investments, and R&D efforts contributing to its expansion.

Competitive Landscape

Leading players in the 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.

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