Electric Two-Wheeler Market to Grow at a CAGR of 14.08% During the Forecast Period

Rising demand for emission free automobiles is driving the growth in global electric two-wheeler market in the forecast period, 2022-2026

According to TechSci Research report, Electric Two-Wheeler Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2016-2026”, the global electric two-wheeler market stood at USD10,629.17 million in 2020 and is expected to grow at a steady CAGR of 14.08% during the forecast period to reach USD26,476.81 million in 2026 on account of rising demand for emission-free two-wheelers and increasing environmental concerns.

Electric two-wheelers, classified into motorcycles and scooters, are plug-in electric vehicles equipped with no more than two wheels. An electric two-wheeler's propulsion and the accessory system are powered exclusively by a zero-emissions electricity source. The power unit that propels the electric two-wheeler runs on electricity stored onboard in a rechargeable battery.

The growing number of market participants will also contribute significantly to the global electric two-wheeler industry's growth over the next five years. The growth in ongoing research and development to develop more efficient electric two-wheelers having less charging time and more range, increasing environmental concerns, growing health concerns, growing electric two-wheeler manufacturing, rising demand for emission-free two-wheelers, lower running and maintenance cost coupled with growing government support for electric vehicles are expected to driving the market in the next five years, boosting the electric two-wheeler industry worldwide. Aside from that, the high cost of replacing a battery, scarcity of skilled mechanics, kilometers range, lack of electric two-wheeler charging infrastructure and lack of awareness are some of the primary challenges limiting the market's growth.

Browse over 182 market data Figures and spread through 110 Pages and an in-depth TOC on "Global Electric Two-Wheeler Market"

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The global electric two-wheeler market is segmented based on vehicle type, range, battery capacity, battery type, region, and competitional landscape. Based on vehicle type, the market is further fragmented into Scooter/Mopeds and Motorcycle, with Scooter/Mopeds holding the dominating market share of 89.66% in 2020. The significant market share of Scooter/Mopeds can be attributed to the reasons such as lightweight, lower prices, less charging time, good maneuverability, etc. Owing to growing research and development in electric motorcycles, the motorcycle segment is anticipated to be the fastest-growing segment in the forecast years.

Based on range, the market is further fragmented into Less than 50Km, 50-100Km, 101-150Km, Above 150Km. The majority of the electric two-wheelers sold in the year 2020 had the range of 50-100Km, which was then followed by 101-500Km. The past five years have witnessed enormous growth in electric two-wheelers having a range above 150Km, owing to which electric two-wheelers having a range above 150Km are anticipated to be the fastest-growing segment in the next five years.

Based on battery capacity, the market is bifurcated into >25Ah and <25Ah. Most of the electric two-wheelers sold in the year 2020 had battery capacity <25 Ah. As the capacity of a battery is designed on the basis of various factors such as the time, it will take to charge the battery, battery weight, battery size, research and development. The majority of electric two-wheeler manufacturers are producing electric motorcycles having battery capacity <25Ah, as a result, <25Ah is holding the commanding share of 83.83% in 2020 in the global electric two-wheeler market.

Based on battery type, the market is further bifurcated into Lead Acid and Li-ion. The market of Lead-acid batteries is mature owing to its long-standing history and most nubile technology. Lead-acid batteries are low-cost batteries that are created by placing negative lead and positive lead dioxide electrodes into the sulfuric acid electrolyte. The lead acid-based batteries have significant applications in sustainable markets such as hybrid electric vehicles (HEV), start-stop automotive systems and grid-scale energy storage applications. Owing to its lower cost and most mature technology Lead Acid is holding the dominating market share of 84.87% in 2020 in the global electric two-wheeler market and the trend is expected to continue in the forthcoming years as well.

Based on region, the market is further fragmented into APAC, Europe, Americas, Rest of the World. The global electric two-wheeler market is majorly dominated by the APAC region. Due to China, the region accounted for the highest sales of electric two-wheelers in the world in 2020, registering a market share of over 95%. The trend is expected to continue in the forthcoming years.

APAC region is home to some of the largest electric two-wheeler manufacturers in the world. Furthermore, the region leads over the other regions in terms of population density, industries, universities, airports, ports, etc. Moreover, as masses in the region prefer traveling by two-wheelers, electric two-wheelers have gained steep market penetration in the past five years. The trend is anticipated to continue in the forthcoming years.

Key market players in the electric two-wheeler market include :

  • Niu International
  • Yadea Technology Group Co.,Ltd.
  • Jiangsu Xinri E-Vehicle Co.,Ltd.
  • Viar Motor Indonesia
  • Zero Motorcycles, Inc.
  • Honda Motor Company Ltd.
  • Deco Green Energy CO. LTD
  • Hero Electric Vehicles Pvt. Ltd.
  • Okinawa Autotech Pvt. Ltd.
  • Ampere Vehicles Private Limited

Global electric two-wheeler market is fragmented with a lot of well-established players having presence in several countries. Niu International, Yadea Technology Group Co.,Ltd., Jiangsu Xinri E-Vehicle Co.,Ltd, Viar Motor Indonesia, Zero Motorcycles, Inc., Honda Motor Company, Ltd, Deco Green Energy CO., LTD., Hero Electric Vehicles Pvt. Ltd., Okinawa Autotech Pvt. Ltd., Ampere Vehicles Private Limited have dominating presence in global electric two-wheeler market.

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“APAC holds the largest revenue shares of 97.52% in the market and is anticipated to be leading region in the upcoming market on the account of availability of well-established electric two-wheeler industry. Furthermore, the market's growth is being aided by the quick increase in research and development in the field, as well as the increasing environment concerns. New market players are advised to invest and focus on the research and development of the electric two-wheelers and services for the brand establishment. Collaborations and regulated deals with the established market players would help the prospects of the new market player,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Electric Two-Wheeler Market - Global Industry Size, Share, Trends, Segmented By Vehicle Type (Scooter/Mopeds, Motorcycle), By Range (Less than 50Km, 50-100Km, 101-150Km, Above 150Km), By Battery Capacity (<25Ah, >25Ah), By Battery Type (Lead Acid, Li-ion), By Region, Competition Forecast & Opportunities, 2026”,  has evaluated the future growth potential of global electric two-wheeler market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global electric two-wheeler market.

 

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