Electric Two-Wheeler Market Analysis

The global Electric Two-Wheeler Market is anticipated to grow at a 13.39% CAGR in the forecast period (2020- 2027), states the current Market Research Future (MRFR) report. Electric two-wheelers are plug-in electric vehicles that utilize electric power or combination of electric power and battery from an internal combustion engine to propel the car. They are highly favored over traditional scooters owing to less greenhouse gas emission and fuel efficiency.

Attractive Features that Boost Market Growth

According to the MRFR report, there are numerous factors that are propelling the electric two-wheeler market growth. Some of these entail growing need for energy-efficient commuting, government support for electric two-wheelers through tax rebates and subsidies, increasing investments by governments worldwide to develop charging infrastructure, incentives offered by buyers to develop opportunities for OEMs to expand their geographical presence and revenue stream, the growing need for fuel-efficient vehicles, increasing concerns over greenhouse gas emissions and carbon emissions, the rapidly growing concerns related to vehicular emissions, and growing consumer awareness about air pollution. The additional factors adding market growth include the increasing investments by government authorities to develop EV charging infrastructure, growing adoption of e-scooters among the young population, growing purchasing power of the middle-class community in developing countries, rapid urbanization, ease of maneuver and agility in densely populated areas with high traffic congestion, growing awareness about eco-friendly transportation, strict environmental regulations, growing government subsidies and incentive programs, development of lightweight lithium battery for e-scooters, technological advances in motors and battery management systems, and growing adoption of e-scooter sharing service.

On the contrary, performance constraints, high costs involved in initial investments, and lack of charging infrastructure may limit the global electric two wheeler market growth over the forecast period.

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COVID-19 Analysis

The global electric two wheeler market has faced the brunt of the ongoing COVID-19 outbreak. Lockdowns have resulted in the temporary closure of manufacturing plants and other businesses that have negatively affected the sales of electric two wheelers in different countries. Manufacturing companies have faced immense delays in production and new product launches thus impeding market growth. There has also been a closure of manufacturing facilities that in turn has hampered the sales of electric two-wheelers. However, the gradual lifting of lockdowns in different countries is likely to aid in the resumption of manufacturing operations that may boost the sales and production of electric two wheelers in the forecast period.

Market Segmentation

The MRFR report highlights on an inclusive analysis of the global electric two wheeler market based on voltage, battery type, and type.

By type, the global electric two wheeler market is segmented into electric scooter and electric motorcycle. Of these, the electric scooter segment will lead the market over the forecast period.

By battery type, the global electric two wheeler market is segmented into lithium-ion, sealed lead acid, and others. Of these, the sealed lead acid segment will dominate the market over the forecast period.

By voltage, the global electric two wheeler market is segmented into more than 48V, 48V, 36V, and 24V. Of these, the 48V segment will spearhead the market over the forecast period.

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Regional Analysis

APAC to Spearhead Electric Two Wheeler Market

Geographically, the electric two wheeler market is bifurcated into Europe, North America, the Asia Pacific, and Rest of the World (RoW). Of these, the APAC region will spearhead the market over the forecast period. The demand for electric two wheelers among tourists, development of electric vehicles technologies, growing awareness among consumers to adopt clean energy transportation to curb vehicular emissions, increasing affordability of e-scooters, rapid urbanization, increasing research and development activities, and China being a significant producer of electric two wheelers are adding to the global electric two wheeler market growth in the region.

Europe to Hold Second-Largest Share in Electric Two Wheeler Market

In Europe, the global electric two wheeler market is predicted to hold the second-largest share over the forecast period. Constant government efforts to reduce the gas emission, efforts taken by domestic manufacturers to design more energy efficient and lighter two wheeler solutions for the consumers, rising concern over rising carbon emissions, favorable regulatory environment, and low maintenance cost of electric two-wheelers are adding to the global electric two wheeler market growth in the region.

North America to Have Favorable Growth in Electric Two Wheeler Market

In North America, the global electric two wheeler market will have favorable growth over the forecast period. Government initiatives to adopt electric cars, growing focus of leading manufacturers towards developing technologically advanced products with price competitiveness and better performance, the presence of various established and emerging electric two wheeler manufacturers, growing investment in electric vehicle charging infrastructure, increasing research that support innovative high-density batteries, emergence of electric scooter sharing fleets, increasing use of electric scooters in food and beverage delivery services, and easy accessibility of smart charging stations are adding to the global electric two wheeler market growth in the region.

In RoW, the global electric two wheeler market is predicted to have sound growth over the forecast period.

Key Players

The leading players profiled in the global electric two wheeler market report include Zero Motorcycles, Inc. (US), Ampere Vehicles (India), Niu International (China), Hero Electric (India), China Zhongneng Vehicle Group Co., Ltd (China), Energica Motor Company S.p.A (Italy), GOVECS AG (Germany), Vmoto Limited (Australia), Jiangsu Xinri E-Vehicle Co., Ltd (China), and Wuxi YADEA Export-Import Co., Ltd (China), among others.

The global electric two wheeler market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.

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Industry Updates

• May 2021- Ola is all set to sale e-scooter to international markets this fiscal.
• May 2021- An Italian company, Benelli has launched a new electric scooter, Dong which is small and has a unique design.
• April 2021- Gogoro, a Taiwanese electric scooter maket has joined hands with Hero MotoCorp in India to offer its battery-sharing infrastructure in the largest motorcycle market in the world.

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