Electric Two-Wheeler Market Size was valued at USD 5789.58 million in 2023. The global electric two-wheeler market industry is projected to grow from USD 7260.13 Million in 2024 to USD 44423.18 million by 2032, exhibiting a compound annual growth rate (CAGR) of 25.41% during the forecast period (2024 - 2032). Government incentives to encourage electric vehicle adoption and increasing demand for electric two-wheelers among tourists are some the key market drivers boosting the growth of the electric two-wheeler market.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Rapidly growing pollution across the globe and scarcity of energy resources are likely to push many governments to rely on alternative resources. The governments of different countries have stepped in to support the usage of electric two-wheelers as it helps to regulate the emissions and reduce the traffic congestion situations. For example, the French government provides the highest incentive of USD 1,400 for purchasing cargo e-Bikes. Many European countries include Belgium, Denmark, Norway, etc. are giving tax relaxation for purchasing electric motorcycles which further promote the electric two-wheelers market across the region. Indian government has taken the National Electric Mobility Mission Plan 2020 (NEMMP 2020), the Atmanirbhar Bharat Abhiyan, and the Make in India campaign to promote the electric bikes. Furthermore, the Electric Vehicles Initiative (EVI) is a multi-government policy forum dedicated to accelerating the introduction and adoption of electric bikes worldwide. EVI was launched under the Clean Energy Ministerial (CEM), a high-level dialogue among Energy Ministers from the world’s major economies such as Canada, Chile, China, Finland, France, Germany, India, Japan, the Netherlands, New Zealand, Norway, Poland, Portugal, Sweden, and the United Kingdom and the United States. Therefore, such initiatives will augment the demand for E-bikes in the upcoming years.
Based on Type, the Electric Two-Wheeler Market segmentation includes Electric Motorcycles, and Electric Scooters. The Electric Scooters Type held the majority share in 2022, contributing around ~69.50% to the market revenue. Moreover, owing to less upfront cost and the availability of more models in the market provide ample options for the buyer, which further impetus to the growth of this segment. Several start-ups are beginning to introduce themselves in major metropolitan areas with hundreds of 'rent by minute' scooters. To reduce vehicle emission in cities, several pilot programs have been initiated to introduce e-scooters in a phased manner. Such instances and developments expected to drive demand in e-scooter segment of the market which will account a CAGR of 24.75% during the forecast period.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on the Battery Type, the Electric Two-Wheeler Market segmentation includes Sealed Lead Acid, Li-ion, and Others. The Li-ion battery type held the majority share in 2022. Li-ion batteries have the highest market share in 2022 and can be traced largely in the electric two-wheeler marketplace due to it's the high energy density. Factors including great durability, low maintenance, and fast charging ability make it suitable for high-end applications. Further, o promote the use of clean and energy-efficient vehicles lightweight lithium-ion (Li-ion) battery is used to provide voltage to the motor. Therefore, Lithium-ion based battery segment is likely to showcase a considerable growth at rate of 25.60% throughout the projected timeframe.
Based on the Voltage, the Electric Two-Wheeler Market is segmented into 36V, 24V, 48V, and more than 48V. More than 48V segment dominated the market in 2022. Furthermore, the battery weight is also increased significantly which further reduce the efficiency in hilly roads. The more than 48V segment accounted for the largest market share of 44.38%, with a market value of USD 2118.99 million in 2022; it is expected to register a CAGR of 25.36%. The 48V segment was the second-largest market and valued at USD 1412.33 million in 2022; it is projected to exhibit the highest CAGR of 25.83% during the forecast period.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia Pacific electric two-wheeler market accounted for ~92.40% in 2022. Asia-Pacific is anticipated to lead the market over the forecast period. China, India, and Japan are the major economies in the regional market, which are anticipated to influence the overall market. These countries are witnessing the entry of an increasing number of start-ups and well-established and conventional manufacturers in the market. Thus, Asia Pacific is likely to hold 90.08% of market share at the end of forecast period.
China accounted for the largest market share of 82.81%, with a market value of USD 3652.83 million in 2022; the market is expected to register a CAGR of 23.83%. India was the second-largest market and valued at USD 555.65 million in 2022; the market is projected to exhibit a CAGR of 30.65%. However, the market in Indonesia is expected to register the highest CAGR of 35.73% during the forecast period.
Further, the major countries studied in the market report are the US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, Australia, South Korea, Indonesia, Vietnam, Philippines, Myanmar, Singapore, UAE, Saudi Arabia, Bahrain, Oman, Kuwait, Egypt, South Africa, Algeria, Nigeria, Kenya, Ghana, Brazil, Argentina, Chile, Colombia, Peru, and Venezuela.
South America electric two-wheeler market accounts for the second-largest market share and had a market of 3.2% for the electric two-wheeler industry in 2022. Growth in the South America electric two-wheeler market is attributed to the increasing support from governments in terms of multiple supporting activities and initiatives for boosting the market share. The expansion of the commercial infrastructure such as charging platforms, after-sales servicing points, etc. are boosting the demand for electric two-wheeler across the region.
North America electric two-wheeler market accounts for the third-largest market share and had a market of 2.18% for the electric two-wheeler industry in 2022. The growth of the market is mainly attributed by the rising need for eco-friendly solutions to reduce the consumption of traditional energy resources. Moreover, to minimize carbon emissions and meet the government standards the manufacturers are shifting their production line towards the more energy efficient products. These factors will boost the overall electric two-wheeler market over the forecast period.
Europe electric two-wheeler market is expected to grow at the fastest CAGR between 2022 and 2032. European market is expected to attain a considerable market share at the end of 2032 owing to rising demand of electric two-wheelers in the major cities. Many countries have imposed certain regulations to curb the fossil fuel usages which further drive the electric mobility across the region. Moreover, favourable government policies will also account significant impact to the market growth throughout the projected timeframe.
The global electric two-wheelers market is profitable, both for existing players as well as new entrants. The market is highly competitive with all the players competing to gain a higher market share. Intense competition. The growth of the electric two-wheeler market is influenced by the increasing demand for energy-efficient products, supportive government regulations & initiatives for promoting personal electric mobility.
The major players in the market include Jiangsu Xinri E-Vehicle (China), Yadea Technologies (China), VMOTO (Australia), NIU International (China), Energica Motor (Italy), Govecs (Germany), China Zhongneng Vehicle (China), Zero Motorcycles (US), Hero Electric (India), Ampere Vehicles (India), and GOGORO Inc. (Taiwan). The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have a global reach and diverse product portfolios. Yadea Technologies, VMOTO, NIU International, Energica Motor, and GOGORO Inc. are the players dominating the global market due to brand reputation, product differentiation, financial stability, and diversified regional presence.
The market players are focused on investing in research & development and adopting strategic growth initiatives such as expansion, product launches, agreement, partnership, acquisition, and merger to strengthen their market position and capture a large customer base.
24 April, 2024 : Vmoto is happy to declare its involvement in the EICMA Riding Fest, which will take place at the Misano World Circuit on Saturday, April 27, and Sunday, April 28, 2024, as the Official Electric Scooter Supplier. The EICMA Riding Fest is a new structure arranged and encouraged by the Milan Motorbike Show, and it will be the first possibilities for all bikes enthusiasts to test the major automobile new products both on the road and on the track.
Vmoto, which has been used for years by the Official Ducati Corse Teams on the tracks of the MotoGP and World Superbike World Championships, will support the event and the organization by supplying the entire fleet of electric mobility scooters that the EICMA staff will use for their transfers in the paddock of the racing venue named after Marco Simoncelli.
15 March 2023: Hero Electric has announced the launch of their latest electric scooters in the Indian market: the Optima CX5.0 (Dual-Battery), the Optima CX2.0 (Single Battery), and the NYX CX5.0 (Dual-Battery). The comfort and Town accelerate scooters have been updated and are now available for purchase at ₹85,000-95,000 and ₹105,000-130,000, respectively. The brand's electric two-wheeler states that the newly released Optima CX5.0 is now available in Dark Matt Blue and Matt Maroon, while the Optima CX.20 is easily found in Dark Matt Blue and Charcoal Black. In addition, the NYX will now be available in Charcoal Black and Pearl White color options.
The newest line of electric scooters from Hero Electric is said to have German ECU technology for precise performance, as well as cutting-edge features like "dynamically synchronized powertrain" and "hibernating battery technology" that the company says promise a smooth riding experience.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 5789.58 million |
| Market Size 2024 | USD 7260.13 million |
| Market Size 2032 | USD 44,423.18 million |
| Compound Annual Growth Rate (CAGR) | 25.41% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Battery Type, Voltage, and Region |
| Geographies Covered | Europe, North America, Asia-Pacific, Middle East & Africa, and South America. |
| Countries Covered | US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, Australia, South Korea, Indonesia, Vietnam, Philippines, Myanmar, Singapore, UAE, Saudi Arabia, Bahrain, Oman, Kuwait, Egypt, South Africa, Algeria, Nigeria, Kenya, Ghana, Brazil, Argentina, Chile, Colombia, Peru, and Venezuela. |
| Key Companies Profiled | Jiangsu Xinri E-Vehicle (China), Yadea Technologies (China), VMOTO (Australia), NIU International (China), Energica Motor (Italy), Govecs (Germany), China Zhongneng Vehicle (China), Zero Motorcycles (US), Hero Electric (India), Ampere Vehicles (India), and GOGORO Inc. (Taiwan). |
| Key Market Opportunities | · Improvement of battery capacity and establishment of charging infrastructure |
| Key Market Dynamics | · Government incentives to encourage electric vehicle adoption · Demand for electric two-wheelers among tourists |
Electric two-wheeler Market Highlights:
Frequently Asked Questions (FAQ) :
The Electric Two-Wheeler Market size is expected to be valued at USD 4774.37 Million in 2022.
The global market is projected to grow at a CAGR of 25.41% during the forecast period, 2024-2032.
Asia Pacific had the largest share in the electric two-wheeler market.
The key players in the market are Jiangsu Xinri E-Vehicle (China), Yadea Technologies (China), VMOTO (Australia), NIU International (China), Energica Motor (Italy), Govecs (Germany), China Zhongneng Vehicle (China), Zero Motorcycles (US), Hero Electric (India), Ampere Vehicles (India), and GOGORO Inc. (Taiwan).
The Electric Scooters type dominated the electric two-wheeler market in 2022.
More than 48V had the largest market share in the electric two-wheeler market.
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Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
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