Electric Two-Wheeler Market 2023 | Industry Size, Share, Growth and Forecast 2028
According to the latest report by IMARC Group “Electric Two-Wheeler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global electric two-wheeler market size reached US$ 35.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 72.5 Billion by 2028, exhibiting a growth rate (CAGR) of 13.18% during 2023-2028.
An electric two-wheeler is a vehicle equipped with an electric motor that is activated to assist with or replace pedaling. It comprises batteries, motors, controller, throttle, tires, digital display, brake system, cables, control panels or switches, pedal assist sensor (PAS), and battery management system. It is manufactured using various materials, such as plastic, silicon, rubber, carbon fiber, aluminum, and steel, and widely available in various colors, designs, and shapes. It is environment friendly, noise-free, and lightweight and has lower running and maintenance costs. It is also a convenient, comfortable, and safe means of transportation as compared to conventional internal combustion engine (ICE) two-wheelers.
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At present, the increasing adoption of green energy and advanced lithium-ion-based electric two-wheelers among the masses represents one of the primary factors contributing to the market growth. Besides this, various benefits offered by electric two-wheelers, such as tackling traffic congestion, compact size, and high speed with less efforts, are offering a positive market outlook. Apart from this, rising concerns about the harmful impacts of carbon dioxide (CO2) and greenhouse gas (GHG) emissions around the world are propelling the growth of the market. Moreover, governing agencies of various countries are providing subsidies and tax rebates on the purchase of electric two-wheelers across the globe, which is bolstering the growth of the market. Furthermore, the rising adoption of electric two-wheelers, as they are easy to maintain and cost-effective, is strengthening the market growth.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- AIMA Technology Co. Ltd.
- Ampere Vehicles Pvt. Ltd.
- BMW AG
- Energica Motor Company S.p.A.
- GOVECS AG
- Hero Electric Vehicles Pvt. Ltd.
- Mahindra GenZe
- Terra Motors Corporation
- Vmoto Limited
- Yadea Technology Group Co. Ltd.
- and Zero Motorcycles
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The report has segmented the market on the basis of Product Type, End-User and Region.
Breakup by Vehicle Type:
- Electric Scooter/Moped
- Electric Motorcycle
Breakup by Battery Type:
- Sealed Lead Acid (SLA)
Breakup by Voltage Type:
Breakup by Peak Power:
- <3 kW
- 3-6 kW
- 7-10 kW
- >10 kW
Breakup by Battery Technology:
Breakup by Motor Placement:
- Hub Type
- Chassis Mounted
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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