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Electric Two-wheeler Market size valued at USD 65 billion in 2021 and is projected to expand at over 5% CAGR from 2022 to 2030. Rising demand for electric mobility across the globe will boost the industry growth.
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Increasing emphasis on the utilization of clean energy and the proliferating demand for personal mobility are likely to stimulate the electric two-wheeler market demand. Driven by the growing concerns about minimizing the environmental impact and CO2 and GHG emissions, governments across the globe have brought about initiatives that offer incentives for adopting electric vehicles. They are further collaborating with regional participants to establish an adequate charging infrastructure to help people transition towards e-mobility.
Report Coverage | Details |
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Base Year: | 2021 |
Market Size in 2021: | USD 65 billion |
Forecast Period: | 2022 to 2030 |
Forecast Period 2022 to 2030 CAGR: | 5% |
2030 Value Projection: | USD 100 billion |
Historical Data for: | 2018 to 2021 |
No. of Pages: | 550 |
Tables, Charts & Figures: | 985 |
Segments covered: | Vehicle Type, Motor Placement, Motor Power, Motor Speed |
Growth Drivers: |
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Pitfalls & Challenges: |
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The e-bikes segment in the electric two-wheeler market dominated with more than 45% of the revenue share in 2021. The growth is attributed to increasing pace of urbanization and infrastructure development across developed and developing economies. In addition, the rollout of several government-backed initiatives coupled with the rapid upsurge in demand for safer, more affordable, and practical alternatives to public commute.
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The electric two-wheeler market from li-ion batteries segment is estimated to attain 5.5% growth rate till 2030 impelled by the increasing number of people transitioning from fuel-based to electric vehicles. The mobility shift gained momentum owing to the rising environmental concerns and skyrocketing fuel prices. These batteries have higher energy efficiency and take up lesser charging time, offering them a competitive edge over their counterparts.
In 2021, the hub motors segment contributed for a revenue share of about 70% in the global electric two-wheeler market. Escalating efforts of leading players towards expanding and improving product offerings is likely to augment the segment growth. The hub motor is positioned in the wheel hub in the front wheel of the two-wheeler. This placement helps it establish a direct connection with the ground.
The 48V motor power segment held above 35% of the electric two-wheeler market share in 2021. These batteries deliver better acceleration and higher power output. Additionally, they also significantly help in lowering power lag. These attributes, along with the consistent technological advancements such as the integration of regenerative braking, make them ideal for application in electric motorcycles, bikes, and scooters.
The electric two-wheeler market from the 3.5KW to 6.5KW motor speed segment accounted for around USD 14 billion in 2021. The segment progression is driven by rising utilization of these power motors across electric two-wheelers. Some of the prominent companies, such as Bosch Mobility, have been offering products such as the 4KW small, three-phase, fully sealed permanent magnet motor, which provides strong acceleration and exceptional torque capabilities. Its adjustable placement in the vehicle streamlines the integration of several vehicle designs and concepts.
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The European electric two-wheeler market revenue is poised to grow at 7% CAGR through 2030, credited to the supportive policy framework and the surging production and sales of electric vehicles. Germany is likely to become a major growth contributor due to increasing EV fleets and a positive economic growth outlook. As per the European Environment Agency, the battery electric vehicle (BEV) registration in Germany, the UK, and France held nearly 60% of the total BEV registrations in 2020, growing over three folds since 2019. The expansion of appropriate vehicle charging infrastructure will further support the regional adoption.
Top companies operating in the electric two-wheeler market include Niu Technologies, Yadea Group Holdings Ltd., Giant Bicycles, Segway, Inc., and Zero Motorcycles, among others, including Hero Electric, SUNRA, Okinawa Autotech Pvt. Ltd., and Vmoto Limited. These players are focusing on strengthening their strategic alliances with prominent OEMs to offer products that meet the industry requirements.
The industry faced numerous disruptions ranging from halted industrial operations to scarcity of raw materials to supply chain bottlenecks during the initial months of the COVID-19 crisis. However, post-pandemic, the demand for cost-effective and eco-friendly personal vehicles gained momentum owing to growing infection anxiety, increasing health concerns, and strict regulations pertaining to social distancing. Moreover, the easing of movement restrictions helped remove trade barriers, posing a profound impact on the industry growth.
Market, By Product
Market, By Battery
Market, By Motor Placement
Market, By Motor Power
Market, By Motor Speed
The above information has been provided for the following regions and countries: