Electric Two-wheeler Market size is set to surpass USD 100 billion by 2030, according to a new research report by Global Market Insights Inc.
The report cites the proliferating demand for electric micro-mobility technologies as one of the leading growth drivers of the electric two-wheeler industry. This growth is attributed to depleting air quality and increasing focus on reducing vehicular emissions. In 2021, the sales of new electric two-wheelers crossed 90 million units, as per the report. On the other hand, the high cost of ownership driven by the utilization of expensive high-power electric motors may restrict the industry growth.
Efforts by prominent companies to drive the demand for electric scooters
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The electric scooter market accounted USD 20 billion in 2021 owing to the consistent efforts of the new and existing industry players towards developing affordable two-wheelers with enhanced fuel efficiency. In addition, the ongoing electric micro-mobility fleet expansion may transform the industry dynamics.
Growing SLA batteries demand in electric two-wheelers segment
The report further identifies the lower cost of production as one of the key factors driving the growth of electric two-wheelers powered through SLA batteries. These batteries are available in a broad spectrum of voltage configurations and have better charge retention, leading to their growing adoption and sales in the market. Besides, the increased affordability and simple manufacturing process of SLA batteries will help them gain a strong foothold in the market.
Browse key industry insights spread across 550 pages with 946 market data tables & 39 figures & charts from the report, “Electric Two-wheeler Market Size By Vehicle Type (Electric Motorcycle [Urban, Cruiser, Café-racer, Off-road], Electric Scooter, E-bikes, Electric Kick Scooter), By Battery (SLA, Li-ion), By Motor Placement (Hub Motor [Gear, Gearless], Frame-mounted Motor), By Motor Power (48V, 60V, 72V), By Motor Speed (Below 3.5 kW, 3.5 kW – 6.5 kW, Above 6.5 kW), COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Increasing off-road terrain applications to spur the demand for mid-motor placements
The mid-motor segment is estimated to attain 6% growth rate till 2030. Mid-motors utilize the gearing systems to work in combination with the bike's gears. This streamlines the process of uphill pedaling while significantly increasing vehicle efficiency. The relatively lower un-sprung weight of motors with such placements are considered ideal for off-road terrain applications, substantially contributing to their increasing demand.
Long shelf life to boost the demand for 60V batteries
The electric two-wheeler market from 60V motor power segment is anticipated to reach USD 10 billion through 2030. Batteries with 60V potential can deliver an average vehicle speed ranging from 40km/h to 45 km/h. These are some of the most sought batteries for hill climbing due to their longer life expectancy, which offers them a competitive edge over their 36V and 48V counterparts.
Growing demand for small-sized scooters
The 3.5 kW motor speed segment held over 60% of the global market share in 2021. Motors with 3.5kW speed find major applications in small-sized concise two-wheelers. The increasing efforts of the industry participants to manufacture electric micro-mobility vehicles with varied motor configurations will transform the market dynamics in the forthcoming years.
Rising electric two-wheeler demand across the APAC region
The Asia Pacific electric two-wheeler market acquired about 75% of the revenue share in 2021, credited to the increasing number of people transitioning towards electric fleets. Countries like China and Taiwan may emerge as major regional contributors due to the prominence of several electric vehicle manufacturing firms. Besides, the flourishing cross-border trade may further influence the industry landscape.
Partnerships to remain a key growth strategy for industry players
Major companies in the electric two-wheeler market include Niu Technologies, Yadea Group Holdings Ltd., Giant Bicycles, Segway, Inc., Zero Motorcycles, Hero Electric, SUNRA, Okinawa Autotech Pvt. Ltd., and Vmoto Limited. These leaders are focusing on implementing advanced technologies into their products to meet the growing consumer requirements.