ELECTRIC TWO-WHEELERS MARKET REPORT OVERVIEW
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The global electric two-wheeler market size was USD 15040 million in 2021 and is projected to touch USD 28290.18 million by 2031, exhibiting a CAGR of 6.5% during the forecast period.
Electric two-wheeler is a personal device with a two wheels. It is powered by an electric motor. The bike has a feature of rechargeable battery. They are lightweight and self-operating automobiles. They are versatile, portable, cost-effective, durable, eco-friendly, and fuel-efficient. They are now available in compact version. Further, it is a great mean of communication for short distance at higher speeds.
Increasing price of petroleum products is expected to accelerate market growth. Growing demand to control pollution level is estimated to surge market growth. Growing awareness among population about the harmful greenhouse gas (GHG) is predicated to surge product demand. Increasing installation of EV charging stations at commercial places such as educational institutes and shopping malls is estimated to boost product adoption. Increasing adoption of the product in logistic companies is projected to drive market growth. Rising government initiatives for eco-friendly two-wheeler is anticipated to boost market growth during the forecast period.
COVID-19 Impact: Ban on Transportation to Reduce Market Expansion
The global COVID-19 pandemic has been unprecedented and staggering, with electric two-wheeler market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the electric two-wheeler market growth and demand returning to pre-pandemic levels once the pandemic is over.
An outbreak of COVID-19 pandemic restricted electric two-wheeler market growth due to a ban on transportation or movements. Transportation restriction globally reduced product demand. Social distancing protocols during the pandemic impacted economic development of the product. Shutdown of manufacturing units hampered market expansion. Fluctuation of raw material prices declined product demand. Lack of labor or employee due to lockdown restrictions reduced production activities. The market witnessed supply and chain disruptions. Further, work from culture and staying at home reduced outdoor activities which impacted market growth.
On the contrary, post COVID-19, the market is expected to show considerable market growth due to its eco-friendly nature. High fluctuation of petroleum prices is expected to fuel market growth.
LATEST TRENDS
"Low Operating and Maintenance Cost to Foster Market Expansion "
Increasing prices of petroleum products is predicted to fuel market growth. Electronic systems are durable and more efficient than mechanical models. Such benefits are projected to drive market growth. Further, the product has higher range of current breed which is predicted to fuel market growth. Increasing demand for electric vehicles globally are expected to fuel market growth during the forecast period. Electric two-wheeler is affordable and requires low maintenance which is projected to drive market growth. The product requires limited repairing investment which is predicted to surge market growth. In addition, some of the electric scooters do not require registration certificate or driving license which is estimated to accelerate electric two-wheeler market growth.
ELECTRIC TWO-WHEELERS MARKET SEGMENTATION
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- By Type
Based on type, the market is divided into lead-acid two-wheelers and lithium two-wheelers.
Lead-acid two-wheelers is expected to be the leading part of segmentation type.
- By Application
Based on the application, the market is divided into retail stores and e-commerce.
Retail stores is expected to be the leading part of application segmentation.
DRIVING FACTORS
"Decreasing Battery Prices to Incite Market Growth "
The decreasing battery prices is expected to boost product adoption. Lack of maintenance and low initial cost. Such benefits associated with the product is estimated to fuel market growth. Replacement of batteries are predicted to be after 4 to 5 years of usage. Such advantages are projected to boost product adoption during the forecast period. Further, continuous fall in battery price is estimated to surge market growth. The product is economic and better alternative to petrol products. Purchasing electric vehicles helps to save money from the continuous shifting price of petrol. Such better investment benefit is predicted to increase market growth. Increasing installation of EV charging stations at commercial places such as educational institutes and shopping malls is projected to drive electric two-wheeler market growth.
"Rising Awareness about Harmful Greenhouse Gas to Stimulate Market Growth"
Increasing awareness among population about the harmful greenhouse gas (GHG) emissions from gas is predicted to fuel market growth. Growing government initiatives to control carbon emission is estimated to surge market growth. Presence of tax rebates and subsidies by governments in some countries is projected to drive market growth. Electric scooters are pollution free which is expected to boost product adoption. Increasing demand for eco-friendly vehicles is anticipated to propel market growth. Growing adoption of the product in logistic companies to provide quick and convenient delivery services. Such benefits are projected to drive market growth during the forecast period. Increasing demand from e-commerce industry for convenient postal is projected to drive electric two-wheeler market growth.
RESTRAINING FACTORS
"Limited Repair and Service Stations to Hamper Market Growth"
Limited repair and service stations is expected to restrict electric two-wheeler market growth. Electric vehicles have low speed limit than petroleum vehicle is projected to hamper product adoption. Further, difficulties in finding spare part is projected to hinder market growth during the forecast period.
ELECTRIC TWO-WHEELERS MARKET REGIONAL INSIGHTS
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"Increasing Production of Electric Vehicles in Asia Pacific to Drive Market Share"
Asia Pacific is expected to hold largest part of electric two-wheeler market share due to increasing production of electric vehicles. Growing demand for energy-efficient communication in the region is estimated to fuel market growth. Further, government initiatives to control carbon emission is projected to drive market growth in the forecast period. Increasing number of people to afford electric vehicle is anticipated to fuel market growth. Rapid growing economy of China is predicted to drive market expansion. Increasing demand to control pollution is projected to drive market growth.
Europe is expected to show considerable market growth due to increasing demand for cost-effective and fuel-efficient commute options. Increasing environmental concern in the region is estimated to surge market growth. Presence of EV charging station is predicted to fuel product adoption. Increasing adoption of electric vehicles in logistic companies is estimated to boost electric two-wheeler market growth during the forecast period.
KEY INDUSTRY PLAYERS
Leading Players Adopt Strategies to Stay Competitive
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Yadea (China)
- Aima (China)
- Taiwan Bell (Taiwan)
- Wxjinjian (China)
- SUNRA (China)
- LIMA (Italy)
- Luyuan (Hong Kong)
- Lvjia (China)
- Zuboo Electric Bicycle (China)
- Lvneng (China)
- Giant (Taiwan)
- Accell Group (Netherlands)
- Niu Technologies (China)
- XDAO
- Byvin
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 15040 Million in 2021 |
Market Size Value By |
US$ 28290.18 Million by 2031 |
Growth Rate |
CAGR of 6.5% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the electric two-wheeler market expected to touch by 2031?
The global electric two-wheeler market is expected to reach USD 28290.18 million by 2031.
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What CAGR is the electric two-wheeler market expected to exhibit by 2031?
The electric two-wheeler market is expected to exhibit a CAGR of 6.5% by 2031.
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Which are the driving factors of the electric two-wheeler market?
Drivers of this electric two-wheeler market are decreasing battery prices and rising awareness about harmful greenhouse gas.
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Which are the top companies operating in the electric two-wheeler market?
Yadea, Aima, Taiwan Bell, XDAO, wxjinjian, SUNRA, LIMA, Luyuan, Byvin, lvjia, Zuboo Electric Bicycle, lvneng, Giant, Accell Group, and Niu Technologies are the top companies operating in the electric two-wheeler market.
