Global Electric Two-Wheeler Market to Grow at 11.5% During 2024-2032, Spurred by Rising Demand for Eco-Friendly Automobiles

According to the latest report by IMARC Group, titled "Electric Two-Wheeler Market Report by Vehicle Type (Electric Scooter/Moped, Electric Motorcycle), Battery Type (Lithium-Ion, Sealed Lead Acid (SLA)), Voltage Type (<48V, 48-60V, 61-72V, 73-96V, >96V), Peak Power (<3 kW, 3-6 kW, 7-10 kW, >10 kW), Battery Technology (Removable, Non-Removable), Motor Placement (Hub Type, Chassis Mounted), and Region 2024-2032," the global electric two-wheeler market reached a value of US$ 39.9 Billion in 2023. Electric two-wheelers are self-propelling automobiles that are designed to operate on battery-based electric motors. These vehicles include motorcycles, mopeds and scooters that are widely used by individuals for covering short distances in a versatile manner as they assist in easily maneuvering through congested roads. They are commonly associated with zero carbon emissions, compact design, improved affordability and enhanced fuel efficiency. Apart from this, these two-wheelers are also characterized by several operational benefits and low maintenance costs. As a result, they are gaining widespread popularity as efficient and eco-friendly alternatives to gasoline-powered vehicles.

Global Electric Two-Wheeler Market Trends:

The global market is primarily driven by the increasing demand for eco-friendly personal vehicles among the masses. The growing environmental concerns regarding the increasing pollution levels due to the widespread utilization fuel-based automobiles across the globe has contributed to the rising awareness toward the economic and ecological benefits of adopting electric vehicles. These vehicles are commonly powered by unconventional power sources, such as rechargeable batteries or solar panels, thereby encouraging individuals to opt for these eco-friendly alternatives. The market is further driven by the numerous favorable initiatives undertaken by the governments of several countries to promote the use of electric vehicles in an attempt to reduce the increasingCO₂ emission levels. Multiple governments are now offering tax rebates and subsidies upon purchasing electric vehicles, which is acting as another major growth-inducing factor. Besides this, these two-wheelers are widely utilized by e-commerce companies for providing postal and delivery servicesin a quick and convenient manner. Some of the other factors contributing to the market growth include the high depletion rates of petrol and diesel and the continuous up gradation of electric vehicle (EV) charging infrastructures. On account of the aforementioned factors, the market is expected to grow at a CAGR of 11.5% during 2024-2032.

Market Summary:

• On the basis of the vehicle type, the market has been divided into electric scooters/moped and electric motorcycles.
• Based on the battery type, the market has been bifurcated into lithium-ion and sealed lead acid (SLA).
• On the basis of the voltage type, the market has been classified into <48V, 48-60V, 61-72V, 73-96V and >96V.
• Based on the peak power, the market has been categorized into <3 kW, 3-6 kW, 7-10 kW and >10 kW.
• On the basis of the battery technology, the market has been segmented into removable and non-removable.
• Based on the motor placement, the market has been bifurcated into hub type and chassis mounted.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Netherlands, Norway and others), Asia Pacific (China, Japan, India, South Korea, Australia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa (Turkey, Saudi Arabia, Egypt and others).
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these 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, Inc.

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