Electric Two-Wheeler Market Size Worth $45, 877.71 Million By 2032 | CAGR: 21.90%

Electric Two-Wheeler Market Size Worth $45, 877.71 Million By 2032 | CAGR: 21.90%

The global electric two-wheeler market size is expected to reach USD 45,877.71 Million by 2032, according to a new study by Polaris Market Research. The report “Electric Two-Wheeler Market Share, Size, Trends, Industry Analysis Report, By Vehicle Type (Electric Motorcycle, Electric Scooter, Electric Kick Scooter, Others), By Motor Placement, By Motor Power, By Battery Type, By Region, Segments & Forecast, 2024 – 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The growth of electric two-wheelers is driven by various supportive reasons, such as rising concerns for emission-free vehicles, increasing fuel prices, and lower maintenance costs over traditional petroleum-based vehicles. Favorable government regulations, incentives, and other technological advancements in the EV ecosystem have remained other driving forces for the market in the forecast period.

Electric two-wheelers are vehicles powered by electric motors and batteries rather than gasoline or diesel engines. They are a popular form of transportation in many parts of the world and are seen as a cleaner and more sustainable alternative to traditional vehicles.

Electric two-wheelers offer several benefits over gasoline-based transportation, including being environmentally friendly, cost-effective, and convenient. They are quieter, more energy-efficient, and perform better than traditional gasoline or petroleum-based vehicles. Electric two-wheelers produce zero emissions, which is great for the environment. Further, EV two-wheelers are cheaper to run and maintain than gasoline-based vehicles. They have lower operating costs as they require less maintenance, and electricity is generally more affordable than gasoline.

Higher initial costs, limited range, lack of charging infrastructure, inefficient battery technology, safety concerns, and limited model options are the key restraining factors for the market growth in the forecast period.

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In the short run, the pandemic has hampered the EV two-wheelers market. Supply chain disruptions, reduction in consumer demand, and halt of vehicle production are some areas that were affected due to measures taken to curb the pandemic virus. In contrast, the post-pandemic period has caused a steep recovery of the EV two-wheelers market owing to factors including increased awareness of the need to reduce the carbon footprint caused by vehicles, more focus from government authorities toward the sustainable mobility sector, and improved battery management technology.

Report Highlights

  • The Electric Motorcycle segment is accounted to witness a considerable CAGR in the forecast period. Major benefits accounted for the segment's growth, such as higher speed and range, more comfortable riding positions, greater power and performance, and better customizable designs.
  • The Hub motor segment is projected to grow the fastest in the forecast period. The growth of the hub motor segment in the electric 2-wheeler market is driven by a combination of factors, including improved technology, greater efficiency, and a simplified design.
  • The Lithium-Ion battery segment accounted for the highest market share in 2022. The segment's growth can be attributed to its various benefits, such as a greater range of battery backup, fast charging, lower costs, and other environmental benefits.
  • The Asia Pacific region is projected to account for a major market share in the forecast period. The segment is expected to grow in the coming years, driven by better-charging infrastructures, rising prices of petroleum and gasoline products, and supportive government schemes for manufacturers and end-consumers.

Polaris Market Research has segmented the electric two-wheeler market report based on vehicle type, motor placement, motor power, battery type and region:

Electric Two-Wheeler Market, Vehicle Type Outlook (Volume – Thousand Units, Revenue - USD Million, 2019 - 2032)

  • Electric Motorcycle
  • Electric Scooter
  • Electric Kick Scooter
  • Others

Electric Two-Wheeler Market, Motor Placement Outlook (Volume – Thousand Units, Revenue - USD Million, 2019 - 2032)

  • Hub Motor
  • Frame-mounted Motor

Electric Two-Wheeler Market, Motor Power Outlook (Volume – Thousand Units, Revenue - USD Million, 2019 - 2032)

  • 48V
  • 60V
  • 72V
  • Others

Electric Two-Wheeler Market, Battery Type Outlook (Volume – Thousand Units, Revenue - USD Million, 2019 - 2032)

  • Lithium-Ion
  • Lead-acid
  • Lithium iron phosphate
  • Others

Electric Two-Wheeler Market, Regional Outlook (Volume – Thousand Units, Revenue - USD Million, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa