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