According to the latest report by IMARC Group "Electric Two-Wheeler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The global electric two-wheeler market size reached US$ 35.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 72.5 Billion by 2028, exhibiting a growth rate (CAGR) of 13.18% during 2023-2028.
An electric two-wheeler is a vehicle equipped with an electric motor that gets activated to assist with or replace pedaling. It comprises an electric scooter, electric moped, and electric bike with various features, such as batteries, digital displays, hub-motor, controller, electric throttle or accelerator, cables, control panels or switches, charging devices or fast chargers, pedal assist sensor (PAS), and battery management system. It is manufactured from various materials, such as plastic, rubber, silicone, steel, aluminum alloy, and carbon fiber.
It is comfortable, affordable, lightweight, rechargeable, and environment-friendly with low running and maintenance costs. It is a convenient and safer means of transportation as compared to conventional internal combustion engine (ICE) two-wheelers. An electric two-wheeler is easy to learn and maneuver and utilized to cover short distances at higher speeds. It enables users to avoid traffic congestion and assists with easy parking as it does not require huge spaces. It aids in improving the health and fitness of an individual by strengthening the cardiovascular system, boosting the immune system, losing weight, enhancing mood, and reducing stress. As it is widely available in various designs, colors, and shapes, the demand for an electric two-wheeler is rising worldwide.
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Market Trends:
At present, rising concerns about the harmful impacts of carbon dioxide (CO2) and greenhouse gas (GHG) emissions across the globe represent one of the key factors influencing the market positively. Besides this, the increasing adoption of green energy and enhanced lithium-ion-based electric two-wheelers are propelling the growth of the market. Additionally, governing agencies of several countries are offering subsidies and tax rebates to drivers and owners of electric vehicles (EVs) across the globe. They are also implementing stringent rules and regulations to support energy-efficient transportation, which is offering a positive market outlook. Apart from this, there is a rise in the utilization of electric bicycles in fitness and recreational activities around the world.
This, coupled with the growing employment of electric bicycles to improve bone mineral density and muscle volume, stimulate quadriceps strength, and lower resting heart rate, is contributing to the growth of the market. Moreover, the increasing fuel prices and reducing costs of lithium-ion batteries, along with the burgeoning automotive industry, is strengthening the market growth. Moreover, key manufacturers operating in the industry are investing in research and development (R&D) activities to introduce advanced technologies, such as brake assistance, reverse driving for parking assistance, and anti-theft systems, in electric two-wheelers. Furthermore, the increasing development of charging stations and road infrastructure is bolstering the growth of the market.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include: