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Electric Two-wheeler Market

Electric Two-wheeler Market

Electric Two-wheeler Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:


Base Year:



Feb - 2024



Report Code:


Segments Covered
  • By Vehicle Type By Vehicle Type Electric Motorcycle, Electric Scooter
  • By Battery By Battery SLA, Li-lon
  • By Motor Placement By Motor Placement Hub-motor, Frame-mounted Motor
  • By Motor Power By Motor Power 48 V, 60 V, 72 V, Other Motor Powers
  • By Motor Speed By Motor Speed Below 3.5kW, 3.5-6.5kW, Above 6.5kW
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Base YearBase Year: 2023
Forecast YearsForecast Years: 2024 - 2032
Historical YearsHistorical Years: 2018 - 2022
Revenue 2023Revenue 2023: USD 74.01 Billion
Revenue 2032Revenue 2032: USD 124.02 Billion
Revenue CAGRRevenue CAGR (2024 - 2032): 5.9%
Fastest Growing Region Fastest Growing Region (2024 - 2032) Europe
Largest Region Largest Region (2023): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Electric Two-wheeler Market Share

The global Electric Two-wheeler Market is valued at USD 74.01 Billion in 2023 and is projected to reach a value of USD 124.02 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 5.9% between 2024 and 2032.

Key highlights of Electric Two-wheeler Market

  • In 2023, Asia Pacific exhibited its market prowess, achieving the highest revenue share of over 71.2%,
  • The Europe region is poised for remarkable growth in 2023,
  • Electric scooter segment dominates the market with significant market share in 2023,
  • The Lithium-Ion segment will continue to assert its dominance by Battery, capturing the largest market share of 86.3% in 2023,
  • Battery swapping implementation boosts electric two-wheeler market by addressing range anxiety and lengthy charging times.

Electric Two-wheeler Market Size, 2023 To 2032 (USD Billion)

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Electric Two-wheeler Market: Regional Overview

The Asia Pacific Dominated Sales with a 71.2% share in 2023. This robust market position can be attributed to various factors, which includes the presence of densely populated urban regions where there may be growing demand for sustainable and cost-effective transportation alternatives, making electric powered scooters and bikes an attractive choice for every day commuting. government initiatives promoting easy strength and reduced carbon emissions in addition power the adoption of electric motors in the place, contributing to the growth of the electrical two-wheeler market. Additionally, the presence of prominent electric two-wheeler manufacturers and the development of robust charging infrastructure are bolstering market expansion in Asia Pacific, solidifying its significance in the global electric mobility landscape. For example, in August 2023, Revolt Motors, an Indian EV manufacturer, launched the Stealth Black edition of its RV400 electric motorcycle, emphasizing style and performance. The bike features a striking blacked-out design with angular panels and gold inverted forks, blending modern aesthetics with classic motorcycle spirit. Powered by a 3.24 kWh battery, it offers a range of nearly 100 miles, showcasing the evolution of electric motorcycles in India.

U.S. Electric Two-wheeler Market Overview

The U.S. Electric Two-wheeler market, valued at USD 3.1 Billion in 2023 to USD 13.85 Billion in 2032 is anticipated to grow at a CAGR of 18.1% from 2024 to 2032. The sturdy growth trajectory of the U.S. electric two-wheeler market is propelled by several factors, along with government initiatives promoting sustainable transportation, favorable guidelines incentivizing electric powered vehicle adoption, and the developing focus amongst customers regarding the benefits of electrical mobility solutions. furthermore, improvements in battery generation main to advanced variety and performance, coupled with the expanding charging infrastructure network across U.S. are facilitating the considerable adoption of electric -wheelers as viable options to standard gasoline-powered automobiles. Additionally, the evolving consumer preferences towards eco-friendly transportation options and the increasing availability of electric models from renowned manufacturers are expected to further drive market growth in the coming years.

The global Electric Two-wheeler market can be categorized as Vehicle Type, Battery, Motor Placement, Motor Power, Motor Speed and Region.

Parameter Details
Segments Covered

By Vehicle Type

  • Electric Motorcycle
  • Electric Scooter

By Battery

  • SLA
  • Li-lon

By Motor Placement

  • Hub-motor
    • Gear
    • Gearless
  • Frame-mounted Motor

By Motor Power

  • 48 V
  • 60 V
  • 72 V
  • Other Motor Powers

By Motor Speed

  • Below 3.5kW
  • 3.5-6.5kW
  • Above 6.5kW

By Region

  • North America
    • U.S.
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Yamaha Motor Co. Ltd. (Japan)
  • Hero Electric (India)
  • Zero Motorcycles (U.S.)
  • Vmoto Limited (Australia)
  • Emco Electroroller GmbH (Germany)
  • Pedego Electric Bikes (U.S.)
  • Honda Motor Co. Ltd. (Japan)
  • Piaggio (Italy)
  • Ather Energy (India)
  • Revolt Motors (India)
  • Ola Electric (India)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
Pricing and purchase options Avail of customized purchase options to meet your exact research needs. Explore purchase options

Electric Two-wheeler Market: Vehicle Type Overview

In 2023, the Electric scooter segment dominated the market with significant market share. The {Keyword}} market, segmented by vehicle type, includes Electric motorcycle, Electric scooter. Electric scooters emerged as a popular choice amongst consumers due to their affordability, ease of use, and suitability for urban commuting. those vehicles provided advantages together with zero emissions, low working prices, and handy maneuverability, making them an attractive choice for environmentally aware customers and urban dwellers searching for efficient and sustainable transportation solutions. For instance, With the goal of providing consumers with fashionable, eco-friendly vehicles at a reasonable price, Nexzu Mobility has developed into a comprehensive electric mobility company that works in both the business-to-business and consumer segments for electric two-wheelers. Electric scooters and mopeds contribute to pollution reduction and provide the advantage of energy-efficient daily transportation. For instance, in January 2023, Damon Motors announced a collaboration with Indonesia's top diversified energy firm, PT Indika Energy Tbk. Additionally, Indika has invested an unknown sum in Damon and will act as the distributor for Damon's motorcycle brand in Indonesia. New versions of electric scooters have been produced by several different players.

Electric Two-wheeler Market: Battery Overview

In 2023, the Lithium-Ion segment accounted for over 86.3% market share. Battery segment is divided into Lithium-Ion, Sealed Lead Acid (SLA). Li-ion batteries offer higher energy density, resulting in electric bikes and scooters with an extended range and improved overall performance. additionally, their lightweight creation reduces ordinary car weight, improving maneuverability. advancements in Li-ion battery technology have brought about quicker charging instances, addressing issues about lengthy charging processes. The environmental benefits of Li-ion batteries align with the sustainability desires of eco-conscious consumers, driving their adoption of electrical two wheelers.

Electric Two Wheeler Market by Battery 2023

Key Trends

  • Continuous enhancements in battery generation, consisting of higher energy density and faster charging capabilities, are extending the range and enhancing the overall performance of electric two-wheelers, addressing one of the primary concerns of customers.
  • Increasing environmental concerns and government initiatives to reduce emissions are boosting the adoption of electric vehicles, leading to favorable policies, incentives, and subsidies for electric two-wheelers, stimulating market growth.
  • The proliferation of charging infrastructure, including public charging stations and home charging solutions, is addressing range anxiety and facilitating the widespread adoption of electric two-wheelers, particularly in urban areas.
  • The growing need for efficient and sustainable urban transportation solutions, electric two-wheelers are increasingly being utilized for last-mile connectivity, delivery services, and ride-sharing, driving market demand.

Premium Insights

The sustained growth of the Electric Two-wheeler market is driven by various factors. One of the key drivers is the individuals are getting to be more concerned about pollution, so governments are empowering the utilize of electric vehicles by advertising motivating forces like charge tax breaks and subsidies. With fuel costs going up, numerous people are trying to find transportation alternatives, and electric bicycles and bikes fit the charge. Innovation is progressing as well, particularly in batteries, making electric vehicles go farther and perform way better. Also, there are better approaches to utilize these vehicles, like ride-sharing administrations, making them more available to more individuals. In cities, where getting around rapidly is essential, electric bicycles and bikes are getting to be progressively well known.

Report Coverage & Deliverables

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Market Dynamics

Advancement through Battery Swapping Implementation boost the Electric Two-wheeler market

The innovation of battery swapping addresses one of the primary concerns of electric vehicle users which is range anxiety and lengthy charging times. By allowing users to swap depleted batteries for fully charged ones at dedicated stations, Battery Swapping Technology offers a practical solution for extending the range of electric two-wheelers without the need for long charging breaks. This is not only effectively enhancing the usability and convenience of electrical two wheelers but also contributes to the broader adoption of those motors, especially in city regions wherein short-distance journey is common.

A notable restraint in the market is the lack of sufficient power output and limited range in some models, despite the growing popularity of electric two-wheelers

The limitation can caution potential buyers, especially those seeking higher performance or considering electric two-wheelers for longer commutes or recreational purposes. While advancements in battery technology have improved range and performance, addressing this restraint requires further innovation to develop electric two-wheelers that can match or exceed the power and range of conventional gasoline-powered counterparts. Overcoming this venture is essential to unlocking the overall ability of the Electric Two-wheeler market and catering to a broader variety of purchaser alternatives and desires.

Use of IoT and Smart Infrastructure in Electric Two-Wheeler Charging Stations for Load Management creates an exciting opportunity in the Electric Two-wheeler Market

The IOT and smart Infrastructure technology offer the capacity to optimize the management of electrical vehicle charging infrastructure, specifically concerning load control and power efficiency. by using leveraging IoT sensors and smart algorithms, charging stations can dynamically alter charging rates, prioritize charging sessions based on demand, and coordinate with the grid to minimize peak load instances. moreover, smart infrastructure can provide customers with real-time statistics on station availability, pricing, and nearby facilities, improving the general charging revel in and inspiring more adoption of electric two-wheelers.

Competitive Landscape

The Electric Two-wheeler market is highly competitive, with a diverse array of players vying for market share and technological innovation. Established automotive manufacturers such as Honda, Yamaha, and Piaggio are leveraging their brand reputation and manufacturing capabilities to introduce electric models and expand their presence in the market. Concurrently, startups and specialized electric vehicle companies like Ather Energy, Revolt Motors, and Ola Electric are disrupting the industry with innovative designs, advanced battery technologies, and unique business models. Additionally, multinational corporations like Tesla and BMW are entering the electric two-wheeler space, bringing their expertise in electric propulsion and global market reach. Amidst regulatory incentives promoting sustainable transportation and increasing consumer demand for eco-friendly mobility solutions, the competition intensifies, driving continuous product development, strategic partnerships, and market expansion efforts across the Electric Two-Wheeler ecosystem.

The key players in the global Electric Two-wheeler market include - Yamaha Motor Co. Ltd. (Japan), Hero Electric (India), Zero Motorcycles (U.S.), Vmoto Limited (Australia), Emco Electroroller GmbH (Germany), Pedego Electric Bikes (U.S.), Honda Motor Co. Ltd. (Japan), Piaggio (Italy), Ather Energy (India), Revolt Motors (India), Ola Electric (India) among others.

Recent Market Developments

  • In September 2022, Gogoro Inc. (Nasdaq: GGR), a global technological leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, launching its industry-leading battery swapping system and Smartscooters in the Tel Aviv metropolitan region. The companies anticipate future launches in additional Israeli locations in collaboration with industry giants Metro Motor and Paz Group.
  • In September 2022, the brand-new DSR/X is the star of the company's MY23 lineup, which includes the latest models. With its whisper-quiet ZF motors, class-leading Z-Force Power Packs, and Cypher III+ operating system, the DSR/X offers the finest adventure sport riding experience available.

Frequently Asked Question
  • The global Electric Two-wheeler valued at USD 74.01 Billion in 2023 and is expected to reach USD 124.02 Billion in 2032 growing at a CAGR of 5.9%.

  • The prominent players in the market are Yamaha Motor Co. Ltd. (Japan), Hero Electric (India), Zero Motorcycles (U.S.), Vmoto Limited (Australia), Emco Electroroller GmbH (Germany), Pedego Electric Bikes (U.S.), Honda Motor Co. Ltd. (Japan), Piaggio (Italy), Ather Energy (India), Revolt Motors (India), Ola Electric (India).

  • The market is project to grow at a CAGR of 5.9% between 2024 and 2032.

  • The driving factors of the Electric Two-wheeler include

    • Advancement through Battery Swapping Implementation boost the Electric Two Wheeler market

  • Asia Pacific was the leading regional segment of the Electric Two-wheeler in 2023.