According to a new market report published by Credence Research, Inc., “Global Electric Two-wheelers Market (By Vehicle Type – E-Scooter and E-Motorcycle; By Battery Type – Sealed Lead-acid and Lithium-ion; By Technology – Plug-in Electric Two-wheeler and Battery Electric Two-wheeler; By Battery Voltage – 24V, 36V, 48V and More than 48V) – Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the global electric two-wheelers market is projected to generate revenue of US$ 26.76 Bn by 2027, expanding at 8.17% CAGR during the forecast period from 2019 to 2027.
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Electric two-wheelers have emerged as an alternative to fuel-powered two-wheelers owing to rapid depletion of fossil fuels and growing environmental concerns worldwide. Electric two-wheelers offer several benefits such as low running cost, maintenance cost & operating noise, and less emission in comparison with its counterparts. Growing consumer awareness pertaining to impact of carbon emissions combined with government norms and policies are likely to augment the electric two-wheelers market growth worldwide during the forecast period.
Global electric two-wheelers market, based on vehicle type, was dominated by e-scooters segment in 2018. The segment growth is mainly accredited to the high popularity of electric scooters among teenagers as well as its ability to utilize muscle power in pedaling, electric power or both. Compact structure, less number of spare parts, easy to maneuver and less gear shifting efforts are other factors fueling the e-scooters market growth. Further, Asia Pacific led the electric two-wheelers market in 2018 with more than 40% share in global revenue. Strict emission laws and regulations, implementation of global carbon footprint reduction initiatives by governments and rapid development & deployment of public charging infrastructures are key factors propelling the electric two-wheelers market growth in the region.
Emerging economies such as China, Taiwan and India are promoting the shift towards cleaner alternative with subsidies & incentives on manufacturing and purchase of electric two-wheelers. Such initiatives are expected to stimulate the electric two-wheelers market growth across the region. For instance, German government announced 10 year tax exemption for battery electric vehicles and fuel-cell electric vehicles, registered between 1st January 2016 to 31st December 2020. As an effect of this announcement, electric vehicle sales in Germany witnessed an annual growth of 43.9% in 2018.
Major players in the electric two-wheelers market include Zero Motorcycles, Inc., F-wheel DYU, Sunra Electric Vehicles, YO bykes, Hero Electric, Hybikes, Yadea Tech. Group Co., Ampere Vehicles Private Ltd., Vmoto Ltd., Energica Motor Company, Sanyang Industry, Zhejiang Luyuan Electric Vehicle, Guangzhou Camqi Electric Vehicle and Alta Motors among others. Electric two-wheelers manufacturers are adopting several strategies to thrive in volatile market dynamics. New product development, mergers & acquisitions, geographic expansion and competitive pricing are among most significant strategies adopted by key players to have an upper hand in the market.
Diversification in product offerings to succeed, grow and remain competitive with counterparts is the key focus area for these players. For instance, Greaves Cotton Limited, an Indian e-mobility company has announced its flagship product Zeal electric scooter that offers top speed of 55 kmph. Similarly, geographic expansion is another major strategy adopted by leading players. For instance, Sunra Electric Vehicles, a leading Chinese electric vehicle company, plans to set up a plant in Bengaluru to increase their market penetration in India from 20% to as much as 80%.
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By Vehicle Type Segment (2017-2027; US$ Bn)
By Battery Type Segment (2017-2027; US$ Bn)
- Sealed Lead-acid
- Lithium-ion (Li-ion)
By Technology Segment (2017–2027; US$ Bn)
- Plug-in Electric Two-wheeler
- Battery Electric Two-wheeler
By Battery Voltage Segment (2017–2027; US$ Bn)
- 24 V
- 36 V
- 48 V
- More than 48 V
By Geography Segment (2017-2027; US$ Mn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America
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