Press Release

Electric Two-wheeler Sales to Flourish Globally Owing to Rising Government Incentives & Subsidies

The Global Electric Two Wheeler Market is projected to grow at a CAGR of around 25.57% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The factors attributed to the growth in the sales are the government-led initiatives to encourage the adoption of electric vehicles to minimize carbon emissions.

Countries around the world are facing alarming environmental challenges, and governments in Southeast Asia, North America, Europe, the Middle East, and South America are offering incentives and subsidies to maximize the use of electric vehicles in place of conventional fuel-based vehicles. The subsidies offered by the government make electric two-wheelers more affordable to the lower & middle classes. This improved the consumer base, which aided in driving the global market.

Furthermore, the wide adoption of electric motorcycles & electric scooters by delivery partners, e-commerce platforms, and transit companies is also augmenting the sales of electric two-wheelers across the globe. These last-mile delivery providers, such as Amazon, Flipkart, and Zomato, are replacing traditional fuel-based motorcycles with electric mopeds & motorcycles to reduce transportation costs. As a result of the growing commercial use of electric bikes and scooters, sales of these vehicles have risen sharply.

Additionally, the companies have been working in accordance with government initiatives, thereby they are increasingly making efforts to deploy electric bikes in their fleets to continue operations across geographies such as Europe, Asia-Pacific, and North America. Thus, the sale of commercial electric two-wheelers is expected to boost market growth in the coming years.

Moreover, the rising investments & collaborations between electric vehicle manufacturers & charging infrastructure providers, such as Boult & Gogoro, to develop efficient electric two-wheeler charging stations would also enhance the sales of electric motorcycles & scooters.

Besides, the growing investments to upscale charging infrastructure are likely to facilitate the adoption of e-bikes in the upcoming years, further states the research report, “Global Electric Two Wheeler Market Analysis, 2023.”

Growing Deployment of Electric Scooters & Mopeds by Transit Companies & Ride-hailing Services

Based on the Vehicle Type, the market is further classified as Scooter/Moped & Motorcycle. Among them, Electric Scooters & Mopeds held a dominant share in the Global Electric Two Wheeler market, and the same trend is anticipated to continue in the upcoming years as well. Electric scooters & mopeds are comparatively available at a lower cost than electric motorcycles, becoming a more popular choice among the end-users. Along with their cost-effectiveness, electric scooters are easy to maintain and hence provide long-term economic benefits.

Further, transit companies & ride-hailing service providers are also replacing the conventional fuel-based two-wheelers with electric mopeds to cater to the growing mobility needs, augmenting the sales of electric scooters & mopeds.

Moreover, the expansion plans of e-mobility ride-sharing firms such as Ola, Uber, Beam, etc., in the Europe & Southeast Asia market, especially to provide mobility services to their customers, are predicted to enhance the e-scooter & e-mopeds sales globally in the forthcoming years as well.

Southeast Asia to Witness Significant Growth in the Forthcoming Years

The sale of electric two-wheeler is increasing at a rapid pace in the Southeast Asia region, owing to government-led initiatives & rising government investments to build the charging infrastructure. The governments of several countries, such as Vietnam, Thailand, etc., in the Southeast region, are providing incentives, subsidies & flexible grants to purchase electric two-wheelers. Along with this, the government of Indonesia is encouraging consumers to adopt electric vehicles through heavy investment in improving the charging infrastructure.

In addition to this, the sales of electric two-wheelers are expected to grow at a rapid pace in the coming years due to stronger government support in countries such as Indonesia, Malaysia, Vietnam, and the Philippines, among others, to reduce carbon emissions & minimize the air pollution.

Key Competitors

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Hero Electric Vehicles Private Limited, Okinawa Autotech International Private Limited, Energica Motor Company S.P.A., AIMA Technology Group Co. Ltd., Yadea Technology Group Co., Ltd, Terra Motors Corporation, Zero Motorcycles Inc., Honda Motor Co., Ltd., Dongguan Tailing Electric Vehicle Co., Ltd., Silence Urban Ecomobility, emco electroroller GmbH, Vmoto Limited, Jiangsu Xinri E-Vehicle Co.,Ltd, GOVECS AG, Others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends that have shaped the industry to its current form?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition shaped across various countries, followed by their comparative factorial indexing?
6. How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2018-28?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?