The global electric two-wheelers market is projected to expand at a CAGR of 11.6% over the forecast period of 2022-2032 to reach a valuation of USD 58.66 billion by the end of 2032, according to a PMR study.
With increasing investments toward infrastructure development and population across several countries, electric two-wheelers are also anticipated to witness a demand boom over the coming years. Long-range and-high performance electric scooters, motorcycles, and bicycles are being introduced in many countries, which is ultimately expected to benefit the market for electric two-wheelers over the coming years.
The need for carbon footprint reduction in the environment, fuel-efficient bikes, and enhanced user experience is compelling manufacturers to increase their investments in production, which will bode well for market expansion going forward.
Key Takeaways from Market Study
- Demand for electric bicycles is projected to increase at a CAGR of 11.5% from 2022 to 2032.
- Electric scooters are expected to hold the highest market share of 12.4% in terms of volume.
- By battery type, lithium-ion batteries are projected to enjoy a market share of more than 26.5% by 2032.
- By category, battery two wheelers are projected to be the leader with a market share of more than 83%.
- By region, East Asia is projected to hold the highest share in the global market accounting for more than 64.5%.
- The U.S. is projected to register the highest absolute $ opportunity of USD 783.3 million from 2022 to 2032.
“Cost-effectiveness, low maintenance, and reduction in carbon footprint to remain main driving factors for sales of electric two wheelers,” says a Persistence Market Research analyst.