EV Two Wheeler Industry Share Poised to Cross USD ~45, 877.71 Million By 2032, With a Growth of 21.74% CAGR
According to the research report, the global electric two-wheeler market was valued at USD 6,505.65 Million in 2022 and is expected to reach USD 45,877.71 Million by 2032, to grow at a CAGR of 21.74% during the forecast period.
The growth of electric two-wheelers industry is driven by various supportive reasons, such as rising concerns for emission-free vehicles, increasing fuel prices, and lower maintenance costs over traditional petroleum-based vehicles. Favorable government regulations, incentives, and other technological advancements in the EV ecosystem have remained other driving forces for the market in the forecast period.
Electric two-wheelers are vehicles powered by electric motors and batteries rather than gasoline or diesel engines. They are a popular form of transportation in many parts of the world and are seen as a cleaner and more sustainable alternative to traditional vehicles.
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Electric two-wheelers offer several benefits over gasoline-based transportation, including being environmentally friendly, cost-effective, and convenient. They are quieter, more energy-efficient, and perform better than traditional gasoline or petroleum-based vehicles. Electric two-wheelers produce zero emissions, which is great for the environment. Further, EV two-wheelers are cheaper to run and maintain than gasoline-based vehicles. They have lower operating costs as they require less maintenance, and electricity is generally more affordable than gasoline.
Higher initial costs, limited range, lack of charging infrastructure, inefficient battery technology, safety concerns, and limited model options are the key restraining factors for the market growth in the forecast period.
In the short run, the pandemic has hampered the EV two-wheelers market. Supply chain disruptions, reduction in consumer demand, and halt of vehicle production are some areas that were affected due to measures taken to curb the pandemic virus. In contrast, the post-pandemic period has caused a steep recovery of the EV two-wheelers market owing to factors including increased awareness of the need to reduce the carbon footprint caused by vehicles, more focus from government authorities toward the sustainable mobility sector, and improved battery management technology.
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Report Highlights
- The Electric Motorcycle segment is accounted to witness a considerable CAGR in the forecast period. Major benefits accounted for the segment’s growth, such as higher speed and range, more comfortable riding positions, greater power and performance, and better customizable designs.
- The Hub motor segment is projected to grow the fastest in the forecast period. The growth of the hub motor segment in the electric 2-wheeler market is driven by a combination of factors, including improved technology, greater efficiency, and a simplified design.
- The Lithium-Ion battery segment accounted for the highest market share in 2022. The segment’s growth can be attributed to its various benefits, such as a greater range of battery backup, fast charging, lower costs, and other environmental benefits.
- The Asia Pacific region is projected to account for a major market share in the forecast period. The segment is expected to grow in the coming years, driven by better-charging infrastructures, rising prices of petroleum and gasoline products, and supportive government schemes for manufacturers and end-consumers.
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