Rockville, March 08, 2024 (GLOBE NEWSWIRE) -- The electric two wheeler market is expected to grow at a 11.1% CAGR between 2024 and 2034, according to Fact.MR. By 2034, the global market for these products is expected to reach US$ 203,078.7 million. According to Fact MR, a provider of market research and competitive intelligence, the global electric two wheeler market is rapidly growing and is expected to continue its growth trajectory in the coming years.
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The emergence of new and innovative startups in the electric mobility space is contributing to market competitiveness and bringing fresh ideas to the industry. Manufacturers focusing on innovative design and form factors, creating stylish and attractive electric two wheelers, can attract a broader range of consumers, including those interested in fashion and aesthetics.
Initiatives aimed at electrifying rural areas and providing infrastructure support can open up new markets for electric two-wheelers in previously underserved regions. Exploring opportunities to integrate electric two-wheelers with renewable energy sources, such as solar charging stations, can enhance the sustainability profile of these vehicles.
The rise of subscription-based models and shared mobility services for electric two-wheelers can provide a cost-effective and convenient alternative to traditional ownership. Manufacturers developing lightweight and compact electric two-wheelers may tap into the growing demand for easy maneuverability and storage in urban environments.
Implementation of battery swapping infrastructure and services can address concerns related to charging times and offer greater convenience for users. The integration of AI and IoT technologies into electric two-wheelers can enhance features like predictive maintenance, real-time diagnostics, and smart navigation, providing a more sophisticated user experience.
Offering customization options for electric two-wheelers, allowing consumers to personalize their vehicles, can cater to diverse tastes and preferences. Increasing awareness through educational campaigns about the benefits of electric two-wheelers, addressing myths and misconceptions, can drive consumer acceptance and adoption.
| Report Attribute | Details |
| Value Projection (2034) | US$ 203,078.7 Million |
| Growth Rate (2024-2034) | 11.1% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 48 Tables |
| No. of Figures | 144 Figures |
Key Takeaways from the Market Study
- In 2024, the global electric two wheeler market is estimated to have a global market size of US$ 70,880.2 million.
- The electric scooters segment is expected to dominate the market, with a market share of 61.2% in 2024.
- The lithium ion category is expected to hold a market share of 82.3% in 2034.
- China is predicted to acquire a 69.4% of the global market share in 2024.
- East Asia is expected to account for a CAGR of 12.0% by 2034.
“The emphasis on health and wellness may lead to increased interest in electric bicycles and e-scooters as a means of promoting physical activity and reducing carbon footprint simultaneously,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- AIMA Technology Co., Ltd
- Ather Energy Pvt. Ltd.
- Energica Motor Company SPA
- Gogoro Limited
- Govecs AG
- Hero Electric Vehicles Pvt. Ltd
- Jiangsu Xinri E-Vehicle Co. Ltd.
- Piaggio & C. SpA
- Vmoto Limited
- Zero Motorcycles Inc.
Competitive Landscape
The electric two wheeler market is shaped by pricing, distribution channels, customer service, and regulatory compliance to gain a competitive edge. Adapting to market dynamics and staying abreast of technological advancements are essential for sustained success in this dynamic industry.
Key Development
- In February 2022, Govecs extended its presence in the United States by introducing its electric delivery scooter brand, GOVECS FLEX.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global electric two wheeler market, presenting historical analysis from 2019 to 2023 and forecast statistics for the period of 2024 to 2034.
The study reveals essential insights based on electric two wheeler market analysis by product type (electric scooters, electric motorcycles, electric bicycles), by battery type (lithium ion, lead based, NiMH), and by region (North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East & Africa).
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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