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Electric Two-wheeler Market Size
- Report ID: GMI5304
- Published Date: Sep 2023
- Report Format: PDF
Electric Two-wheeler Market Size
Electric Two-wheeler Market size was valued at USD 70.1 billion in 2022 and is anticipated to register a CAGR of over 6% between 2023 and 2032. Increasing fuel prices are driving the market growth as consumers seek more cost-effective & eco-friendly transportation options. For instance, in August 2023, petrol prices in the UK surged up to USD 180 per liter. Electric two-wheelers offer relief from rising gasoline expenses, making them an attractive choice for budget-conscious individuals and businesses looking to reduce operating costs while contributing to environmental sustainability.
The electric two-wheeler market is experiencing significant growth due to rising technological advancements. Manufacturers are constantly innovating to enhance the performance, range, and features of electric scooters & motorcycles. These advancements include improvements in battery technology, motor efficiency, connectivity features, and the use of lightweight materials. As a result, electric two-wheelers are becoming more appealing to consumers, offering longer ranges, faster charging times, and smart features. This technological progress is driving the adoption of electric two-wheelers and contributing to market expansion as they address the demand for cleaner & more efficient urban transportation solutions
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Electric Two-wheeler Market Size in 2022: | USD 70.1 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 6% |
| 2032 Value Projection: | USD 122.2 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 922 |
| Segments covered: | Vehicle Type, Battery, Motor Placement, Motor Power, Motor Speed |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The challenge of limited vehicle range and low availability of charging stations are significant hurdles in the electric two-wheeler market. Electric scooters and motorcycles often have a limited driving range compared to traditional gasoline-powered vehicles, which can cause anxiety among riders. Additionally, the lack of charging infrastructure, especially in rural or less densely populated areas, can deter potential buyers.
Government and private companies should invest in expanding their charging networks, especially in urban and suburban areas. Incentives and subsidies can encourage private charging station setups. Manufacturers can introduce hybrid models with a small gasoline engine acting as a generator to extend the range when needed. Manufacturers can design electric two-wheelers with removable or swappable batteries and provide portable chargers, allowing riders to charge their batteries at home or workplace.
Frequently Asked Questions (FAQ) :
Electric Two-wheeler Market Scope
