Electric Two Wheeler Market Research Report Information by Type (Electric Motorcycles and Electric Scooters), Battery Type (Sealed lead Acid, Li-ion, and Others), by Voltage (36V, 24V, 48V, More than 48V) and by Region – Global Forecast till 2023
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Electric Two-Wheeler Market Competitive Analysis:
Vmoto Limited (Australia), Jiangsu Xinri E-Vehicle Co., Ltd. (China), YO bykes (India), F-wheel DYU (ChinaRobstep (China), Zero Motorcycles Inc. (U.S.), Hero Electric (India), Ampere Vehicles Private Ltd. (India), Yadea Tech. Group Co., Ltd. (China), and, ), Hybike (China), among others. The strategies developed and employed by the prominent players for strengthening their footholds in the market are product development, technological advancements, competitive pricing, mergers & acquisitions, etc.
Drivers and Constraints Impacting the Market
Advancement in battery technologies is one of the key trends that will gain traction in the electric two-wheelers market over the coming years. For instance, improvements in Li-ion batteries have made electric two-wheelers, light in weight and increased their lifespan as compared to lead-acid and valve-regulated lead-acid (VRLA) batteries. Thus, growing concerns regarding the development of newer battery technologies with longer shelf life, among manufacturers of electric two-wheelers is anticipated to result in continuous research & development, which in turn is expected to boost the electric two-wheeler market.
Owing to high purchasing power of consumers, sales of conventional two-wheelers running on fossil fuel powered engines has grown manifold. However, the governments of many countries are trying to bring down the pollution level by enforcing stricter emission norms, levying extra tax on the purchase of automobiles and providing special concession or subsidies for the purchase of electric two-wheelers.
Global Electric Two-Wheeler Market Segment Analysis:
By type, the global electric two-wheeler industry has been segmented into electric scooters and electric motorcycles. The electric scooter segment held the most significant market share in 2016 due to its high demand in developing economies such as India, China, etc.
By battery type, the global market for electric two-wheeler is segmented into sealed lead acid, Lithium-ion (Li-ion), and, others. Although sealed lead acid segment exhibited robust growth in the past due to low cost, but, overheating and bulkiness have led to a shift towards the adoption of Li-ion batteries. The Li-ion segment holds immense potential for growth over the next few years.
By voltage, the market is segment into 36V, 24V, 48V, and, more than 48V. The 48V and more than 48V segments are expected to garner more market share over the forecast period as high voltage levels of batteries open avenues for cost-effective hybridization of vehicles.
Electric Two-Wheeler Market Regional Insights:
Geographically, the market spans across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World.
Asia Pacific market accounted for the largest share in 2017 due to shift towards e-vehicles in emerging economies such as China, and, Taiwan. China will be the primary contributor of revenue in the region owing to the government initiatives undertaken in the region that has catapulted adoption of electric two wheelers. China is facing high premature mortality rate due to air pollution and for controlling the same, the government is promoting the adoption of electric cars which has fueled the market growth for electric two-wheeler in the Asia Pacific market.
The market in North America is poised to exhibit an upward shift due to the early adoption of the technology in the region. Europe market will also grow throughout the projection period due to the concentration of major players and the growth strategies employed by them in the region. The Rest of the World segment will witness steady growth due to the limited market penetration in the region.
Lime, an electric bike rental service provider, has launched its services in Louisville, Kentucky. It plans to roll out hundreds of electric two wheelers which can be rented on smartphones.
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