Need and The Choice-The Growth Story of electric Two wheelers in the world.

The impact on the four-wheeler and two-wheeler market is mainly connected to the national income or GDP per capita of the region which shows the relative wealth of people in each country. In emerging countries like India, China, Vietnam, Myanmar etc, two-wheelers are usually a key mode of transportation, not only, in urban areas but also in rural areas, due to their flexibility, and lower prices compared to cars. A recent study done by Malaysia’s Road Safety Engineering and Environment Research Centre in 2020 indicates that in the early stage of a developing economy, due to lower income levels, strong growth in two-wheelers sales can be observed, going hand in hand with the increase in personal income. The tipping point is when income levels for the average population are high enough to afford a car, resulting in a decrease in motorcycle sales. The relationship between GDP per capita and the ratio between motorcycle and passenger car ownership shows a reversed U-shape. On the other hand, people in more developed countries slow down their replacement of older motorcycles and move towards the purchase of entry-level passenger cars with key reasons such as rising incomes, policy initiatives, and the expansion of infrastructure. It represents that the country is relying more on the car market and at the same time gently shifting to more premium motorcycle markets with larger engines and electric vehicles. And this trend can be seen across the globe where in countries like India where the majority of the population is in the middle-income group the preferred choice is a two-wheeler in both rural as well urban areas and because of the government’s initiatives and ample awareness available on the internet over the benefits of owning an electric two-wheeler over an ICE vehicle is moving this consumer crowd towards electric two-wheelers and in developed countries where peoples are more aware and concerned about environmental change where the majority of the population already owns a car and have a fairly high income are showing huge interest in buying an electric two-wheeler for their micro-mobility needs. But Asia Pacific is leading the pack by holding the largest market share in terms of electric two-wheelers they are selling and are currently running on the road.

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For instance, according to sales data, 31 million electric two-wheelers sold globally in 2021 and 90% of those were sold in China. Also, there is a kind of EV revolution going on in the Asia Pacific region which is led by two-wheelers, where different types of trends are emerging, for instance, Taiwan is the rare exception where two-wheeled transportation has remained popular even as their GDP has grown, the major region is the country’s small size and urban-planning policies have helped ensure that the country has the highest density of motorcycles in the world. What is driving this rise of electric two-wheelers is a range of favourable policies from the governments and technological innovations that have made them accessible and appealing to the masses. For instance, In China, a number of major cities banned the sale of new motorcycles due to air-quality concerns in the early 2000s. Those policies created a market for two-wheel e-mobility. That created an opportunity for electric bicycles and their use helped clean up air and noise pollution in Chinese cities, which has boomed the electric two-wheeler industry in china and is continuing to date.

APAC Electric Scooter and Motorcycle Market Revenue (2020-2028)- USD Mn

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Based on vehicle type, the market is bifurcated into scooters and motorcycles. The electric scooter category is anticipated to witness the highest CAGR during the forecast period. Electric scooters witness higher sales than electric motorcycles due to lower upfront cost, and availability of more choices in this category as manufacturers are flooding the market with scooters as it is a multi-utility vehicles which can be used for personal transport, logistics, food deliveries, tourism etc and with ongoing rising demand for low cost electric 2-wheeler major players are planning to launch their top selling models electric version.

Based on refuelling station type, the market is bifurcated into plug in charging station and battery swap station. Though plug in charging station holds the largest market share and also growing at a higher pace but major developments are also happening in the battery swap station, as it is one of the most practical solutions that when developed can accelerate the growth of adoption of a sustainable future of EVs by removing the major concerns that consumers have in their mind like range anxiety and also this infrastructure can reduce the charging time almost zero hence increasing the range of the vehicle to infinite just like what happens now in ICE vehicles with gas pump infrastructure.

Global Electric Scooter and Motorcycle Market Segmentation

Market Insight, by Vehicle Type

· Scooters

· Motorcycles

Market Insights, by Battery Type

· Lithium-ion Battery

· Lithium Titanium Oxide Battery

· Lead Acid Battery

Market Insights, by Charging Type

· Plug in charging

· Battery swap

Market Insight, by Region

· North America

o U.S.

o Canada

o Rest of North America

· Europe

o Germany

o U.K.

o France

o Italy

o Spain

o Rest of Europe

· APAC

o China

o Japan

o India

o South Korea

o Rest of APAC

· Rest of the World

Top Company Profiles

· Ather Energy

· Ola Electric Mobility Pvt Ltd

· Hero Electric

· Okinawa Autotech International Private Limited

· Vmoto Limited

· Zero Motorcycles, Inc.

· Piaggio & C. SpA

· WUXI SHENGBAO VEHICLE MANUFACTURING CO., LTD

· Wuxi Shenyun Technology Development Co., Ltd

· Verge Motorcycles OÜ