Market Size of electric two-wheeler Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 105.3 Billion |
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Market Size (2030) | USD 186 Billion |
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Largest Share by Propulsion Type | ICE |
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CAGR (2024 - 2030) | 9.94 % |
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Largest Share by Region | Asia-Pacific |
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Market Concentration | Low |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Electric Two-Wheeler Market Analysis
The Electric Two-Wheeler Market size is estimated at 105.3 billion USD in 2024, and is expected to reach 186 billion USD by 2030, growing at a CAGR of 9.94% during the forecast period (2024-2030).
105.3 Billion
Market Size in 2024 (USD)
186 Billion
Market Size in 2030 (USD)
13.78 %
CAGR (2017-2023)
9.94 %
CAGR (2024-2030)
Fastest-growing Segment by Country
60.26 %
Projected CAGR, Russia, 2024-2030
The country is the fastest-growing segment due to increasing government support for EVs, expanding charging infrastructure, and rising consumer awareness about the benefits of electric mobility.
Largest Segment by Region
97.46 %
value share, Asia-Pacific, 2023
APAC leads due to its large population, high urbanization rate, and significant demand for affordable, efficient, and eco-friendly transportation options, supported by strong government policies.
Fastest-growing Segment by Region
30.14 %
Projected CAGR, Europe, 2024-2030
Europe is the fastest-growing segment due to strong government support for sustainable transportation, extensive charging infrastructure, and increasing consumer preference for eco-friendly vehicles.
Largest Segment by Country
73.92 %
value share, China, 2023
China leads the two-wheeler market due to its large population, significant manufacturing capacity, and high consumer demand for affordable and efficient personal transportation options.
Leading Market Player
14.77 %
market share, Yadea Group Holdings Ltd., 2023
Yadea Group Holdings Ltd. is the world's largest manufacturer of electric two-wheeled vehicles and is devoted to creating a new generation of green travel lifestyles and also sold about 6.1 million scooters in 2021.
The electric two-wheeler market is poised for a significant growth spurt, propelled by technological advancements, favorable government initiatives, and evolving consumer tastes
- The global electric two-wheeler market witnessed a significant surge in sales during 2023, marking a pivotal year of transition and growth. Analysis of the sales data from 2023 highlighted an impressive uptick in consumer demand across various regions, with notable increases in emerging markets such as India, China, and parts of Europe. This rise is attributed to a heightened awareness of environmental issues, advancements in battery technology, and an expanding infrastructure for electric vehicles. The sales in 2023 showcased a robust diversification of offerings, from electric scooters to high-performance electric motorcycles, catering to a wide array of consumer preferences.
- Government policies and incentives have played a crucial role in accelerating the adoption of electric two-wheelers. Since late 2022, several governments across the world have introduced subsidies, tax rebates, and stricter emissions regulations to encourage the shift toward electric mobility. For instance, the European Union's ambitious Green Deal and India's FAME II (Faster Adoption and Manufacture of Electric Vehicles) scheme have significantly lowered the cost of ownership for consumers and fostered a conducive environment for the growth of the electric two-wheeler market.
- Moreover, major industry players have responded with strategic partnerships, expanded production capacities, and investments in R&D to innovate and meet the growing market demand. These actions, combined with supportive government policies, are shaping the market trends, influencing consumer behavior, and enhancing the electric two-wheeler ecosystem.
Electric Two-Wheeler Industry Segmentation
Africa, Asia-Pacific, Europe, Middle East, North America, South America are covered as segments by Region.
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Electric Two-Wheeler Market Size Summary
The electric two-wheeler market is experiencing a transformative phase, characterized by a significant increase in consumer demand and sales across various regions, particularly in emerging markets like India, China, and parts of Europe. This growth is driven by heightened environmental awareness, advancements in battery technology, and the development of supportive infrastructure for electric vehicles. Government policies, such as subsidies and stricter emissions regulations, have been instrumental in promoting the adoption of electric two-wheelers. Initiatives like the European Union's Green Deal and India's FAME II scheme have made electric mobility more accessible, reducing the cost of ownership and fostering market expansion. The market is witnessing a diversification of products, ranging from electric scooters to high-performance motorcycles, catering to diverse consumer preferences.
Major industry players are actively responding to the growing demand by forming strategic partnerships, expanding production capacities, and investing in research and development to innovate and enhance the electric two-wheeler ecosystem. The market is fragmented, with key players like Gogoro Limited, Hero Electric Vehicles Pvt. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., VMOTO SOCO ITALY SRL, and Yadea Group Holdings Ltd. leading the charge. The Asia-Pacific and Europe regions are expected to dominate production, supported by advancements in battery technology and vehicle electrification. Notable initiatives, such as Kia Motors Europe's "Plan S," highlight the strategic shift towards electrification, with ambitious plans for global EV model introductions and sales targets. The period from 2024 to 2030 is anticipated to witness continued growth in demand and sales, further solidifying the role of electric two-wheelers in the automotive sector.
Electric Two-Wheeler Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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1.1 Region
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1.1.1 Africa
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1.1.1.1 South Africa
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1.1.2 Asia-Pacific
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1.1.2.1 China
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1.1.2.2 India
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1.1.2.3 Japan
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1.1.2.4 South Korea
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1.1.3 Europe
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1.1.3.1 France
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1.1.3.2 Germany
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1.1.3.3 Italy
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1.1.3.4 Russia
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1.1.3.5 Spain
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1.1.3.6 UK
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1.1.4 Middle East
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1.1.4.1 UAE
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1.1.5 North America
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1.1.5.1 Canada
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1.1.5.2 Mexico
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1.1.5.3 US
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1.1.6 South America
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1.1.6.1 Argentina
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1.1.6.2 Brazil
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Electric Two-Wheeler Market Size FAQs
How big is the Global Electric Two-Wheeler Market?
The Global Electric Two-Wheeler Market size is expected to reach USD 105.30 billion in 2024 and grow at a CAGR of 9.94% to reach USD 185.98 billion by 2030.
What is the current Global Electric Two-Wheeler Market size?
In 2024, the Global Electric Two-Wheeler Market size is expected to reach USD 105.30 billion.
