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Electric Two & Three-Wheeler Market Size Worth US$ 153.62 Bn by 2030 | CAGR: 14.2%

The study published by Astute Analytica forecasts a growth in revenue of the Global Electric Two & Three-Wheeler Market from US$ 46,619.4 Mn in 2021 to US$ 1,53,622.6 Mn by 2030. The market is registering a CAGR of 14.2% over the forecast period 2022-2030. In terms of volume, the market is registering a CAGR of 14.2% during the forecast period.

Market Snapshot

Electric vehicles lead to less air pollution, less noise pollution, higher efficiency, low maintenance cost, and low fuel and operating costs when compared to other conventional vehicles. Moreover, clean and renewable energy sources like solar and wind power are being increasingly integrated into the utility grids used to charge electric vehicles, which further reduces the use of hydrocarbon-based energy sources.

Market Dynamics

Drivers:

The growing impetus of the global electric two & three-wheeler market is attributed to factors such as growing demand for energy-efficient commuting and government support through subsidies and tax rebates. The production of gas-powered vehicles is expected to decrease prominently over the next decade as gas is not a renewable source of energy and doesn’t promote sustainable development. However, electric vehicles are fuel-efficient and low emission vehicles as compared to gas-powered vehicles. Furthermore, countries like the U.S., France, Germany, and China have implemented stringent government laws and regulations regarding vehicular emission, under which it is mandatory for the automobile manufacturers to use advanced technologies that help to combat high-emission levels emitted by vehicles. Governments have promoted the growth in this segment by offering incentives, imposing tax rebates, and preferential policies, among others. For instance, in India, state of Maharashtra declared its EV policy in 2021. This policy provides incentives of US$ 65.50 per kilowatt-hour of battery capacity to all types of electric vehicles buyers. 

Restraints:

To recharge for 100 driving range miles, a vehicle might take 6 minutes to 26 hours of charging, depending on the vehicle type, its configuration, charging station type, and the battery size. Therefore, lack of a proper charging infrastructure as well as less availability of charging stations are likely to negatively impact the market growth. Further, the poor design makes them less appealing to the consumers, especially the younger crowd. Also, there performance, in terms of speed and battery life, among other parameters, lowers their adoption.

Trends: 

Clean and renewable energy sources like solar and wind power are being increasingly integrated into the utility grids used to charge electric vehicles, which further reduces the use of hydrocarbon-based energy sources.

Impact of COVID-19 

COVID-19 pandemic severely crippled the auto industry, and the disruption had its impact on demand for electric two-wheelers and electric three-wheelers. According to the Society of Electric Vehicle Manufacturers (SMEV), the market had a major dip in Y-o-Y to 2.83% in 2020 from 14.89% in 2019. Furthermore, the supply of lithium-ion battery packs got impacted in FY21 due to the pandemic and remained disrupted for several weeks. This was followed by a crackdown by the government on shipments coming from China which again hampered the battery supply. However, the market is coming back on track and is expected to flourish in the future. 

Regional Analysis 

US dominates the electric two & three-wheeler market of North America

The US electric two & three-wheeler market has the highest share in the global marketplace owing to growing government initiatives to support the adoption of electric vehicles in the region. The Government has announced Safer Affordable Fuel Efficient (SAFE) vehicles rule for the model years between 2021-2026 which increases stringency of about 1.5% per year according to the CO2 emission standards. Furthermore, based on vehicle type, the e-bikes segment has the highest share in 2021.

Western Europe dominates the Europe Electric Two & Three-Wheeler Market in 2021 

Western Europe is the highest shareholder in the Europe electric two & three-wheeler vehicle market. Germany occupies the highest share among the countries in Western Europe. Fast chargers are increasingly becoming very popular in Europe as fast charger technology focuses on DC chargers that can give up to 350 kilowatts or even more, providing quick energy delivery to EV batteries. In terms of end users, individuals are the highest end-users electric two & three-wheeler vehicle market of Europe.

Asia Pacific has the lion’s share in the Global Electric Two & Three-Wheeler Market

Asia Pacific Electric Two & Three-Wheeler Market has major share in 2021 and will continue its dominance over the forecast period. China, being the world's top EV producer and user, has a stranglehold on the region's EV market. Furthermore, Japan and South Korea have both seen rapid growth in their electric vehicle market as their governments have aided the increase of EV demand by providing EV charging stations, establishing pollution standards, and establishing deadlines for switching from ICE vehicles to full or hybrid EVs, among other things. 

Two-wheelers have the highest CAGR in the MEA Electric Two & Three-Wheeler Market 

Two-wheelers register the highest market share in 2021 and have the highest CAGR over the forecast period. This is due to the rising focus on electrifying public transport system in major regions like Saudi Arabia, UAE, and South Africa among others.

Commercial usage of electric two & three-wheelers will dominate the South American market

In terms of usage, commercial segment has the highest CAGR in the South America electric two & three-wheelers market over the forecast period. This is because they are being heavily used for transportation of products from one place to another, as they have become the most fuel-efficient transport system for long distances. Countries such as Brazil and Argentina hold a significant share of the electric two & three-wheelers market of South America. 

Competitive Insight

The key players in the Global Electric Two & Three-Wheeler Market are Arcimoto, Biliti Electric Inc., Omega Seiki Mobility, Hero Electric Vehicles Pvt. Ltd., Daymak, Lohia Auto Industries, ATUL Auto Ltd., and Saera Electric Auto Pvt. Ltd. among others.

Segmentation Overview 

Following are the different segments of the Global Electric Two & Three-Wheeler Market: 

By Vehicle Type segment of the Global Electric Two & Three-Wheeler Market is sub-segmented into:

  • E-bikes
  • Electric Kick Scooters
  • Two-Wheelers
    • Scooters
    • Motorcycles
  • Three-Wheelers
    • Passenger 3-Wheelers
    • Cargo 3-Wheelers

 By Usage segment of the Global Electric Two & Three-Wheeler Market is sub-segmented into:

  • Personal
  • Commercial
    • Passenger Carrier
    • Goods Carrier

 By End User segment of the Global Electric Two & Three-Wheeler Market is sub-segmented into:

  • Individuals (B2C)
  • Businesses (B2B)
    • Logistics Companies
    • Transport (Fleet Operators)
    • Retail & E-Commerce
    • Utilities
    • Hospitality
    • Others

By Region segment of the Global Electric Two & Three-Wheeler Market is sub-segmented into:

  • North America
    • The U.S.
  • Europe
    • Western Europe
      • The UK
      • Germany
      • France
      • Italy
      • Spain
    • Eastern Europe
      • Poland
      • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • ASEAN
    • Sri Lanka
    • Nepal
    • Bangladesh
  • Middle East & Africa (MEA)
    • UAE
    • Saudi Arabia
    • South Africa
    • Egypt
    • Nigeria
    • Ethiopia
  • South America
    • Argentina
    • Brazil
    • Peru
    • Colombia

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