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New Jersey, United States – Electric Two-Wheeler Market 2022 – 2028, Size, Share, and Trends Analysis Research Report Segmented with Type, Component, Application, Growth Rate, Region, and Forecast | key companies profiled -Yadea Group Holdings Ltd. (China), Jiangsu Xinri E-Vehicle Co Ltd. (China), NIU International (China), and others.
The global Electric Two-Wheeler market is expected to account for 6,193 thousand units by 2028, growing during the forecast period. Factors such as favorable government policies, growing demand for energy-efficient commuting, rising concern for emission-free vehicles, rising fuel prices have compelled two-wheelers to explore beyond the use of conventional internal combustion engines (ICE) in two-wheelers.
According to our latest report, the Electric Two-Wheeler market, which was valued at US$ million in 2022, is expected to grow at a CAGR of approximate percent over the forecast period.
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The Asia Pacific is a high-growth Electric Two-Wheeler market. Several countries in the region witnessed a surge in demand for low-emission and fuel-efficient commuting alternatives due to stringent emission norms and increasing crude oil prices. For example, Hero Electric, a leading company in the Indian electric scooter and motorcycle market has a significant market share in the electric two-wheeler market segment in India and it reported a sale of 46,260 units in the financial year 2022 in India capturing 32% share of the market.
Multiple ride-sharing platforms have also partnered in various countries across Europe such as The e-Cooltra sharing service.The company offers rental services in several European cities, as well as a food and document delivery service. The e-Cooltra company is currently one of the largest players in the electric scooter sharing service in Europe, operating in eight cities. Another important player is the German Coup-e Scooter Sharing. In February 2019, the company acquired 1,500 electric scooters and offered its service in Berlin, Paris and Madrid, totalling a fleet of 5,080 units.
Challenge: Incidents of battery overheating and fire
Lithium-ion batteries are lighter and more efficient than lead-acid batteries. However, the lithium-ion battery has raised certain concerns due to incidents of fire. Lithium-ion battery packs consist of hundreds of individual battery cells, which leads to a possibility of thermal runaway and battery fire. In this case, a positive feedback loop keeps the temperatures from rising in a single cell. However, in a worst-case scenario, the rise in pressure from the higher temperature leads to the cell splitting open and rapidly heating the surrounding cells. The hundreds of cells then have thermal runaway incidents that cause a fire. For instance, the Ola S1 Pro electric scooter recently caught fire in India in March 2022. The company launched the model in August 2021 and is equipped with a lithium-ion battery with a power output of 2.98 kWh. Similarly, in India, an Okinawa iPraise+ e-scooter went up in flames in April 2022.
The E-Motorcycle segment is expected to be the fastest-growing segment during the forecast period
The e-motorcycle segment is the fastest-growing market. Earlier, manufacturers were focusing on developing e-scooters/mopeds as they have a design more suitable to incorporate the electric propulsion system. However, e-scooters/mopeds have range and performance constraints; also, they serve the limited purpose of short-distance commuting only. With e-motorcycles, users could serve different purposes such as cruising, racing, off-roading, and commuting, which would increase their demand in the future.
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With the increased production of electric two-wheelers and expansion of the charging facilities network, the Asia Pacific region is estimated to be the largest electric scooter and motorcycle market, with a share of 86% in 2022 by volume. The market growth in the region can also be attributed to the rising demand for energy-efficient commuting along with several initiatives by private organizations as well as governments. The rapidly growing economy of China is driving the expansion of electric two-wheelers to reduce pollution caused by ICE vehicles in the country.
The global electric two-wheelers market is dominated by major players such as Yadea Group Holdings Ltd. (China), Jiangsu Xinri E-Vehicle Co., Ltd. (China), NIU International (China), Silence Urban Ecomobility (Spain), Zhejiang Luyuan Electric Vehicle Co., Ltd (China) and Hero Electric (India). These companies offer extensive products and solutions for the electric two-wheeler industry; and have strong distribution networks at the global level, and they invest heavily in R&D to develop new products.
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