Market Research Future published report on “Global Electric Two Wheeler Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023. Electric two-wheelers are plug-in electric vehicles powered by electricity stored on board in a rechargeable battery used for driving of one or more electric motors. Electric two-wheelers have lower operating costs compared to the conventional ICE vehicles with performance alike. Also, these vehicles also help in saving costs related to fuel, spark plug change, and oil filter replacements coupled with their minimalistic design characteristics have resulted in low maintenance costs.
The dire need for curbing carbon emissions has fueled the market expansion for electric two wheelers. The initiatives undertaken by the governments to reduce carbon footprint across the globe is the key driver of market growth. Other factors favoring the market expansion are low maintenance cost, cost saving related to fuel, etc. The governments in many countries are promoting the embracement of electric two wheelers by imposing a tax on fuel vehicles, framing strict emission laws, subsidizing electric two wheelers, etc. which has catapulted the revenue generation of the market. The innovations in battery industry are estimated to accelerate electronic two wheeler market over the next couple of years.
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The key players profiled by MRFR in its report for a deeper understanding of the market include 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.
By type, the global electric two wheeler market 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.
On the basis of region, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific accounted for the largest share in 2017, owing to the regional growth in vehicle charging infrastructure in emerging countries such as China and Taiwan,. On the other hand, the electric vehicles industry in India is still at a nascent stage. Electric vehicles account for less than 1% of the total vehicle sales. However, they have a potential to grow to more than 5% in few years. At present, there are more than 400,000 electric two-wheelers on Indian roads, among which, more than 95% of electric vehicles are low-speed electric scooters, with a speed of less than 25km/hr.
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.
Tronx Motors, a Smartron company, has launched a smart crossover electric bike in India. It is claimed to be India’s first smart crossover electric bike and is named TRONX ONE.
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