The global electric 2-wheeler market declined for the first time in 2022, falling by 12% to 9.6 million units. This was due to several factors, including the COVID-19 pandemic, supply chain disruptions, and the war in Ukraine. However, the market is expected to recover in 2023 and beyond, with growth of up to 20% per year.
China
The Chinese market is still the largest globally, accounting for over half of all sales. However, growth in China is slowing as the market has matured. Thanks to government incentives and a growing middle class, India is the second-largest market, proliferating. Other important markets include Vietnam, Indonesia, and Taiwan.
The electric 2-wheeler market is expected to continue to grow in the coming years due to several factors, including:
- Rising fuel prices
- Government incentives
- Growing environmental concerns
- Increased urbanization
- The development of new technologies, such as battery swapping
The electric 2-wheeler market is still in its early stages, but it can potentially be a significant force in the transportation sector. With continued growth, electric 2-wheelers could help reduce air pollution, improve energy efficiency, and make transportation more affordable worldwide.
Here are some of the key trends that are driving the growth of the global electric 2-wheeler market:
- Government incentives: Governments worldwide are providing incentives to encourage the adoption of electric vehicles, including electric 2-wheelers. These incentives can be tax breaks, rebates, and subsidies.
- Rising fuel prices: The rising cost of fuel is making electric 2-wheelers more attractive to consumers. Electric 2-wheelers are much cheaper to operate than gasoline-powered vehicles.
- Growing environmental concerns: Consumers are becoming increasingly concerned about the environmental impact of their transportation choices. Electric 2-wheelers produce zero emissions, making them more environmentally friendly than gasoline-powered vehicles.
- Increased urbanization: The world is becoming increasingly urbanized. This leads to increased demand for short-range transportation options, such as electric 2-wheelers.
- Development of new technologies: New technologies, such as battery swapping, are making electric 2-wheelers more convenient and affordable. Battery swapping allows users to quickly and easily replace their depleted batteries with fully charged ones. This eliminates the need to wait for batteries to recharge.
These trends are expected to continue to drive the growth of the global electric 2-wheeler market in the coming years.
Source: Motorcyclesdata
