The Canada Electric Two-Wheeler Market is seeing increased interest, particularly in urban areas where traffic congestion and environmental concerns are driving demand for alternative transportation. Provinces like British Columbia and Quebec offer incentives for electric vehicle adoption, including two-wheelers. Brands such as Energica and Zero Motorcycles are expanding their presence in Canada. However, cold weather conditions in many regions pose a challenge for battery performance. Despite this, advancements in battery technology and government support for sustainable transportation initiatives are expected to foster growth in the market over the next few years.
The global electric two-wheeler market industry is projected to grow from USD 7260.13 Million in 2024 to USD 44423.18 million by 2032, exhibiting a compound annual growth rate (CAGR) of 25.41% during the forecast period (2024 - 2032).
Market Research Future Insights :
OEMs have the chance to increase their regional and global reach as governments invest in charging stations and provide benefits to users. It is anticipated that China and other Asian nations would slowly grow their markets for electric scooters that emit no emissions and are fuel-efficient. However, due to government initiatives and a growing market for high-performance electric motorcycles in North America, the electric scooter industry there is predicted to grow at the fastest rate. However, the lack of charging stations, high investment costs, and performance restrictions may soon constrain the global market for electric two-wheelers.
Electric motorcycles and scooters are being driven by the rising prices of petroleum-based commodities. Consumers in underdeveloped countries have already been impacted by the growing price of gasoline. Electric two-wheelers will have much lower operating expenses. These two-wheelers are more efficient than older, more conventional ones. In the near future, businesses are anticipated to create electric scooters and motorcycles with larger ranges than those now on the market. Since there are fewer moving parts than on a typical two-wheeler, servicing is also not a problem. Although it needs to be replaced the most frequently, the battery is also the most costly component of maintenance.
Regional Analysis :
The market for electric two-wheelers is geographically segmented into North America, Europe, Asia-Pacific (APAC), and the rest of the globe. Asia-Pacific had the largest market in 2022, with a market worth USD 9,699.2 million. By 2030, the Asia-Pacific market is anticipated to be worth USD 1.55 billion units, growing at an astounding 34.57% CAGR.
Due to the presence of China, India, and Japan, the Asia-Pacific region is one of the key markets in the worldwide electric two-wheeler industry. To encourage the acceptance of such vehicles, the key firms in the region are substantially investing in the development of superior electric two-wheelers. Additionally, newer electric two-wheeler models or services are being introduced in the area by established global businesses and start-ups. Throughout the projection period, Asia-Pacific is anticipated to experience the fastest CAGR growth.
In terms of market share for electric two-wheelers in 2018, Europe ranked second. Because of the new emission rules that the European Union and the relevant nations have imposed, the market for electric two-wheelers in Europe is predicted to expand at an extremely rapid rate. In addition, the EU is working together to reduce rising levels of air pollution and is offering assistance in the form of incentives, subsidies, and programmes to promote the production and sale of electric two-wheelers. The expansion of the market in this area is anticipated to be significantly influenced by European players' growing investment in research and development.
Major electric two-wheeler manufacturing firms like Energica Motor Company S.p.A. and GOVECS AG are concentrating on electric two-wheeler research and development to increase their efficiency. The regional market, which was valued at USD 2,309.6 million in 2018, is anticipated to grow by 12.02% CAGR to reach USD 5,078.9 million by 2025. Due in large part to government initiatives to encourage the adoption of electric vehicles, North America is one of the top markets for electric two-wheelers. During the forecast period, demand for electric two-wheelers is anticipated to be driven by leading electric two-wheeler manufacturers' increased focus on creating technologically advanced products with better performance and price competitiveness. By 2025, the regional market for electric two-wheelers is anticipated to reach a value of USD 2,998.0 million, growing at a CAGR of 11.14%.
Market Segmentation :
Type, Battery Type, Voltage, and Region are the segments used to divide the global market for electric two-wheelers. Due to its lower running costs as compared to traditional ICE cars and competitive performance, the electric scooter sector is predicted to dominate the global market. Along with their basic design features, these vehicles also assist in saving costs associated with gasoline, spark plug change, and oil filter replacements, which lowers their maintenance costs.
The sealed lead acid segment is anticipated to rule the market in terms of battery type. The low maintenance, rechargeable sealed lead-acid batteries, also referred to as "maintenance free" batteries, are more affordable than the other types. The term "sealed" refers to the fact that sealed lead-acid batteries typically do not permit the addition or loss of liquid. During the forecast period, these elements are anticipated to fuel the sealed lead acid segment's growth.
Voltage-wise, the 48V sector is anticipated to rule the market. Retro and self-balancing electric two-wheelers use the 48V battery. Due to the increased battery capacity and decreasing battery weight, there is an increasing demand for high-speed electric two-wheelers, which is likely to drive the growth of the worldwide electric two-wheeler market.
Key Players :
Some of the prominent players in the Global Electric Two-Wheeler Market are Wuxi YADEA Export-Import Co., Ltd(China), Jiangsu Xinri E-Vehicle Co., Ltd(China), GOVECS AG(Germany), Vmoto Limited(Australia), Energica Motor Company S.p.A.( Italy), China Zhongneng Vehicle Group Co.( China), Ltd, Zero Motorcycles Inc(US), Hero Electric(India), Ampere Vehicles(India), and Niu International (China).
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