Market Scenario

Global Electric Two & Three-Wheeler Market is anticipated to mark a tremendous rise in its revenue 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 projected to register a CAGR of 14.2% during the forecast period. 

The global electric two & three-wheeler market is majorly driven by 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. However, electric vehicles are fuel-efficient and low emission vehicles as compared to gas-powered vehicles. Furthermore, countries like the US, 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 growth in this market 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. However, the lack of EV charging infrastructure and poor design & performance standard of electric vehicles poses a big challenge to the market growth.  

Key Insights of the Report: 

• Latest study published by Astute Analytica analyzes the Global Electric Two & Three-Wheeler Market for the study period of 2017-2030; where historical years are 2017-2020, base year is 2021 and forecast period is 2022-2030.
• The research report offers detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 39 chapters distributed across 211 pages with 71 list of tables and 127 list of figures.
• The market is segmented based on vehicle type, usage, end user, and region.
• The market estimates are presented in terms of value (US$ Mn) and volume (Units).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• Detailed value chain analysis of the industry was conducted. It includes raw material providers, electric vehicle manufacturers, distributors, and end users.
• Competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the Global Electric Two & Three-Wheeler Market Report:

• Based on vehicle type, the e-bikes segment has the highest share in the Global Electric Two & Three-Wheeler Market in 2021 and is further estimated to continue its dominance over the projection period. Sales of electric e-bikes more than doubled in 2021 led by a sharp uptick in demand for high-speed e-bikes which are supported by state and central subsidies.
• In terms of usage, the personal segment holds the highest market share in 2021. Further, the personal segment also records the highest CAGR over the forecast period 2022-2030. Electric Two & Three-Wheeler are predominantly used in the personal or private sector. They are being heavily used for transportation of commuting from one place to another, as they have become the most fuel-efficient transport system for long distances.
• Individuals (B2C) are the highest end users of the Global Electric Two & Three-Wheeler Market in 2021 and has the highest CAGR over the projection period. This is due to the increased use of electric two & three-wheelers by consumers as they are cost efficient and environmentally friendly.
• Asia Pacific dominates the Global Electric Two & Three-Wheeler Market 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.

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. 

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. Through extensive research, it is found that big players have adopted various competitive strategies such as merger & acquisition in order to have a grip in the stabilized market scenarios. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

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
  • Columbia