Aug 24, 2022   SOURCE: BusinessWire

Global Electric Two & Three-Wheeler Market Report to 2030 - Featuring Bajaj Auto, Terra Motors and Dilli Electric Among Others - ResearchAndMarkets.com

The "Global Electric Two & Three-Wheeler Market, by Vehicle Type, by Usage ), by End-user, Estimation & Forecast, 2017-2030" report has been added to ResearchAndMarkets.com's offering.

The global electric two & three-wheeler market held a market value of USD 14,172.5 Million in 2021 and is estimated to reach USD 41,916.9 Million by the year 2030. The market is anticipated to register a CAGR of 12.7% during the forecast period. The market held a volume of 21,231,575.9 (thousand units) in 2021.

The rising awareness related to the energy-efficient modes of transport is directly boosting the growth rate of this industry. Companies are involved in the usage and production of environmentally safe raw materials and components to target a more extensive customer base. In February 2021, Electric vehicle battery startup Italvolt (Italy), announced an investment of 4 Billion euros (USD 4.9 Billion) to build a factory in Italy to meet growing demand from Europe's automotive industry.

Further to that, the increase in the number of subsidies, tax rebates offered by the government officials around the world for the purchase of electric vehicles is propelling the growth rate. For instance, the government officials in the state of Maharashtra, India declared an EV policy in 2021. Such a policy offers incentives of USD 65.50 per kilowatt-hour of battery capacity to all types of electric vehicles buyers.

On the other hand, owing to the smaller number of EV charging ports, the end user preference for electric vehicles remain questionable in many economies.

Growth Influencers:

Growing demand for energy-efficient commuting

The rising support from public as well as private organizations in support of energy efficient means of transport is propelling the growth of the market. The rising research as well as consumer awareness. The Faraday Institution, United Kingdom's national research institute to advance battery science and technology, plans to split a USD 75.98 Million (£55 Million) funding pot between five UK-based research and development projects surrounding battery energy storage.

An inclination of electric two and three wheelers in many countries can aid in the reduction of several issues of economy, power, environment. The consumers are preferring routes that decrease the power consumption and aid the environment and energy efficient models.

Decreasing Price of Batteries

Regions such as European Union is pushing to boost its battery production on the continent to compete with China, currently home to around 80% of the world's lithium-ion cell manufacturing capacity, with the aim of becoming self-sufficient by 2025. Such strategies direct towards the growing need for safer and efficient components for electric vehicle production, thus creating lucrative opportunities in the near future.

Moreover, the pricing fluctuations and decrease has boosted the market growth. For instance, the price of lithium-ion battery cells declined by 97% in the last three decades. A battery with a capacity of one kilowatt-hour that cost USD 7500 in 1991 costed around USD 181 in 2018.

Segments Overview:

The global electric two & three-wheeler market is segmented into vehicle type, usage, and end user.

By Vehicle Type

  • 2-Wheeler
  • Three-wheeler

The three-wheeler segment is projected to hold the highest CAGR of 16% owing to the increased sales and awareness of this vehicle type in the developing regions.

By Usage

  • Personal/ Private
  • Commercial
  • Passenger Carrier
  • Goods Carrier

The personal/ private segment is anticipated to hold an opportunity of more than USD 13,000 Million during 2022 to 2030.

By End User

  • Individuals (B2C)
  • Businesses (B2B)
  • Logistics Companies
  • Transport (Fleet Operators)
  • Retail & E-commerce
  • Utilities
  • Hospitality
  • Others

The businesses segment is expected to grow highest with a rate of 13% over the forecast period.

Companies Mentioned

  • Scooters India Limited
  • Atul Auto Limited
  • Chongqing Zongshen Tricycle Manufacture Co. Ltd.
  • Bajaj Auto Ltd.
  • Terra Motors Corporation
  • Dilli Electric
  • Force Motors
  • Mahindra & Mahindra Ltd
  • J.S. Auto Pvt Ltd
  • Lohia
  • Kinetic Green Energy & Power Solutions Ltd
  • Piaggio & C.SpA
  • Mini Metro
  • Saera Electric
  • TVS Motor Company

For more information about this report visit https://www.researchandmarkets.com/r/s76umm