The global market for electric two-wheel vehicles is expected to grow by 6.4% between 2019 and 2030, according to Navigant Research.
The sector is expected to generate revenue of up to $56 billion from $28.2 billion in 2019.
Factors driving the adoption of electric two-wheel vehicles include the need to address congestion, poor air quality and the lack of clean mobility options.
Electric bicycles (e-bikes), electric scooters (e-scooters), electric motorcycles (e-motorcycles), and micro-mobility devices have no emissions, occupy less physical space compared with full-sized cars, and provide consumers with more affordable and convenient transportation options.
Major manufacturers are investing heavily to increase consumer awareness and to expand customer base.
Improvements in battery technologies are expected to continue broadening the opportunity for two-wheel vehicle electrification.
Maria Chavez, a research analyst at Navigant Research, said: “Established multinational companies are struggling with stagnating and even declining sales of traditional bicycles and gasoline scooters and motorcycles.
“With E2WV sales growing significantly over the past 2-3 years in most major world markets, large household names have entered the industry with innovative and substantive product offerings.”
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