Global Electric Two-Wheeler Components Market to Grow with a CAGR of 7.71% through 2028
Growing emphasis on environmental sustainability and a desire
for cleaner transportation options have spurred the adoption of electric
two-wheelers, bolstering the demand for associated components all these factors
are driving market in the forecast period 2024-2028
According to TechSci Research report, “Electric Two-Wheeler
Vehicle Components Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Electric Two-Wheeler
Components Market stood at USD 43.81 billion in 2022 and is anticipated to grow
with a CAGR of 7.71% in the forecast period, 2024-2028 The Global Electric Two-Wheeler Components Market is
experiencing remarkable growth, driven by various factors that are reshaping
the landscape of personal mobility. Key among these factors is the heightened
global awareness of environmental sustainability. As concerns about carbon
emissions and pollution rise, consumers are increasingly embracing electric
bicycles (e-bikes) and electric scooters, which rely on these components, as
cleaner and greener alternatives to traditional gasoline-powered vehicles.
Furthermore, the challenges of urban mobility are a
driving force behind the market's expansion. Rapid urbanization has led to
congested city streets, longer commute times, and increased pollution levels.
Electric two-wheelers, equipped with advanced components, provide efficient and
agile solutions to navigate through urban congestion. They offer not only
reduced commute times but also the convenience of last-mile transportation,
contributing to the alleviation of traffic congestion and its associated environmental
impact. Government support and incentives also play a pivotal role in fueling
the growth of the Electric Two-Wheeler Components Market. Governments worldwide
are introducing subsidies, tax benefits, and investments in charging
infrastructure to encourage consumers to embrace electric two-wheelers. These
measures make electric mobility more accessible and affordable, thus propelling
market expansion.
The components themselves, including high-performance
electric motors, advanced battery systems, controllers, and braking systems,
are undergoing continuous innovation. Battery technology is at the forefront of
these advancements, with lithium-ion batteries becoming more energy-dense and
affordable, addressing concerns about range and cost. Moreover, connectivity
features, lightweight materials, and enhanced safety systems are making
electric two-wheelers equipped with these components more attractive to a wide
range of consumers. In conclusion, the Global Electric Two-Wheeler Components
Market is poised for sustained growth as environmental concerns, urban mobility
challenges, government support, and technological innovations continue to drive
the adoption of electric bicycles and scooters. This market not only aligns
with the global shift toward sustainable transportation but also offers
practical and efficient solutions to address the evolving needs of urban
mobility in a rapidly changing world.
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Electric Two-Wheeler Components Market.”
North America is witnessing a burgeoning interest in
electric two-wheelers and their components, driven by a combination of factors.
The United States, in particular, is experiencing a surge in e-bike and
electric scooter adoption. Environmental consciousness and a desire for cleaner
transportation options are driving this growth. Moreover, government incentives
and infrastructure investments are playing a pivotal role in boosting market
expansion. As North America continues to prioritize clean mobility solutions,
it is becoming a crucial market for electric two-wheeler components.
Europe stands out as a leader in the electric
two-wheeler component market, characterized by stringent environmental
regulations and a strong emphasis on sustainability. The European Union's
ambitious Green Deal initiative places electric mobility at the forefront of
sustainable transportation solutions. European manufacturers excel in producing
e-bikes and electric scooters equipped with cutting-edge components, including
high-capacity batteries and efficient motors. The continent's extensive network
of cycling lanes and micro mobility-friendly infrastructure further supports
market growth.
Asia-Pacific is a powerhouse in the Electric
Two-Wheeler Components Market, driven by robust e-bike and electric scooter
adoption. China, in particular, dominates the market as the world's largest
producer and consumer of electric two-wheelers. Asian manufacturers are at the
forefront of battery technology advancements, contributing to increased range
and performance. Countries like Japan and South Korea are also active in the
development of specialized components. The region's diverse landscape includes
mature markets like Japan and emerging markets with significant growth
potential.
Latin America is gradually embracing electric
two-wheelers and their components. Economic challenges and limited charging
infrastructure have slowed the adoption rate, but countries like Brazil and
Mexico are witnessing increased interest. Government incentives, including tax
breaks and subsidies, aim to stimulate e-bike and electric scooter adoption,
spurring local component production. As Latin America addresses these
challenges and aligns with environmental goals, it has the potential for
significant market growth, particularly in urban centers where clean
transportation is a pressing concern.
The Middle East and Africa are in the early stages of
incorporating electric two-wheelers and components into their transportation
landscape. Some countries, such as the United Arab Emirates, have initiated
efforts to promote e-bike and electric scooter adoption and establish charging
infrastructure. The region's predominantly fossil fuel-based energy sources
pose challenges, but shifting energy policies and international collaborations
are gradually shaping the market. As governments diversify their energy mix and
reduce emissions, the market for electric two-wheeler components is expected to
grow, especially in urban areas where sustainable transportation is a priority.
In summary, regional insights underscore the diverse
dynamics of the Electric Two-Wheeler Components Market, influenced by
regulatory environments, infrastructure development, consumer preferences, and
economic conditions specific to each region. As these factors evolve, each
region plays a unique role in driving the global transition toward sustainable
and efficient electric mobility solutions, contributing to the ongoing
evolution of the market.
Major companies operating in Global Electric
Two-Wheeler Components Market are:
- Continental AG
- Robert Bosch GmbH
- Denso Corporation
- Hella GmbH & Co. KGaA
- Toyota Industries Corporation
- Hyundai Mobis
- Samsung SDI Co Ltd
- Panasonic Corporation
- Contemporary Amperex Technology Co.
Ltd.,
- BorgWarner Inc
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“The Electric
Two-Wheeler Components Market reflects a positive outlook driven by the
convergence of environmental consciousness, urban mobility challenges, and
technological advancements. Experts anticipate continued growth in demand for
electric bicycles (e-bikes) and electric scooters, with components evolving to
meet higher performance and safety standards. Government support, especially
through incentives and infrastructure investments, is expected to play a
crucial role in accelerating market expansion. As the industry evolves, experts
emphasize the importance of sustainable and innovative solutions to address the
evolving needs of urban mobility and reduce the environmental footprint of
personal transportation,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Global Electric
Two-Wheeler Components Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028, Segmented By Vehicle Type (Motorcycle,
Scooter), By Demand Category (OEM, Aftermarket), By Component Type (Battery
Packs, DC-DC Converter, Controller & Inverter, Motor, On-Board Chargers,
and Other Component Types), By Region and By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Electric Two-Wheeler Components Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Electric Two-Wheeler Components Market.
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