Press Release

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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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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Relevant Reports

Electric Two-Wheeler Components Market – Global Industry Size, Share, Trends Opportunity, and Forecast, 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, 2018-2028

Automotive | Oct, 2023

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

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