The Future of Two-Wheelers Battery-Powered Dominance and Market Trends
TapTechNews August 8th news, the market research organization Counterpoint Research released a blog post today (August 8th), saying that more than 25% of the two-wheelers (2Ws) sold in 2024 will be battery-powered.
Background
With the development of urbanization and the intensification of urban traffic congestion, two-wheelers (2Ws) are becoming the preferred means of transportation for short commutes. The global 2Ws market is mainly concentrated in Asian countries such as China, India, Indonesia, Vietnam, and the Philippines.
Estimation
The agency said that the sales of two-wheelers in 2023 increased by less than 1% year-on-year, and it is expected that India will surpass China to become the largest two-wheeler market in the world in 2024.
Senior analyst Soumen Mandal said when talking about market dynamics:
At present, China leads the sales in the electric two-wheeler market by a wide margin, followed by India and Vietnam.
Factors such as economic growth, consumers' preference for two-wheelers in short commutes, and the increasing demand for two-wheelers in the shared transportation sector have helped India surpass China.
The two-wheeler market is moving towards maturity, but the adoption rate of electrification is expected to increase significantly, especially after 2025, especially in Southeast Asian countries and India will become the mainstream market for adopting electric two-wheelers, and these markets will transition to electric vehicles more quickly.
It is expected that by 2024, the penetration rate of electric two-wheelers in the global 2W market will increase to 1.5 times the sales volume of four-wheel passenger electric vehicles.
Brand
The electric two-wheeler market is mainly occupied by Yadea, AIMA, TAILG, Sunra, and Luyuan. By the end of 2023, the top ten will account for more than 70% of the total sales.
TapTechNews attached the relevant chart as follows:
All these brands are either the first in electric two-wheelers or new electric vehicle manufacturers from China, highlighting China's dominant position in the electric two-wheeler market.
In the top ten, there are three E2W brands from India, namely OlaElectric, TVSMotor, and AtherEnergy, which reflects the emerging position of India in the electric two-wheeler market.