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The market for electric-powered two-wheelers (E-PTWs) is experiencing robust growth in developed regions, driven by the rising demand for sustainable personal mobility solutions. In Europe and North America, E-PTWs are gaining traction as individuals seek eco-friendly and efficient transportation options. Additionally, in 2021, developed economies in the Asia-Pacific region, including Japan and South Korea, saw two-wheeler sales increase by 3% to 15%. This growth is attributed to a heightened interest in outdoor activities, shifting mobility preferences, and a lack of available passenger cars.
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South Korea is particularly noteworthy, with projections suggesting that electric vehicles (EVs) could make up over 28% of the market by 2025. Europe, under the Economic Transition Scenario (ETS), anticipates that 16% of new sales will be electric by the same year. To achieve these ambitious targets, countries are ramping up production, diversifying electric two-wheeler offerings, and leveraging favorable government subsidies. These combined efforts are fostering significant growth in the electric two-wheeler market across these regions.
In China, nearly all new electric two-wheeler sales are expected to be EVs by the mid-2030s, with projections indicating that EVs will account for 91% and 99% of the two-wheeler fleet by 2040 and 2050, respectively. The Chinese government plans to accelerate the phase-out of internal combustion engine (ICE) two-wheelers by enforcing stricter emissions standards and establishing zero-emission zones, highlighting the urgency for other markets to enhance their own ICE phase-out efforts.
In North America, Japan, and Australia, electric two-wheeler sales are currently limited, with fewer than 5% of total sales expected to be electric by 2025. While EV sales are projected to grow steadily over the next two decades, reaching between 15% to 26% by 2040 and 48% to 67% by 2050, a significant gap remains between the ETS and Net Zero Scenario. Consequently, governments in developed countries are implementing urgent policy measures and setting more aggressive ICE phase-out targets to bridge this gap. Efforts by major manufacturers like Harley-Davidson, Honda, and Yamaha, along with advancements in electric two-wheeler performance and decreasing costs, are likely to accelerate the adoption of E-PTWs in these markets.
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The electric scooter market is also driven by the potential of electric two-wheelers to alleviate urban traffic congestion and reduce pollution. These nimble vehicles offer a sustainable alternative to conventional transportation, promoting eco-friendly commuting in densely populated areas. Electric scooters help ease traffic by navigating crowded streets efficiently while significantly cutting down air pollution, contributing to a greener economy.
Governments globally are recognizing the value of electric two-wheelers and are actively supporting industry players in ramping up production. A notable example is India, where the government introduced a Production Linked Incentive (PLI) scheme in October 2021, allocating $3.5 billion to promote the manufacturing of two-wheelers and related components, including EVs. This initiative complements a prior PLI scheme of $2.6 billion for advanced chemistry cell (ACC) battery production, enhancing revenue opportunities for electric scooter manufacturers.
Fleet electrification targets set by various governments are further driving adoption. For instance, Thailand’s Ministry of Industry announced a motorcycle trade-in scheme in March 2020, providing $475 per motorcycle from a budget of $23.7 million. Similarly, Malaysia updated its National Automotive Policy in February 2020 to recognize electric vehicles as Next Generation Vehicles, although incentives for electric two-wheelers remain unspecified. Indonesia’s Automotive 4.0 plan emphasizes electric two-wheeler production and outlines a phase-out strategy for conventional motorcycles starting in 2025, with production targets set at 10% of 8 million units in 2020, rising to 30% of 15 million units by 2035.
As governments prioritize emission reductions and eco-friendly urban planning, electric scooter manufacturers are positioning themselves to meet the growing demand for efficient and sustainable two-wheeled transportation solutions. With increasing environmental awareness, technological advancements, and urban planning initiatives, electric scooters are becoming essential to the future of urban mobility.
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