Global Electric 2-Wheeler Market recovered a bit from last year’s first ever decline but is still below 2021’s peak. In 2023 sales were 9.9 million (-2.0%). The 2025-2030 outlook is highly promising.
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The global electric two-wheeler market, which includes both scooters and motorcycles, saw a modest recovery in 2023 following its first-ever decline in the previous year. Despite this rebound, sales remain below the peak of 10.3 million units observed in 2021. In 2023, the market recorded sales of 9.9 million units, representing a 2.0% decrease compared to the previous year. Nonetheless, the outlook for the period 2025-2030 appears highly promising.
Historical Context and Market Dynamics
The electric two-wheeler market witnessed a decade of rapid expansion, culminating in 2021 when it surpassed the 10 million mark, reflecting a 77% increase from the 2019 pre-pandemic levels. This milestone represented 17.5% of the total two-wheeler industry. However, the market is characterized by significant regional disparities.
Regional Analysis
China remains the dominant player in the global electric two-wheeler market, accounting for more than 80% of the total sales. In 2023, despite a slight decline of 0.8%, the market still achieved sales of 8.3 million units. Outside China, sales constitute only a small fraction of the global market.
India has emerged as the second-largest market, driven by new regulations and incentives for electric vehicles, resulting in a 35.8% year-over-year increase to over 900,000 units sold. Vietnam ranks third, with 250,000 units sold despite a minor 0.8% decline. Notably, Yadea, the global leader in electric two-wheelers, established its first production facilities abroad in Vietnam, leading to a 36% increase in sales in 2023, compared to the previous year.
Other significant markets in Asia include Indonesia, which saw an astounding 292% growth, and Taiwan and the Philippines, which saw declines of 5.9% and 24.3%, respectively.
In the European region, Turkey stands out as the largest market and the seventh largest globally, with an impressive 290% year-over-year increase. France, although still the largest market in Western Europe, saw sales declining to 24,000 units, a 23.9% decrease from the previous year, yet still surpassing The Netherlands, which saw a sharp decline of 56.8%.
Japan, with a 49.9% increase in sales, now ranks eleventh, ahead of both the Netherlands and Italy, which experienced a 26.2% decline.
Future Prospects
The number of electric two-wheelers in circulation exceed the 58 million, representing over 8.8% of the total fleet introduced in the last decade. Despite the already significant growth, the future outlook remains optimistic. Detailed projections for the 2020-2030 period are available in our comprehensive Global Snapshot report for clients.
Despite the substantial growth already achieved, the future outlook is highly promising. As detailed in our 2020-2030 Global Snapshot report, available exclusively for our clients, projections indicate continued and robust expansion in the electric two-wheeler market over the coming years.
