Market Recovery and Trends
In 2023, the global electric two-wheeler market, encompassing both scooters and motorcycles, demonstrated its resilience with a modest recovery following its first-ever decline in the previous year. Despite this rebound, sales remain below the 2021 peak of 10.3 million units, recording 9.9 million units in 2023, a 2.0% decrease from the previous year. However, the outlook for 2025-2030 is promising, indicating a strong and enduring market.
Historical Context and Market Dynamics
The electric two-wheeler motorcycle market saw a decade of rapid growth, peaking in 2021 with over 10 million units sold—a 77% increase from 2019 pre-pandemic levels. This milestone represented 17.5% of the total two-wheeler industry. Nonetheless, there are significant regional disparities within the market.
Regional Analysis
China: China remains the dominant player, accounting for over 80% of total sales. In 2023, sales slightly declined by 0.8% to 8.3 million units.
India: Emerged as the second-largest market, driven by new regulations and incentives, with a 35.8% year-over-year increase to over 900,000 units sold.
Vietnam: Ranks third, with 250,000 units sold despite a 0.8% decline. Yadea, the global leader in electric two-wheelers, saw a 36% increase in sales after establishing production facilities in Vietnam.
Japan: Experienced a 49.9% increase in sales, now ranking eleventh globally, ahead of the Netherlands and Italy, which saw a 26.2% decline.
Other Asian Markets: Indonesia experienced a 292% growth, while Taiwan and the Philippines saw declines of 5.9% and 24.3%, respectively.
In Europe:
Turkey: The largest market, with a 290% year-over-year increase.
France: The largest market in Western Europe, despite a 23.9% decrease to 24,000 units sold, surpassing the Netherlands, which saw a 56.8% decline.
Future Prospects
The number of electric two-wheelers motorcycle in circulation has surpassed 58 million, representing over 8.8% of the fleet introduced in the last decade. This significant growth is a testament to the market’s potential. The future outlook remains optimistic, with detailed projections for 2020-2030, available in our comprehensive Global Snapshot report, indicating a continued robust expansion in the electric two-wheeler market motorcycle.
