The electric bike movement is gaining steam, and has no plans of slowing down if a new study is to be believed.
The global electric two-wheelers market is set to reach $6 billion by 2030 in North America, and globally anticipated to reach a valuation of $100 billion, according to a recent report by Global Markets Insights Inc.
The growth in North America is owed to the increased adoption of electric micro-mobility solutions and rising concerns about environmental sustainability (and, of course, the continued success of events like the Electrify Expo). North America has seen a huge jump in carbon emissions and traffic, which has propelled electric two-wheeler sales.
The industry is also likely to grow more in areas like Latin America and the Middle East due to rising air pollution levels and increasing vehicle emissions, and the sale of electric two-wheelers could go beyond 150 million units by 2030. On the other hand, the industry may see repressed growth in countries like Mexico, Brazil, and India due to the lack of charging infrastructure. The report suggests increasing strategic alliances between government and private companies may help stimulate demand in these areas.
Sealed Lead Acid (SLA) batteries also have the potential to grow the market due to their comparatively lower production costs and the fact that they’re available in tons of different range and voltage configurations. They’re pretty perfect for electric two-wheelers as SLA batteries also have improved working capabilities, are more reliable, and have the ability to withstand long-term inactivity.
Different parts of the market are set to grow at different rates, for example the frame-mounted motor segment is set to attain a 6% growth rate till 2030. Mid-motors have a higher energy conversion rate, better torque, and improved center of gravity, they also use motors that combine bike gears and gearing systems to make uphill pedaling easier. All of this makes mid-motors great for off-road terrain.
The demand for more range is set to grow the 72V battery segment because of its capability to run long distances and its wide range of applications in electric motorcycles and e-bikes. It has other advantages as well, such as the ability to use lower current while charging due to its higher voltage system. This helps improve power retention and avoid overheating. The 72V battery segment of the market is set to grow at about 7% by 2030
6.5kW electric two-wheelers (preferably motorbikes) are gaining massive popularity among consumers, and the fact that this part of the industry is set to reach $20 billion by 2030 reflects that. The larger motors provide more output power, consume less current and offer greater torque than smaller motors.
Electric motorcycles, too, are expected to see a healthy amount of growth over the forecast period, with a compound annual growth rate of over 4% through 2030. This is due in part to their cost-effectiveness and fuel-efficiency, and also because of collaborative efforts of the government with industry participants.
The leading players in the electric two-wheelers market have been adopting growth tactics to safeguard their position in the market, meaning the following companies will probably continue to dominate the market over the forecast period and beyond: Niu Technologies, Yadea Group Holdings Ltd., Giant Bicycles, Segway, Inc., and Zero Motorcycles, along with Hero Electric, SUNRA, Okinawa Autotech Pvt. Ltd., and Vmoto Limited.
Source: Global Market Insights, via PR Newswire.