電動二輪車市場規模、シェア、動向、2032年までの世界予測

電動二輪車市場 – 車両（電動スクーター／モペッド、電動バイク）、電圧タイプ、モータータイプ（ハブ、ミッドドライブ）、バッテリー（リチウムイオン、鉛蓄電池）、モーター出力、テクノロジー（バッテリー、プラグイン）、車両クラス、用途、地域別 – 2032年までの世界予測

電動二輪車市場は、2025年の47億8,000万米ドルから2032年には97億1,000万米ドルへと、年平均成長率（CAGR）10.6%で成長すると予測されています。インドと東南アジアでは、量販スクーターのkWh当たりコスト効率を向上させるため、現地仕様のバッテリーパック組立とセル・トゥ・パック（CTP）設計が採用されています。シェアードモビリティおよびデリバリー事業者は、OEMにリアルタイムの使用状況データを提供しており、耐久性、耐熱性、メンテナンスの容易さを重視した次世代車両設計に影響を与えています。電動バイクは現在、短時間の突発的な電力供給ではなく、持続的な電力供給を実現するように設計されており、継続的なパフォーマンス最適化への移行を反映しています。その結果、競争上の差別化要因は、機械的なハードウェアから、ライドモード、トラクションコントロールアルゴリズム、エネルギー管理ソフトウェアなどのインテリジェントシステムへと移行しています。

本調査レポートでは、電動二輪車市場を、車両タイプ（Eスクーター／モペッド、電動バイク）、電圧タイプ（36V、48V、60V、72V、72V超）、モータータイプ（ハブおよびミッドドライブ）、バッテリー（リチウムイオンおよび鉛蓄電池）、モーター出力、走行距離、技術、車両クラス、用途、地域別に分類しています。また、電動二輪車市場における主要プレーヤーの競合状況とプロフィールを網羅しています。 本調査では、主要プレーヤーの詳細な競合分析に加え、企業プロフィール、製品および事業内容に関する主要な考察、最近の動向、主要な市場戦略についても取り上げています。

レポートを購入する主なメリット:

• 本レポートは、電動二輪車市場全体とそのサブセグメントにおける収益数値の近似値に関する情報を提供し、市場リーダーや新規参入企業にとって役立ちます。
• 本レポートは、関係者が競争環境を理解し、事業のポジショニングを改善し、適切な市場開拓戦略を策定するための洞察を深めるのに役立ちます。
• また、本レポートは、関係者が市場の動向を理解し、主要な市場牽引要因、制約要因、課題、そして機会に関する情報を提供するのにも役立ちます。

このレポートでは、以下の点について詳しく説明します。

• 主要な推進要因（都市および商業モビリティ向けの車両電動化、車両オペレーターとのパートナーシップ、バッテリーシステムの技術進化）、制約（充電インフラのギャップと航続距離性能の制約、バッテリーの加熱問題と長い充電時間）、機会（軽量設計と共有車両アーキテクチャの革新、モジュール式および交換可能なエネルギープラットフォームへの移行、ソフトウェアエコシステムの開発とデジタルバリューチェーンの拡大）、課題（都市の動作条件における熱および電力エレクトロニクスの信頼性、バッテリー通信および交換プロトコルの標準化の欠如）の分析
• 製品開発／イノベーション：電動二輪車市場における今後の技術と研究開発活動に関する詳細な洞察
• 市場開発：収益性の高い市場に関する包括的な情報（本レポートでは、様々な地域の電動二輪車市場を分析しています）
• 市場多様化：電動二輪車市場における未開拓地域、最近の動向、投資に関する網羅的な情報
• 競合評価：電動二輪車市場におけるOla Electric（インド）、Bajaj Auto Ltd.（インド）、TVS Motor Company（インド）、Ather Energy（インド）、Yadea Technology Group Co., Ltd.（中国）などの主要企業の市場シェア、成長戦略、製品ラインナップに関する詳細な評価

Report Description

The electric two wheeler market is projected to grow from USD 4.78 billion in 2025 to USD 9.71 billion by 2032 at a CAGR of 10.6%. In India and Southeast Asia, localized battery pack assembly and cell-to-pack (CTP) designs are being adopted to improve the cost-per-kWh efficiency of mass-market scooters. Shared mobility and delivery operators are providing real-time usage data to OEMs, influencing next-generation vehicle designs focused on durability, thermal endurance, and ease of maintenance. Electric motorcycles are now being engineered for sustained power delivery rather than short bursts, reflecting a shift toward continuous performance optimization. As a result, competitive differentiation is moving from mechanical hardware to intelligent systems, including ride modes, traction control algorithms, and energy management software.

Hub motors are expected to dominate the electric two wheeler market during the forecast period.

Hub motors are expected to dominate the electric two wheeler market due to their simple construction and low maintenance requirements. Integrated directly into the wheel hub, they eliminate chains, belts, and gearboxes, reducing mechanical complexity, weight, and service costs. Their compact design enables lighter and more ergonomic vehicles to be an essential advantage for urban commuters and delivery fleets. Hub motors also provide efficient regenerative braking and improved energy utilization, enhancing range and overall ride efficiency. With battery prices declining and energy density improving, hub motor–based vehicles are becoming more cost-effective to produce and easier to scale for mass markets. The growing importance of shared mobility and fleet operations further supports hub motor adoption, as reliability and low upkeep outweigh the need for peak performance. Aligning with the global shift toward urban electrification, hub motor architecture offers OEMs an optimal balance of cost, simplicity, and scalability. In August 2025, Ola Electric (India) introduced an in-house hub motor utilizing ferrite (rare-earth-free) magnets, thereby reducing its dependence on imported rare-earth materials and strengthening local manufacturing capabilities.

The commercial usage segment is expected to grow at the fastest rate in the electric two wheeler market during the forecast period.

The commercial usage of electric scooters and motorcycles, including delivery fleets, ride-share services, and last-mile logistics, is expected to grow at the fastest rate in the electric two wheeler market as operators focus on lowering lifecycle costs, improving operational efficiency, and ensuring rapid fleet turnover. Electric two-wheelers deliver substantial savings in fuel and maintenance compared to internal combustion models, making them ideal for high-utilization fleets. With the rapid growth of e-commerce and food delivery, many companies are transitioning their entire fleets to electric models to meet sustainability goals and comply with stricter urban emission norms. These commercial operations also benefit from predictable routes and usage patterns, enabling easier deployment and financing of electric vehicles at scale. In response, OEMs are developing rugged, cargo-capable electric scooters and motorcycles, supported by battery swapping and dedicated charging networks tailored for fleet operations. For instance, in May 2025, Komaki launched the CAT 2.0 Eco, an electric scooter designed for last-mile delivery and utility applications. It features a lithium-ion battery offering a range of 110–120 km per charge and is powered by a BLDC motor capable of reaching a top speed of 55 km/h. Once commercial adoption reaches scale, the resulting cost efficiencies and infrastructure development are likely to extend into the consumer market, driving broader industry growth.

“The Asia Pacific electric two wheeler market is mainly driven by India.”

India’s vast two-wheeler market, driven by strong replacement demand and rapid urbanization, presents a highly favorable environment for electrification in the scooter & motorcycle sector in the Asia Pacific region. Government initiatives such as the FAME II scheme, state-level subsidies, and the national target of achieving 30% EV penetration by 2030 have significantly lowered upfront costs and accelerated adoption. The steady decline in lithium-ion battery prices is further enhancing the cost competitiveness of electric two-wheelers compared to ICE models. Leading domestic OEMs and startups, including Ola Electric, Ather Energy, and Hero MotoCorp, are actively expanding their electric portfolios while strengthening local manufacturing, distribution, and service networks. India’s dense urban traffic, short daily commutes, and high fuel prices make electric two-wheelers particularly attractive from a total cost-of-ownership perspective. The shift toward electrification is also supported by the country’s environmental and energy-security goals, aligning market forces, policy direction, and consumer demand. Reflecting this momentum, electric two-wheeler sales in India reached approximately 1.15 million units in FY24. Infrastructure development is keeping pace, with players such as Ather Energy planning to double their retail presence to 700 outlets nationwide by March 2026.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.

• By Company Type: OEMs – 30%, Tier I – 30%, and Tier II – 40%
• By Designation: CXOs – 35%, Directors – 20%, and Others – 45%
• By Region: North America – 15%, Europe – 15%, Asia Pacific – 70%

The electric two wheeler market is dominated by major players, including Ola Electric (India), Bajaj Auto Ltd. (India), TVS Motor Company (India), Ather Energy (India), and Yadea Technology Group Co., Ltd. (China). These companies have adopted a mix of organic and inorganic growth strategies, such as product launches, strategic partnerships, joint ventures, mergers & acquisitions, and expansion of production facilities, to strengthen their international footprint and capture a larger market share. Through these strategies, they have expanded across regions by offering a diverse portfolio of electric two-wheelers tailored to local market needs, featuring advanced battery technologies, connected mobility solutions, and competitive pricing to attract a wider customer base.

Research Coverage:

This research report categorizes the electric two wheeler market by vehicle type (E-scooter/moped, e-motorcycle), voltage type (36V, 48V, 60V, 72V, above 72V), motor type (hub and mid-drive), battery (Li-ion and lead acid), motor power, distance covered, technology, vehicle class, usage, and region. It covers the competitive landscape and profiles of the major players of the electric two wheeler market.

The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:

• The report will help market leaders/new entrants with information on the closest approximations of revenue numbers for the overall electric two wheeler market and its subsegments.
• This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
• The report will also help stakeholders understand the market pulse and provide information on key market drivers, restraints, challenges, and opportunities.

The report provides insight into the following pointers:

• Analysis of key drivers (fleet electrification for urban and commercial mobility, partnerships with fleet operators, and technological evolution in battery systems) restraints (charging infrastructure gaps and range performance constraints, and battery heating problems and long charging times), opportunities (lightweight design and shared vehicle architecture innovation, transition to modular and swappable energy platforms, and software ecosystem development and digital value chain expansion), and challenges (reliability of thermal and power electronics in urban operating conditions, and lack of standardization in battery communication and swapping protocols)
• Product Development/Innovation: Detailed insights into upcoming technologies and research & development activities in the electric two wheeler market
• Market Development: Comprehensive information about lucrative markets (the report analyzes the electric two wheeler market across varied regions)
• Market Diversification: Exhaustive information about untapped geographies, recent developments, and investments in the electric two wheeler market
• Competitive Assessment: In-depth assessment of market share, growth strategies, and product offerings of leading players such as Ola Electric (India), Bajaj Auto Ltd. (India), TVS Motor Company (India), Ather Energy (India), and Yadea Technology Group Co., Ltd. (China) in the electric two wheeler market

Table of Contents

1           INTRODUCTION           34

1.1        STUDY OBJECTIVES    34

1.2        MARKET DEFINITION   35

1.2.1     INCLUSIONS AND EXCLUSIONS           39

1.3        STUDY SCOPE  40

1.3.1     YEARS CONSIDERED    41

1.4        CURRENCY CONSIDERED         41

1.5        UNITS CONSIDERED    42

1.6        STAKEHOLDERS          42

1.7        SUMMARY OF CHANGES          42

2           RESEARCH METHODOLOGY     43

2.1        RESEARCH DATA         43

2.1.1     SECONDARY DATA      44

2.1.1.1  List of secondary sources          45

2.1.1.2  Key data from secondary sources          46

2.1.2     PRIMARY DATA            46

2.1.2.1  Primary participants      47

2.1.2.2  Key industry insights and breakdown of primary interviews         47

2.1.2.3  Breakdown of primary interviews          48

2.1.2.4  List of primary interview participants    48

2.2        MARKET SIZE ESTIMATION     49

2.2.1     BOTTOM-UP APPROACH         50

2.2.2     TOP-DOWN APPROACH           50

2.3        DATA TRIANGULATION           52

2.4        FACTOR ANALYSIS      54

2.5        RESEARCH ASSUMPTIONS       54

2.6        RESEARCH LIMITATIONS         55

2.7        RISK ASSESSMENT      56

3           EXECUTIVE SUMMARY            57

3.1        KEY INSIGHTS AND MARKET HIGHLIGHTS     57

3.2        KEY MARKET PARTICIPANTS: SHARE INSIGHTS AND STRATEGIC DEVELOPMENTS  58

3.3        DISRUPTIVE TRENDS SHAPING MARKET        59

3.4        HIGH-GROWTH SEGMENTS AND EMERGING FRONTIERS      60

3.5        GLOBAL MARKET SIZE, GROWTH RATE, AND FORECAST       61

4           PREMIUM INSIGHTS     62

4.1        ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ELECTRIC TWO WHEELER MARKET    62

4.2        ELECTRIC TWO WHEELER MARKET, BY REGION            63

4.3        ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE    63

4.4        ELECTRIC TWO WHEELER MARKET, BY BATTERY TYPE    64

4.5        ELECTRIC TWO WHEELER MARKET, BY DISTANCE COVERED         64

4.6        ELECTRIC TWO WHEELER MARKET, BY MOTOR TYPE            65

4.7        ELECTRIC TWO WHEELER MARKET, BY USAGE            65

4.8        ELECTRIC TWO WHEELER MARKET, BY VEHICLE CLASS  66

4.9        ELECTRIC TWO WHEELER MARKET, BY TECHNOLOGY TYPE    66

4.10      ELECTRIC TWO WHEELER MARKET, BY MOTOR POWER 67

4.11      ELECTRIC TWO WHEELER MARKET, BY VOLTAGE TYPE    67

5           MARKET OVERVIEW    68

5.1        INTRODUCTION           68

5.2        MARKET DYNAMICS    69

5.2.1     DRIVERS           69

5.2.1.1  Fleet electrification for urban and commercial mobility            69

5.2.1.2  Advancements in battery systems          70

5.2.1.3  Collaborations between OEMs, electric two wheeler manufacturers, and fleet operators        72

5.2.2     RESTRAINTS    72

5.2.2.1  Charging infrastructure gaps in many emerging economies and range performance issues          72

5.2.2.2  Battery heating problems and long charging times            75

5.2.3     OPPORTUNITIES          75

5.2.3.1  Lightweight design and shared vehicle architecture innovation         75

5.2.3.2  Transition to modular and swappable energy platforms            76

5.2.3.3  Software ecosystem development and digital value chain expansion          77

5.2.4     CHALLENGES   77

5.2.4.1  Reliability of thermal and power electronics in urban operating conditions      77

5.2.4.2  Lack of standardization in battery communication and swapping protocols        78

5.3        UNMET NEEDS AND WHITE SPACES   80

5.3.1     UNMET NEEDS IN ELECTRIC TWO WHEELER MARKET           80

5.3.2     WHITE SPACE OPPORTUNITIES          80

5.4        INTERCONNECTED MARKETS AND CROSS-SECTOR OPPORTUNITIES          81

5.4.1     INTERCONNECTED MARKETS 81

5.4.2     CROSS-SECTOR OPPORTUNITIES       81

5.5        STRATEGIC MOVES BY TIER 1/2/3 PLAYERS  82

5.5.1     STRATEGIC MOVES BY TIER 1/2/3 PLAYERS  82

5.6        PATENT ANALYSIS      83

5.7        IMPACT OF GENERATIVE AI ON ELECTRIC TWO WHEELER MARKET      86

5.7.1     PRODUCT DESIGN AND DEVELOPMENT OPTIMIZATION             86

5.7.2     INTELLIGENT MANUFACTURING AND SUPPLY CHAIN EFFICIENCY      86

5.7.3     PERSONALIZATION AND USER EXPERIENCE ENHANCEMENT           87

5.7.4     ADVANCED BATTERY MANAGEMENT AND ENERGY OPTIMIZATION             87

5.8        ACOUSTIC VEHICLE ALERTING SYSTEM (AVAS) IN ELECTRIC 2-WHEELERS          88

5.8.1     REGULATORY FRAMEWORK AND MANDATES            88

5.8.2     AVAS INTEGRATION IN ELECTRIC TWO WHEELERS            88

5.8.3     COMPONENT ARCHITECTURE AND DESIGN TRENDS            89

5.8.3.1  Typical setup    89

5.8.3.2  Design trends    89

5.8.4     FUTURE ADVANCEMENTS IN SOUND SIGNATURE AND SMART AVAS       89

5.8.4.1  Dynamic sound profiles 89

5.8.4.2  Psychoacoustic tuning   90

5.9        EMERGING BUSINESS MODELS IN ELECTRIC TWO WHEELER MARKET      90

5.9.1     SUBSCRIPTION-BASED AND LEASING MODELS            90

5.9.2     BATTERY SWAPPING AND ENERGY-AS-A-SERVICE (EAAS)  90

5.9.3     SHARED MOBILITY AND FLEET ELECTRIFICATION            91

5.9.4     BATTERY-AS-A-SERVICE (BAAS)      92

5.9.5     DIGITAL SERVICE MONETIZATION      92

5.10      KEY EMERGING TECHNOLOGIES         92

5.10.1   INTEGRATED POWERTRAIN MODULES           92

5.10.2   SOLID-STATE BATTERY (SSB)            93

5.10.3   SMART CHARGING SYSTEMS   93

5.11      COMPLEMENTARY TECHNOLOGIES    94

5.11.1   BATTERY SWAPPING IN ELECTRIC SCOOTERS            94

5.11.2   INTERNET OF THINGS IN ELECTRIC TWO WHEELERS            95

5.11.3   SHARED MOBILITY       96

5.11.4   BATTERY-RELATED SERVICES           96

5.11.5   VEHICLE INTELLIGENCE & CONNECTIVITY STACK            96

5.12      TECHNOLOGY/PRODUCT ROADMAP    97

5.12.1   SHORT-TERM (2025-2027) | FOUNDATION AND EARLY COMMERCIALIZATION  97

5.12.2   MID-TERM (2028-2030) | EXPANSION AND STANDARDIZATION     97

5.12.3   LONG-TERM (2031-2035+) | MASS COMMERCIALIZATION & DISRUPTION             98

5.13      BILL OF MATERIALS    99

5.14      TOTAL COST OF OWNERSHIP  101

5.15      OEM ANALYSIS            102

5.15.1   PRODUCTION CAPACITY OF KEY OEMS          102

5.15.2   TECHNOLOGICAL DEVELOPMENTS     105

5.15.2.1             Honda   105

5.15.2.2             Yamaha 105

5.15.2.3             BMW Motorrad  105

5.15.2.4             Piaggio Group (Vespa/Piaggio)   106

5.15.2.5             Ather Energy    106

5.15.2.6             Ola Electric       106

5.15.2.7             NIU (China/Global)        107

5.15.3   COMPARATIVE ANALYSIS OF MOTOR POWER AND VEHICLE RANGE ACROSS VOLTAGE LEVEL    107

5.16      FUTURE APPLICATIONS IN ELECTRIC TWO WHEELER ECOSYSTEM     108

5.16.1   BATTERY INNOVATIONS AND ENERGY STORAGE SYSTEMS         108

5.16.1.1             Solid-state and semi-solid batteries      108

5.16.1.2             Fast charging and smart charging infrastructure            108

5.16.1.3             Battery management systems    109

5.16.1.4             Second-life & recycling            109

5.16.2   SMART/ADAPTIVE RIDE MODES AND AI         109

5.16.2.1             Personalized ride modes            109

5.16.2.2             Terrain and traffic adaptation    109

5.16.3   ADVANCED RIDER/VEHICLE SAFETY SYSTEMS            110

5.16.3.1             AI-based collision avoidance     110

5.16.3.2             Connected helmets & wearables            110

5.16.3.3             Blind-spot monitoring & alerts  110

5.16.4   ADVANCED RIDER/VEHICLE SAFETY SYSTEMS            110

5.16.4.1             Valet parking & remote summon            110

5.16.4.2             Self-balancing & self-righting concepts            111

5.16.4.3             Convoy/Ride-following modes   111

5.17      MACROECONOMICS INDICATORS        111

5.17.1   INTRODUCTION           111

5.17.2   GDP TRENDS AND FORECAST 111

5.17.3   TRENDS IN GLOBAL TWO WHEELER INDUSTRY (INTERNAL COMBUSTION ENGINE AND ELECTRIC VEHICLES)       112

5.17.4   TRENDS IN GLOBAL AUTOMOTIVE & TRANSPORTATION INDUSTRY            113

5.18      TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS         114

5.19      PRICING ANALYSIS      115

5.19.1   AVERAGE SELLING PRICE TREND, BY VEHICLE TYPE, 2022-2024        115

5.19.2   AVERAGE SELLING PRICE FOR VEHICLE TYPES BY KEY PLAYERS, 2024     115

5.19.3   AVERAGE SELLING PRICE TREND, BY REGION, 2022-2024     117

5.20      ECOSYSTEM ANALYSIS           119

5.20.1   RAW MATERIAL SUPPLIERS    120

5.20.2   COMPONENT SUPPLIERS         120

5.20.3   BATTERY PACK MANUFACTURERS/SUPPLIERS            120

5.20.4   CHARGING INFRASTRUCTURE PROVIDERS     120

5.20.5   ELECTRIC SCOOTER AND MOTORCYCLE MANUFACTURERS       120

5.21      SUPPLY CHAIN ANALYSIS       122

5.22      CASE STUDY ANALYSIS           123

5.22.1   GENZE PARTNERED WITH LEEWAYHERTZ FOR INTEGRATION OF ELECTRIC SCOOTER WITH MOBILE APP            123

5.22.2   HERO ELECTRIC PARTNERED WITH EBIKEGO TO TRANSFORM LAST-MILE DELIVERIES            124

5.22.3   ZYPP ELECTRIC TO USE HERO ELECTRIC BIKES TO ELECTRIFY 100% LAST-MILE DELIVERY BY 2025      124

5.23      INVESTMENT AND FUNDING SCENARIO         125

5.24      TRADE ANALYSIS        126

5.24.1   IMPORT SCENARIO (HS CODE 871190)            126

5.24.2   EXPORT SCENARIO (HS CODE 871190)            127

5.25      KEY CONFERENCES AND EVENTS, 2025-2026            128

5.26      DECISION-MAKING PROCESS  129

5.27      BUYER STAKEHOLDERS AND BUYING EVALUATION CRITERIA         130

5.27.1   KEY STAKEHOLDERS IN BUYING PROCESS     130

5.27.2   BUYING CRITERIA        131

5.28      ADOPTION BARRIERS AND INTERNAL CHALLENGES            132

5.29      REGULATORY LANDSCAPE AND COMPLIANCE            133

5.29.1   INDUSTRY STANDARDS           133

5.29.1.1             India     133

5.29.1.2             Thailand            136

5.29.1.3             Vietnam            136

5.29.2   REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 137

5.30      SUSTAINABILITY INITIATIVES            140

5.30.1   CARBON FOOTPRINT REDUCTION THROUGH GREEN MANUFACTURING       140

5.30.1.1             Renewable energy in factories   140

5.30.1.2             Materials and efficiency             140

5.30.1.3             Certifications and targets          140

5.30.2   ECO-APPLICATIONS AND ENVIRONMENTAL BENEFITS OF ELECTRIFICATION        141

5.30.3   LIFE-CYCLE ASSESSMENT (LCA) OF ELECTRIC TWO WHEELERS       141

5.30.3.1             Energy and emissions by phase 142

5.30.3.2             Battery production impact          142

6           ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE    143

6.1        INTRODUCTION           144

6.1.1     OPERATIONAL DATA   147

6.2        E-SCOOTER/MOPED    148

6.2.1     GROWING FOCUS ON REDUCED EMISSIONS AND SUSTAINABLE MODELS TO DRIVE MARKET   148

6.3        E-MOTORCYCLE          150

6.3.1     RISING DEMAND FOR HIGH-PERFORMANCE AND LOW-MAINTENANCE MODELS TO DRIVE MARKET    150

6.4        KEY PRIMARY INSIGHTS          152

7           ELECTRIC TWO WHEELER MARKET, BY VEHICLE CLASS  153

7.1        INTRODUCTION           154

7.1.1     OPERATIONAL DATA   156

7.2        ECONOMY        157

7.2.1     AVAILABILITY OF BUDGET-FRIENDLY FINANCING AND LEASING OPTIONS TO DRIVE MARKET   157

7.3        LUXURY           159

7.3.1     DEMAND FOR PREMIUM FEATURES AND TECHNOLOGY IN ELECTRIC TWO WHEELERS TO DRIVE MARKET           159

7.4        PRIMARY INSIGHTS      161

8           ELECTRIC TWO WHEELER MARKET, BY VOLTAGE TYPE    162

8.1        INTRODUCTION           163

8.1.1     OPERATIONAL DATA   165

8.2        36 V     169

8.2.1     INCREASING DEMAND FOR SHORT COMMUTES TO DRIVE GROWTH           169

8.3        48 V     170

8.3.1     NEED FOR ADEQUATE POWER AND RANGE FOR URBAN AND SUBURBAN COMMUTING TO DRIVE GROWTH            170

8.4        60 V     172

8.4.1     EMERGING DEMAND FOR HIGH-PERFORMANCE ELECTRIC SCOOTERS TO DRIVE GROWTH      172

8.5        72 V     173

8.5.1     IMPROVED BATTERY TECHNOLOGY AND CHARGING INFRASTRUCTURE TO DRIVE GROWTH          173

8.6        ABOVE 72 V     175

8.6.1     INCREASED RANGE POTENTIAL AND HIGH-PERFORMANCE NEEDS TO DRIVE GROWTH    175

8.7        KEY PRIMARY INSIGHTS          176

9           ELECTRIC TWO WHEELER MARKET, BY BATTERY TYPE    177

9.1        INTRODUCTION           178

9.1.1     OPERATIONAL DATA   180

9.2        SEALED LEAD-ACID    181

9.2.1     LOW RANGE AND PERFORMANCE TO DECREASE DEMAND          181

9.3        LITHIUM-ION   183

9.3.1     ADVANCEMENTS IN BATTERY TECHNOLOGY TO DRIVE MARKET            183

9.4        NICKEL METAL HYDRIDE (NIMH)        185

9.5        SODIUM-ION    185

9.6        PRIMARY INSIGHTS      186

10         ELECTRIC TWO WHEELER MARKET, BY DISTANCE COVERED         187

10.1      INTRODUCTION           188

10.1.1   OPERATIONAL DATA   190

10.2      BELOW 75 MILES         191

10.2.1   DOMINANT USE IN CITIES FOR SHORT COMMUTES TO DRIVE MARKET      191

10.3      75–100 MILES   193

10.3.1   VERSATILITY AND RANGE ANXIETY REDUCTION TO DRIVE MARKET            193

10.4      ABOVE 100 MILES        194

10.4.1   DEVELOPMENTS IN BATTERY TECHNOLOGY TO DRIVE MARKET            194

10.5      PRIMARY INSIGHTS      196

11         ELECTRIC TWO WHEELER MARKET, BY USAGE            197

11.1      INTRODUCTION           198

11.1.1   OPERATIONAL DATA   200

11.2      PRIVATE          200

11.2.1   NEW RANGE OF PRODUCTS WITH REDUCED PRICES TO DRIVE MARKET      200

11.3      COMMERCIAL   202

11.3.1   OPERATIONAL AND COST EFFICIENCY TO DRIVE MARKET           202

11.4      PRIMARY INSIGHTS      204

12         ELECTRIC TWO WHEELER MARKET, BY TECHNOLOGY TYPE    205

12.1      INTRODUCTION           206

12.1.1   OPERATIONAL DATA   208

12.2      PLUG-IN          209

12.2.1   INCREASING NUMBER OF PUBLIC FAST CHARGING STATIONS FOR ELECTRIC TWO WHEELERS TO DRIVE MARKET           209

12.3      BATTERY         211

12.3.1   ENABLES QUICK REFUELING BY EXCHANGING DEPLETED BATTERIES FOR FULLY CHARGED ONES AT DESIGNATED STATIONS          211

12.4      PRIMARY INSIGHTS      213

13         ELECTRIC SCOOTER MARKET, BY MOTOR TYPE            214

13.1      INTRODUCTION           215

13.1.1   OPERATIONAL DATA   217

13.2      MID-DRIVE MOTOR      218

13.2.1   HIGH TORQUE ADVANTAGE TO DRIVE MARKET            218

13.3      HUB MOTOR     219

13.3.1   INCREASING PRODUCTION OF VEHICLES WITH IN-WHEEL ELECTRIC MOTORS TO DRIVE MARKET         219

13.4      OTHERS           221

13.5      PRIMARY INSIGHTS      221

14         ELECTRIC TWO WHEELER MARKET, BY MOTOR POWER 222

14.1      INTRODUCTION           223

14.1.1   OPERATIONAL DATA   225

14.2      LESS THAN 1.5 KW      226

14.2.1   LOWER PRICE TAG THAN HIGHER-POWERED MODELS TO DRIVE MARKET   226

14.3      1.5–3 KW          228

14.3.1   IMPROVED PERFORMANCE COMPARED TO LOWER-POWERED MODELS TO DRIVE MARKET          228

14.4      ABOVE 3 KW    229

14.4.1   DEMAND FOR HIGH SPEED AND ACCELERATION WITH LONGER RANGE TO DRIVE MARKET     229

14.5      KEY PRIMARY INSIGHTS          231

15         ELECTRIC TWO WHEELER MARKET, BY REGION            232

15.1      INTRODUCTION           233

15.2      ASIA PACIFIC   235

15.2.1   MACROECONOMIC OUTLOOK  235

15.2.2   CHINA  240

15.2.2.1             Increasing demand for electric scooters/mopeds in metropolitan cities to drive market     240

15.2.3   JAPAN  242

15.2.3.1             Investment in charging infrastructure and battery swapping technologies to drive market   242

15.2.4   INDIA    244

15.2.4.1             Introduction of Battery-as-a-Service model to drive market     244

15.2.5   SOUTH KOREA 245

15.2.5.1             Launch of innovative models by domestic OEMs to drive market 245

15.2.6   TAIWAN           247

15.2.6.1             Focus on advanced electric two wheeler technologies that are energy-efficient and environmentally friendly to drive market 247

15.2.7   THAILAND        248

15.2.7.1             Strong government support for electric vehicle adoption to drive market            248

15.2.8   INDONESIA       249

15.2.8.1             Growth of online sales of electric vehicles and domestic manufacturing to drive market             249

15.2.9   MALAYSIA        252

15.2.9.1             Introduction of battery swapping points to drive market  252

15.2.10  PHILIPPINES     253

15.2.10.1           Growing EV ecosystem to support market growth  253

15.2.11  VIETNAM         255

15.2.11.1           Shift toward sustainable transportation to drive market  255

15.3      EUROPE            256

15.3.1   MACROECONOMIC OUTLOOK  256

15.3.2   FRANCE           262

15.3.2.1             Government incentive programs to fuel market            262

15.3.3   GERMANY        264

15.3.3.1             Growing demand for energy-efficient commuting modes to drive market   264

15.3.4   SPAIN   265

15.3.4.1             NECP’s plan for five million electric vehicles on road by 2030 to drive market    265

15.3.5   AUSTRIA          267

15.3.5.1             Subsidies and tax exemptions for electric two wheelers to drive market           267

15.3.6   UK        268

15.3.6.1             Increasing concerns regarding two wheeler carbon emissions to drive market          268

15.3.7   ITALY   269

15.3.7.1             Increasing presence of key players to support market growth   269

15.3.8   BELGIUM          271

15.3.8.1             Strong government support to promote electric two wheelers to drive market    271

15.3.9   NETHERLANDS            272

15.3.9.1             Development of charging infrastructure to drive market  272

15.3.10  POLAND           274

15.3.10.1           Growing focus on emission reduction to drive market  274

15.3.11  DENMARK        275

15.3.11.1           Government support to develop charging infrastructure to drive market    275

15.4      NORTH AMERICA         276

15.4.1   MACROECONOMIC OUTLOOK  277

15.4.2   US        280

15.4.2.1             R&D of new EV-related technologies to drive market  280

15.4.3   CANADA           282

15.4.3.1             High demand for electric scooters among young population to drive market         282

16         COMPETITIVE LANDSCAPE     284

16.1      OVERVIEW       284

16.2      KEY PLAYER STRATEGIES/RIGHT TO WIN, 2022–2025            284

16.3      MARKET SHARE ANALYSIS OF ELECTRIC TWO WHEELER PROVIDERS, 2024    286

16.4      REVENUE ANALYSIS, 2020–2024         288

16.5      COMPANY VALUATION AND FINANCIAL METRICS            289

16.5.1   COMPANY VALUATION            289

16.5.2   FINANCIAL METRICS   290

16.6      PRODUCT COMPARISON          290

16.7      COMPANY EVALUATION MATRIX        291

16.7.1   STARS  291

16.7.2   EMERGING LEADERS   291

16.7.3   PERVASIVE PLAYERS   291

16.7.4   PARTICIPANTS            292

16.7.5   COMPANY FOOTPRINT            293

16.8      STARTUP/SME EVALUATION MATRIX            295

16.8.1   PROGRESSIVE COMPANIES      295

16.8.2   RESPONSIVE COMPANIES        295

16.8.3   DYNAMIC COMPANIES 296

16.8.4   STARTING BLOCKS      296

16.8.5   COMPETITIVE BENCHMARKING          297

16.8.5.1             Key startups/SMEs        297

16.8.5.2             Competitive benchmarking of key startups/SMEs            298

16.9      COMPETITIVE SCENARIO        298

16.9.1   PRODUCT LAUNCHES/DEVELOPMENTS          298

16.9.2   DEALS  300

16.9.3   EXPANSIONS    301

16.9.4   OTHER DEVELOPMENTS         302

17         COMPANY PROFILES    303

17.1      KEY PLAYERS  303

17.1.1   OLA ELECTRIC 303

17.1.1.1             Business overview        303

17.1.1.2             Products offered           305

17.1.1.3             Recent developments    305

17.1.1.3.1          Product launches/developments 305

17.1.1.3.2          Expansions        306

17.1.1.3.3          Others   306

17.1.1.4             MnM view         306

17.1.1.4.1          Key strengths    306

17.1.1.4.2          Strategic choices           306

17.1.1.4.3          Weaknesses and competitive threats      307

17.1.2   BAJAJ AUTO LTD.        308

17.1.2.1             Business overview        308

17.1.2.2             Products offered           309

17.1.2.3             Recent developments    309

17.1.2.3.1          Product launches/developments 309

17.1.2.4             MnM view         310

17.1.2.4.1          Key strengths    310

17.1.2.4.2          Strategic choices           310

17.1.2.4.3          Weaknesses and competitive threats      310

17.1.3   TVS MOTOR COMPANY            311

17.1.3.1             Business overview        311

17.1.3.2             Products offered           312

17.1.3.3             Recent developments    312

17.1.3.3.1          Product launches/upgrades        312

17.1.3.3.2          Deals    312

17.1.3.3.3          Others   313

17.1.3.4             MnM view         313

17.1.3.4.1          Key strengths    313

17.1.3.4.2          Strategic choices           313

17.1.3.4.3          Weaknesses and competitive threats      313

17.1.4   ATHER ENERGY           314

17.1.4.1             Business overview        314

17.1.4.2             Products offered           316

17.1.4.3             Recent developments    316

17.1.4.3.1          Product launches/developments 316

17.1.4.3.2          Deals    317

17.1.4.4             MnM view         317

17.1.4.4.1          Key strengths    317

17.1.4.4.2          Strategic choices           317

17.1.4.4.3          Weaknesses and competitive threats      317

17.1.5   YADEA TECHNOLOGY GROUP CO., LTD.         318

17.1.5.1             Business overview        318

17.1.5.2             Products offered           319

17.1.5.3             Recent developments    320

17.1.5.3.1          Product launches/developments 320

17.1.5.3.2          Deals    322

17.1.5.3.3          Expansions        323

17.1.5.3.4          Others   324

17.1.5.4             MnM view         325

17.1.5.4.1          Key strengths    325

17.1.5.4.2          Strategic choices           325

17.1.5.4.3          Weaknesses and competitive threats      325

17.1.6   HERO ELECTRIC           326

17.1.6.1             Business overview        326

17.1.6.2             Products offered           326

17.1.6.3             Recent developments    327

17.1.6.3.1          Product launches/developments 327

17.1.6.3.2          Deals    327

17.1.6.3.3          Expansions        328

17.1.7   GOGORO           329

17.1.7.1             Business overview        329

17.1.7.2             Products offered           330

17.1.7.3             Recent developments    330

17.1.7.3.1          Product/technology launches     330

17.1.7.3.2          Deals    332

17.1.8   VMOTO LIMITED          334

17.1.8.1             Business overview        334

17.1.8.2             Products offered           335

17.1.8.3             Recent developments    336

17.1.8.3.1          Product launches/developments 336

17.1.8.3.2          Deals    336

17.1.8.3.3          Expansions        337

17.1.8.3.4          Others   338

17.1.9   NIU INTERNATIONAL  339

17.1.9.1             Business overview        339

17.1.9.2             Products offered           341

17.1.9.3             Recent developments    342

17.1.9.3.1          Product launches/developments 342

17.1.9.3.2          Deals    343

17.1.10  JIANGSU XINRI E-VEHICLE CO., LTD.  344

17.1.10.1           Business overview        344

17.1.10.2           Products offered           345

17.1.10.3           Recent developments    346

17.1.10.3.1        Product launches/developments 346

17.1.10.3.2        Deals    347

17.1.10.3.3        Expansions        347

17.1.11  IDEANOMICS, INC.       348

17.1.11.1           Business overview        348

17.1.11.2           Products offered           348

17.1.11.3           Recent developments    349

17.1.11.3.1        Product launches/developments 349

17.1.11.3.2        Deals    349

17.1.11.3.3        Expansions        351

17.1.12  ASKOLL EVA S.P.A.     352

17.1.12.1           Business overview        352

17.1.12.2           Products offered           353

17.1.12.3           Recent developments    353

17.1.12.3.1        Deals    353

17.1.12.3.2        Others   354

17.2      OTHER PLAYERS          355

17.2.1   ULTRAVIOLETTE AUTOMOTIVE         355

17.2.2   REVOLT INTELLICORP PRIVATE LIMITED (REVOLT MOTORS)          356

17.2.3   Z ELECTRIC VEHICLE  357

17.2.4   CAKE    357

17.2.5   LIGHTNING MOTORCYCLES     358

17.2.6   JOHAMMER E-MOBILITY GMBH           358

17.2.7   PIAGGIO GROUP           359

17.2.8   KTM AG           359

17.2.9   HARLEY DAVIDSON      360

17.2.10  BMW GROUP    361

17.2.11  AIMA TECHNOLOGY GROUP CO., LTD.            361

17.2.12  HONDA MOTOR CO., LTD.        362

17.2.13  GREAVES ELECTRIC MOBILITY PRIVATE LIMITED (AMPERE VEHICLES)    362

17.2.14  DONGGUAN TAILING ELECTRIC VEHICLE CO., LTD.            363

17.2.15  ČEZETA            363

17.2.16  TERRA MOTORS CORPORATION          363

17.2.17  NEXZU MOBILITY LTD. (AVAN MOTORS INDIA)            364

17.2.18  EMFLUX MOTORS        365

17.2.19  MAHINDRA & MAHINDRA LTD.            365

17.2.20  DAMON MOTORS INC.  366

17.2.21  VIAR MOTOR INDONESIA         366

17.2.22  SELIS    367

17.2.23  GESITS 367

17.2.24  UNITED E-MOTOR       368

17.2.25  SMOOT ELEKTRIK       368

17.2.26  PT VOLTA INDONESIA SEMESTA (VOLTA)     369

17.2.27  ALVA    369

17.2.28  NUSA MOTORS             370

17.2.29  BF GOODRICH  371

18         APPENDIX        372

18.1      DISCUSSION GUIDE      372

18.2      KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL          375

18.3      CUSTOMIZATION OPTIONS      377

18.3.1   ELECTRIC SCOOTER MARKET, BY BATTERY TYPE AT COUNTRY LEVEL (FOR COUNTRIES COVERED IN THE REPORT)          377

18.3.2   PROFILING OF ADDITIONAL MARKET PLAYERS (UP TO 5)    377

18.4      RELATED REPORTS     377

18.5      AUTHOR DETAILS        378

LIST OF TABLES

TABLE 1           ELECTRIC TWO WHEELER MARKET DEFINITION, BY VEHICLE TYPE          36

TABLE 2           ELECTRIC TWO WHEELER MARKET DEFINITION, BY BATTERY TYPE         36

TABLE 3           ELECTRIC TWO WHEELER MARKET DEFINITION, BY TECHNOLOGY TYPE  37

TABLE 4           ELECTRIC TWO WHEELER MARKET DEFINITION, BY VEHICLE CLASS        37

TABLE 5           ELECTRIC TWO WHEELER MARKET DEFINITION, BY USAGE           37

TABLE 6           ELECTRIC TWO WHEELER MARKET DEFINITION, BY MOTOR TYPE             37

TABLE 7           ELECTRIC TWO WHEELER MARKET DEFINITION, BY MOTOR POWER          38

TABLE 8           ELECTRIC TWO WHEELER MARKET DEFINITION, BY DISTANCE COVERED 38

TABLE 9           ELECTRIC TWO WHEELER MARKET DEFINITION, BY VOLTAGE TYPE         38

TABLE 10         ELECTRIC TWO WHEELER MARKET: INCLUSIONS AND EXCLUSIONS           39

TABLE 11         USD EXCHANGE RATES           41

TABLE 12         ELECTRIFICATION TARGETS OF KEY COUNTRIES IN ASIA PACIFIC   70

TABLE 13         ELECTRIC VEHICLE CHARGING POINTS, BY EMERGING ECONOMIES, 2024  73

TABLE 14         MODEL-WISE DRIVING RANGE OF ELECTRIC SCOOTERS AND MOTORCYCLES          73

TABLE 15         TIME REQUIRED TO CHARGE ELECTRIC SCOOTERS AND MOTORCYCLES          75

TABLE 16         IMPACT OF MARKET DYNAMICS         79

TABLE 17         PATENT ANALYSIS      84

TABLE 18         OEMS WITH SUBSCRIPTION-BASED AND LEASING MODELS        90

TABLE 19         OEMS ADOPTING BATTERY SWAPPING AND ENERGY-AS-A-SERVICE BUSINESS MODELS 91

TABLE 20         COMPANIES ADOPTING SHARED MOBILITY AND FLEET ELECTRIFICATION BUSINESS MODELS   91

TABLE 21         OEMS OFFERING BAAS IN ELECTRIC TWO WHEELERS       92

TABLE 22         BILL OF MATERIALS FOR ELECTRIC SCOOTERS IN 2025      99

TABLE 23         BILL OF MATERIALS FOR ICE SCOOTERS IN 2025     99

TABLE 24         BILL OF MATERIALS FOR ELECTRIC MOTORCYCLES IN 2025           100

TABLE 25         BILL OF MATERIALS FOR ICE MOTORCYCLES IN 2025             100

TABLE 26         TCO COMPARISON: ELECTRIC VS. ICE SCOOTERS       102

TABLE 27         PRODUCTION CAPACITY OF KEY OEMS            102

TABLE 28         ANALYSIS OF MOTOR POWER AND VEHICLE RANGE ACROSS VOLTAGE LEVEL       107

TABLE 29         GDP PERCENTAGE CHANGE, BY KEY COUNTRY, 2021–2030  111

TABLE 30         AVERAGE SELLING PRICE TREND, BY VEHICLE TYPE, 2022-2024 (USD)        115

TABLE 31         AVERAGE SELLING PRICE OF ELECTRIC SCOOTERS BY KEY PLAYERS, 2024 (USD)       115

TABLE 32         AVERAGE SELLING PRICE OF ELECTRIC MOTORCYCLES BY KEY PLAYERS,

2024 (USD)       116

TABLE 33         AVERAGE SELLING PRICE TREND FOR ELECTRIC SCOOTERS, BY REGION,

2022-2024 (USD/UNIT)            117

TABLE 34         AVERAGE SELLING PRICE TREND FOR ELECTRIC MOTORCYCLES, BY REGION, 2022-2024 (USD/UNIT)      118

TABLE 35         ELECTRIC TWO WHEELER MARKET: ROLE OF COMPANIES IN ECOSYSTEM    121

TABLE 36         IMPORT DATA FOR HS CODE 871190, BY COUNTRY, 2021–2024 (USD MILLION) 126

TABLE 37         EXPORT DATA FOR HS CODE 871190, BY COUNTRY, 2021–2024 (USD MILLION) 127

TABLE 38         ELECTRIC TWO WHEELER MARKET: KEY CONFERENCES AND EVENTS, 2025–2026        128

TABLE 39         INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR ELECTRIC TWO WHEELERS (%)           131

TABLE 40         KEY BUYING CRITERIA            132

TABLE 41         SUBSIDY UNDER FAME II, BY VEHICLE TYPE            134

TABLE 42         CENTRAL AND STATE TAXES AND FEES FOR SELECT VEHICLES IN INDIA    134

TABLE 43         INDIA: GOVERNMENT INCENTIVES, BY STATE  135

TABLE 44         NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS            137

TABLE 45         EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS            138

TABLE 46         ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS            139

TABLE 47         STRATEGIC GREEN MANUFACTURING ACTIONS BY OEMS      141

TABLE 48         CONVENTIONAL VS. BATTERY ELECTRIC SCOOTER/MOPED AND MOTORCYCLE             144

TABLE 49         ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2021–2024 (THOUSAND UNITS)         145

TABLE 50         ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2025–2032 (THOUSAND UNITS)         146

TABLE 51         ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2021–2024 (USD MILLION)     146

TABLE 52         ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2025–2032 (USD MILLION)     146

TABLE 53         POPULAR E-SCOOTER/MOPED AND E-MOTORCYCLE MODELS WORLDWIDE  147

TABLE 54         E-SCOOTER/MOPED: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           149

TABLE 55         E-SCOOTER/MOPED: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           149

TABLE 56         E-SCOOTER/MOPED: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       149

TABLE 57         E-SCOOTER/MOPED: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       150

TABLE 58         E-MOTORCYCLE: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           151

TABLE 59         E-MOTORCYCLE: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           151

TABLE 60         E-MOTORCYCLE: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       151

TABLE 61         E-MOTORCYCLE: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       152

TABLE 62         ELECTRIC TWO WHEELER MARKET, BY VEHICLE CLASS,

2021–2024 (THOUSAND UNITS)           155

TABLE 63         ELECTRIC TWO WHEELER MARKET, BY VEHICLE CLASS,

2025–2032 (THOUSAND UNITS)           155

TABLE 64         ELECTRIC TWO WHEELER MARKET, BY VEHICLE CLASS,

2021–2024 (USD MILLION)       155

TABLE 65         ELECTRIC TWO WHEELER MARKET, BY VEHICLE CLASS,

2025–2032 (USD MILLION)       155

TABLE 66         E-SCOOTER/MOPED AND E-MOTORCYCLE MODELS WORLDWIDE  156

TABLE 67         ECONOMY: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           158

TABLE 68         ECONOMY: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           158

TABLE 69         ECONOMY: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       158

TABLE 70         ECONOMY: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       159

TABLE 71         LUXURY: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           160

TABLE 72         LUXURY: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           160

TABLE 73         LUXURY: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       160

TABLE 74         LUXURY: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       160

TABLE 75         ELECTRIC SCOOTERS OFFERED BY OEMS, BY VOLTAGE TYPE           163

TABLE 76         ELECTRIC TWO WHEELER MARKET, BY VOLTAGE TYPE,

2021–2024 (THOUSAND UNITS)           164

TABLE 77         ELECTRIC TWO WHEELER MARKET, BY VOLTAGE TYPE,

2025–2032 (THOUSAND UNITS)           164

TABLE 78         ELECTRIC TWO WHEELER MARKET, BY VOLTAGE TYPE, 2021–2024 (USD MILLION)    165

TABLE 79         ELECTRIC TWO WHEELER MARKET, BY VOLTAGE TYPE, 2025–2032 (USD MILLION)    165

TABLE 80         POPULAR E-SCOOTER/MOPED AND E-MOTORCYCLE MODELS AND THEIR BATTERY VOLTAGE            165

TABLE 81         36 V: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           169

TABLE 82         36 V: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           170

TABLE 83         36 V: ELECTRIC TWO WHEELER MARKET, BY REGION, 2021–2024 (USD MILLION)     170

TABLE 84         36 V: ELECTRIC TWO WHEELER MARKET, BY REGION, 2025–2032 (USD MILLION)     170

TABLE 85         48 V: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           171

TABLE 86         48 V: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           171

TABLE 87         48 V: ELECTRIC TWO WHEELER MARKET, BY REGION, 2021–2024 (USD MILLION)     171

TABLE 88         48 V: ELECTRIC TWO WHEELER MARKET, BY REGION, 2025–2032 (USD MILLION)     171

TABLE 89         60 V: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           172

TABLE 90         60 V: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           172

TABLE 91         60 V: ELECTRIC TWO WHEELER MARKET, BY REGION, 2021–2024 (USD MILLION)     173

TABLE 92         60 V: ELECTRIC TWO WHEELER MARKET, BY REGION, 2025–2032 (USD MILLION)     173

TABLE 93         72 V: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           174

TABLE 94         72 V: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           174

TABLE 95         72 V: ELECTRIC TWO WHEELER MARKET, BY REGION, 2021–2024 (USD MILLION)     174

TABLE 96         72 V: ELECTRIC TWO WHEELER MARKET, BY REGION, 2025–2032 (USD MILLION)     174

TABLE 97         ABOVE 72 V: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           175

TABLE 98         ABOVE 72 V: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           175

TABLE 99         ABOVE 72 V: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       176

TABLE 100       ABOVE 72 V: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       176

TABLE 101       LITHIUM-ION VS. LEAD-ACID BATTERIES            178

TABLE 102       ELECTRIC TWO WHEELER MARKET, BY BATTERY TYPE,

2021–2024 (THOUSAND UNITS)           179

TABLE 103       ELECTRIC TWO WHEELER MARKET, BY BATTERY TYPE,

2025–2032 (THOUSAND UNITS)           179

TABLE 104       ELECTRIC TWO WHEELER MARKET, BY BATTERY TYPE, 2021–2024 (USD MILLION)    179

TABLE 105       ELECTRIC TWO WHEELER MARKET, BY BATTERY TYPE, 2025–2032 (USD MILLION)    180

TABLE 106       POPULAR ELECTRIC SCOOTERS, BY BATTERY TYPE           180

TABLE 107       SEALED LEAD-ACID: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           182

TABLE 108       SEALED LEAD-ACID: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           182

TABLE 109       SEALED LEAD-ACID: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       182

TABLE 110       SEALED LEAD-ACID: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       182

TABLE 111       COMPARATIVE EVALUATION OF ELECTRIC VEHICLES USING LITHIUM-ION BATTERIES   183

TABLE 112       LITHIUM-ION: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           184

TABLE 113       LITHIUM-ION: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           184

TABLE 114       LITHIUM-ION: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       184

TABLE 115       LITHIUM-ION: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       184

TABLE 116       ELECTRIC TWO WHEELER MARKET, BY DISTANCE COVERED,

2021–2024 (THOUSAND UNITS)           189

TABLE 117       ELECTRIC TWO WHEELER MARKET, BY DISTANCE COVERED

2025–2032 (THOUSAND UNITS)           189

TABLE 118       ELECTRIC TWO WHEELER MARKET, BY DISTANCE COVERED,

2021–2024 (USD MILLION)       189

TABLE 119       ELECTRIC TWO WHEELER MARKET, BY DISTANCE COVERED,

2025–2032 (USD MILLION)       189

TABLE 120       POPULAR ELECTRIC SCOOTERS/MOPEDS AND MOTORCYCLES WITH RANGE      190

TABLE 121       BELOW 75 MILES: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           192

TABLE 122       BELOW 75 MILES: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           192

TABLE 123       BELOW 75 MILES: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       192

TABLE 124       BELOW 75 MILES: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       192

TABLE 125       75–100 MILES: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           193

TABLE 126       75–100 MILES: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           193

TABLE 127       75–100 MILES: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       194

TABLE 128       75–100 MILES: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       194

TABLE 129       ABOVE 100 MILES: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           195

TABLE 130       ABOVE 100 MILES: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           195

TABLE 131       ABOVE 100 MILES: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       195

TABLE 132       ABOVE 100 MILES: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       196

TABLE 133       ELECTRIC TWO WHEELER MARKET, BY USAGE, 2021–2024 (THOUSAND UNITS)          198

TABLE 134       ELECTRIC TWO WHEELER MARKET, BY USAGE, 2025–2032 (THOUSAND UNITS)          199

TABLE 135       ELECTRIC TWO WHEELER MARKET, BY USAGE, 2021–2024 (USD MILLION)      199

TABLE 136       ELECTRIC TWO WHEELER MARKET, BY USAGE, 2025–2032 (USD MILLION)      199

TABLE 137       E-SCOOTER/MOPED AND E-MOTORCYCLE MODELS BY USAGE      200

TABLE 138      PRIVATE: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           201

TABLE 139      PRIVATE: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           201

TABLE 140      PRIVATE: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       201

TABLE 141      PRIVATE: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       201

TABLE 142       COMMERCIAL: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           202

TABLE 143       COMMERCIAL: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           202

TABLE 144       COMMERCIAL: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       203

TABLE 145       COMMERCIAL: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       203

TABLE 146       ELECTRIC TWO WHEELER MARKET, BY TECHNOLOGY TYPE,

2021–2024 (THOUSAND UNITS)           206

TABLE 147       ELECTRIC TWO WHEELER MARKET, BY TECHNOLOGY TYPE,

2025–2032 (THOUSAND UNITS)           207

TABLE 148       ELECTRIC TWO WHEELER MARKET, BY TECHNOLOGY TYPE,

2021–2024 (USD MILLION)       207

TABLE 149       ELECTRIC TWO WHEELER MARKET, BY TECHNOLOGY TYPE,

2025–2032 (USD MILLION)       207

TABLE 150       E-SCOOTER/MOPED AND E-MOTORCYCLE MODELS WITH DIFFERENT CHARGING TECHNOLOGIES            208

TABLE 151       PLUG-IN CHARGING VS. BATTERY CHARGING            208

TABLE 152      PLUG-IN: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           209

TABLE 153      PLUG-IN: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           210

TABLE 154      PLUG-IN: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       210

TABLE 155      PLUG-IN: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       210

TABLE 156       BATTERY: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           211

TABLE 157       BATTERY: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           212

TABLE 158       BATTERY: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       212

TABLE 159       BATTERY: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       212

TABLE 160       ELECTRIC TWO WHEELER MARKET, BY MOTOR TYPE,

2021–2024 (THOUSAND UNITS)           215

TABLE 161       ELECTRIC TWO WHEELER MARKET, BY MOTOR TYPE,

2025–2032 (THOUSAND UNITS)           216

TABLE 162       ELECTRIC TWO WHEELER MARKET, BY MOTOR TYPE, 2021–2024 (USD MILLION)        216

TABLE 163       ELECTRIC TWO WHEELER MARKET, BY MOTOR TYPE, 2025–2032 (USD MILLION)        216

TABLE 164       POPULAR E-SCOOTER/MOPED AND E-MOTORCYCLE MODELS, BY MOTOR TYPE      217

TABLE 165       MID-DRIVE MOTOR: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           218

TABLE 166       MID-DRIVE MOTOR: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           218

TABLE 167       MID-DRIVE MOTOR: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       219

TABLE 168       MID-DRIVE MOTOR: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       219

TABLE 169       HUB MOTOR: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           220

TABLE 170       HUB MOTOR: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           220

TABLE 171       HUB MOTOR: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       220

TABLE 172       HUB MOTOR: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       221

TABLE 173       ELECTRIC TWO WHEELER MARKET, BY MOTOR POWER,

2021–2024 (THOUSAND UNITS)           224

TABLE 174       ELECTRIC TWO WHEELER MARKET, BY MOTOR POWER,

2025–2032 (THOUSAND UNITS)           224

TABLE 175       ELECTRIC TWO WHEELER MARKET, BY MOTOR POWER,

2021–2024 (USD MILLION)       224

TABLE 176       ELECTRIC TWO WHEELER MARKET, BY MOTOR POWER,

2025–2032 (USD MILLION)       224

TABLE 177       POPULAR E-SCOOTER/MOPED AND E-MOTORCYCLE MODELS, BY MOTOR POWER    225

TABLE 178       LESS THAN 1.5 KW: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           226

TABLE 179       LESS THAN 1.5 KW: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           227

TABLE 180       LESS THAN 1.5 KW: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       227

TABLE 181       LESS THAN 1.5 KW: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       227

TABLE 182      1.5–3 KW: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           228

TABLE 183      1.5–3 KW: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           228

TABLE 184      1.5–3 KW: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       229

TABLE 185      1.5–3 KW: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       229

TABLE 186       ABOVE 3 KW: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)           230

TABLE 187       ABOVE 3 KW: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)           230

TABLE 188       ABOVE 3 KW: ELECTRIC TWO WHEELER MARKET, BY REGION,

2021–2024 (USD MILLION)       230

TABLE 189       ABOVE 3 KW: ELECTRIC TWO WHEELER MARKET, BY REGION,

2025–2032 (USD MILLION)       231

TABLE 190       ELECTRIC TWO WHEELER MARKET, BY REGION, 2021–2024 (THOUSAND UNITS)         233

TABLE 191       ELECTRIC TWO WHEELER MARKET, BY REGION, 2025–2032 (THOUSAND UNITS)         234

TABLE 192       ELECTRIC TWO WHEELER MARKET, BY REGION, 2021–2024 (USD MILLION)     234

TABLE 193       ELECTRIC TWO WHEELER MARKET, BY REGION, 2025–2032 (USD MILLION)     234

TABLE 194       ASIA PACIFIC: ELECTRIC TWO WHEELER MARKET, BY COUNTRY,

2021–2024 (THOUSAND UNITS)           238

TABLE 195       ASIA PACIFIC: ELECTRIC TWO WHEELER MARKET, BY COUNTRY,

2025–2032 (THOUSAND UNITS)           239

TABLE 196       ASIA PACIFIC: ELECTRIC TWO WHEELER MARKET, BY COUNTRY,

2021–2024 (USD MILLION)       239

TABLE 197       ASIA PACIFIC: ELECTRIC TWO WHEELER MARKET, BY COUNTRY,

2025–2032 (USD MILLION)       240

TABLE 198       CHINA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2021–2024 (UNITS)           241

TABLE 199       CHINA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2025–2032 (UNITS)           241

TABLE 200       CHINA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       241

TABLE 201       CHINA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       242

TABLE 202       JAPAN: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2021–2024 (UNITS)           242

TABLE 203       JAPAN: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2025–2032 (UNITS)           243

TABLE 204       JAPAN: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       243

TABLE 205       JAPAN: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       243

TABLE 206       INDIA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2021–2024 (UNITS)           244

TABLE 207       INDIA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2025–2032 (UNITS)           244

TABLE 208       INDIA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       245

TABLE 209       INDIA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       245

TABLE 210       SOUTH KOREA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (UNITS)       245

TABLE 211       SOUTH KOREA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (UNITS)       246

TABLE 212       SOUTH KOREA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       246

TABLE 213       SOUTH KOREA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       246

TABLE 214       TAIWAN: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (UNITS)     247

TABLE 215       TAIWAN: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (UNITS)       247

TABLE 216       TAIWAN: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       247

TABLE 217       TAIWAN: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       248

TABLE 218       THAILAND: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (UNITS)       248

TABLE 219       THAILAND: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (UNITS)       249

TABLE 220       THAILAND: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       249

TABLE 221       THAILAND: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       249

TABLE 222       INDONESIA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (UNITS)       250

TABLE 223       INDONESIA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (UNITS)       251

TABLE 224       INDONESIA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       251

TABLE 225       INDONESIA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       251

TABLE 226       MALAYSIA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (UNITS)       252

TABLE 227       MALAYSIA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (UNITS)       252

TABLE 228       MALAYSIA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       253

TABLE 229       MALAYSIA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       253

TABLE 230       PHILIPPINES: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (UNITS)       254

TABLE 231       PHILIPPINES: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (UNITS)       254

TABLE 232       PHILIPPINES: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       254

TABLE 233       PHILIPPINES: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       254

TABLE 234       VIETNAM: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (UNITS)       255

TABLE 235       VIETNAM: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (UNITS)       255

TABLE 236       VIETNAM: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       255

TABLE 237       VIETNAM: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       256

TABLE 238       EUROPE: ELECTRIC TWO WHEELER MARKET, BY COUNTRY,

2021–2024 (THOUSAND UNITS)           260

TABLE 239       EUROPE: ELECTRIC TWO WHEELER MARKET, BY COUNTRY,

2025–2032 (THOUSAND UNITS)           261

TABLE 240       EUROPE: ELECTRIC TWO WHEELER MARKET, BY COUNTRY,

2021–2024 (USD MILLION)       261

TABLE 241       EUROPE: ELECTRIC TWO WHEELER MARKET, BY COUNTRY,

2025–2032 (USD MILLION)      262

TABLE 242       FRANCE: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (UNITS)     263

TABLE 243       FRANCE: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (UNITS)       263

TABLE 244       FRANCE: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       263

TABLE 245       FRANCE: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       263

TABLE 246       GERMANY: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (UNITS)       264

TABLE 247       GERMANY: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (UNITS)       264

TABLE 248       GERMANY: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       265

TABLE 249       GERMANY: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       265

TABLE 250       SPAIN: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2021–2024 (UNITS)           266

TABLE 251       SPAIN: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2025–2032 (UNITS)           266

TABLE 252       SPAIN: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)      266

TABLE 253       SPAIN: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       266

TABLE 254      AUSTRIA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (UNITS)       267

TABLE 255      AUSTRIA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (UNITS)       267

TABLE 256      AUSTRIA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       267

TABLE 257      AUSTRIA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       268

TABLE 258       UK: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2021–2024 (UNITS)     268

TABLE 259       UK: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2025–2032 (UNITS)     269

TABLE 260       UK: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       269

TABLE 261       UK: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       269

TABLE 262       ITALY: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2021–2024 (UNITS)           270

TABLE 263       ITALY: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2025–2032 (UNITS)           270

TABLE 264       ITALY: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       270

TABLE 265       ITALY: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       270

TABLE 266       BELGIUM: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (UNITS)       271

TABLE 267       BELGIUM: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (UNITS)       271

TABLE 268       BELGIUM: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       271

TABLE 269       BELGIUM: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       272

TABLE 270       NETHERLANDS: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (UNITS)       272

TABLE 271       NETHERLANDS: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (UNITS)       273

TABLE 272       NETHERLANDS: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       273

TABLE 273       NETHERLANDS: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       273

TABLE 274       POLAND: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (UNITS)       274

TABLE 275       POLAND: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (UNITS)       274

TABLE 276       POLAND: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       274

TABLE 277       POLAND: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       275

TABLE 278       DENMARK: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (UNITS)       275

TABLE 279       DENMARK: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (UNITS)       276

TABLE 280       DENMARK: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       276

TABLE 281       DENMARK: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       276

TABLE 282       NORTH AMERICA: ELECTRIC TWO WHEELER MARKET, BY COUNTRY,

2021–2024 (THOUSAND UNITS)           279

TABLE 283       NORTH AMERICA: ELECTRIC TWO WHEELER MARKET, BY COUNTRY,

2025–2032 (THOUSAND UNITS)           280

TABLE 284       NORTH AMERICA: ELECTRIC TWO WHEELER MARKET, BY COUNTRY,

2021–2024 (USD MILLION)       280

TABLE 285       NORTH AMERICA: ELECTRIC TWO WHEELER MARKET, BY COUNTRY,

2025–2032 (USD MILLION)       280

TABLE 286       US: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2021–2024 (UNITS)     281

TABLE 287       US: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE, 2025–2032 (UNITS)     281

TABLE 288       US: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       281

TABLE 289       US: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       281

TABLE 290       CANADA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (UNITS)       282

TABLE 291       CANADA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (UNITS)       282

TABLE 292       CANADA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)       283

TABLE 293       CANADA: ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)       283

TABLE 294       KEY PLAYER STRATEGIES/RIGHT TO WIN, 2022–2025        285

TABLE 295       DEGREE OF COMPETITION, 2024         286

TABLE 296       ELECTRIC TWO WHEELER MARKET: PRODUCT COMPARISON (KEY SCOOTER MODELS)     290

TABLE 297       ELECTRIC TWO WHEELER MARKET: PRODUCT COMPARISON (KEY MOTORCYCLE MODELS)            291

TABLE 298       ELECTRIC TWO WHEELER MARKET: REGION FOOTPRINT      293

TABLE 299       ELECTRIC TWO WHEELER MARKET: VEHICLE TYPE FOOTPRINT        294

TABLE 300       ELECTRIC TWO WHEELER MARKET: BATTERY TYPE FOOTPRINT   294

TABLE 301       ELECTRIC TWO WHEELER MARKET, TECHNOLOGY TYPE FOOTPRINT        295

TABLE 302       ELECTRIC TWO WHEELER MARKET: KEY STARTUPS/SMES         297

TABLE 303       ELECTRIC TWO WHEELER MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES            298

TABLE 304       ELECTRIC TWO WHEELER MARKET: PRODUCT LAUNCHES/DEVELOPMENTS, JANUARY 2021–OCTOBER 2025             299

TABLE 305       ELECTRIC TWO WHEELER MARKET: DEALS, JANUARY 2021– OCTOBER 2025          300

TABLE 306       ELECTRIC TWO WHEELER MARKET: EXPANSIONS, JANUARY 2021– OCTOBER 2025           301

TABLE 307       ELECTRIC TWO WHEELER MARKET: OTHER DEVELOPMENTS,

JANUARY 2021– OCTOBER 2025          302

TABLE 308       OLA ELECTRIC: COMPANY OVERVIEW            303

TABLE 309       OLA ELECTRIC: PRODUCTS OFFERED 305

TABLE 310       OLA ELECTRIC: PRODUCT LAUNCHES/DEVELOPMENTS   305

TABLE 311       OLA ELECTRIC: EXPANSIONS  306

TABLE 312       OLA ELECTRIC: OTHERS         306

TABLE 313       BAJAJ AUTO LTD.: COMPANY OVERVIEW            308

TABLE 314       BAJAJ AUTO LTD.: PRODUCTS OFFERED            309

TABLE 315       BAJAJ AUTO LTD.: PRODUCT LAUNCHES/DEVELOPMENTS   309

TABLE 316       TVS MOTOR COMPANY: COMPANY OVERVIEW            311

TABLE 317       TVS MOTOR COMPANY: PRODUCTS OFFERED            312

TABLE 318       TVS MOTOR COMPANY.: PRODUCT LAUNCHES/UPGRADES            312

TABLE 319       TVS MOTOR COMPANY: DEALS           312

TABLE 320       TVS MOTOR COMPANY: OTHERS        313

TABLE 321       ATHER ENERGY: COMPANY OVERVIEW            314

TABLE 322       ATHER ENERGY: PRODUCTS OFFERED            316

TABLE 323       ATHER ENERGY: PRODUCT LAUNCHES/DEVELOPMENTS   316

TABLE 324       ATHER ENERGY: DEALS          317

TABLE 325       YADEA TECHNOLOGY GROUP CO., LTD.: COMPANY OVERVIEW  318

TABLE 326       YADEA TECHNOLOGY GROUP CO., LTD.: PRODUCTS OFFERED   319

TABLE 327       YADEA TECHNOLOGY GROUP CO., LTD.: PRODUCT LAUNCHES/DEVELOPMENTS          320

TABLE 328       YADEA TECHNOLOGY GROUP CO., LTD.: DEALS  322

TABLE 329       YADEA TECHNOLOGY GROUP CO., LTD.: EXPANSIONS    323

TABLE 330       YADEA TECHNOLOGY GROUP CO., LTD.: OTHERS           324

TABLE 331       HERO ELECTRIC: COMPANY OVERVIEW            326

TABLE 332       HERO ELECTRIC: PRODUCTS OFFERED            326

TABLE 333       HERO ELECTRIC: PRODUCT LAUNCHES/DEVELOPMENTS   327

TABLE 334       HERO ELECTRIC: DEALS          327

TABLE 335       HERO ELECTRIC: EXPANSIONS            328

TABLE 336       GOGORO: COMPANY OVERVIEW          329

TABLE 337       GOGORO: PRODUCTS OFFERED           330

TABLE 338       GOGORO: PRODUCT/TECHNOLOGY LAUNCHES       330

TABLE 339       GOGORO: DEALS          332

TABLE 340       VMOTO LIMITED: COMPANY OVERVIEW            334

TABLE 341       VMOTO LIMITED: PRODUCTS OFFERED            335

TABLE 342       VMOTO LIMITED: PRODUCT LAUNCHES/DEVELOPMENTS   336

TABLE 343       VMOTO LIMITED: DEALS         336

TABLE 344       VMOTO LIMITED: EXPANSIONS           337

TABLE 345       VMOTO LIMITED: OTHERS      338

TABLE 346       NIU INTERNATIONAL: COMPANY OVERVIEW            339

TABLE 347       NIU INTERNATIONAL: PRODUCTS OFFERED            341

TABLE 348       NIU INTERNATIONAL: PRODUCT LAUNCHES/DEVELOPMENTS   342

TABLE 349       NIU INTERNATIONAL: DEALS  343

TABLE 350       JIANGSU XINRI E-VEHICLE CO., LTD.: COMPANY OVERVIEW  344

TABLE 351       JIANGSU XINRI E-VEHICLE CO., LTD.: PRODUCTS OFFERED   345

TABLE 352       JIANGSU XINRI E-VEHICLE CO., LTD.: PRODUCT LAUNCHES/DEVELOPMENTS          346

TABLE 353       JIANGSU XINRI E-VEHICLE CO., LTD.: DEALS            347

TABLE 354       JIANGSU XINRI E-VEHICLE CO., LTD.: EXPANSIONS    347

TABLE 355       IDEANOMICS, INC.: COMPANY OVERVIEW            348

TABLE 356       IDEANOMICS, INC.: PRODUCTS OFFERED            348

TABLE 357       IDEANOMICS, INC.: PRODUCT LAUNCHES/DEVELOPMENTS   349

TABLE 358       IDEANOMICS, INC.: DEALS       349

TABLE 359       IDEANOMICS, INC.: EXPANSIONS         351

TABLE 360       ASKOLL EVA S.P.A.: COMPANY OVERVIEW            352

TABLE 361       ASKOLL EVA S.P.A.: PRODUCTS OFFERED            353

TABLE 362       ASKOLL EVA S.P.A.: DEALS     353

TABLE 363       ASKOLL EVA S.P.A.: OTHERS  354

TABLE 364       ULTRAVIOLETTE AUTOMOTIVE: COMPANY OVERVIEW       355

TABLE 365       REVOLT INTELLICORP PRIVATE LIMITED (REVOLT MOTORS): COMPANY OVERVIEW     356

TABLE 366       Z ELECTRIC VEHICLE: COMPANY OVERVIEW            357

TABLE 367       CAKE: COMPANY OVERVIEW   357

TABLE 368       LIGHTNING MOTORCYCLES: COMPANY OVERVIEW       358

TABLE 369       JOHAMMER E-MOBILITY GMBH: COMPANY OVERVIEW       358

TABLE 370       PIAGGIO GROUP: COMPANY OVERVIEW            359

TABLE 371       KTM AG: COMPANY OVERVIEW           359

TABLE 372       HARLEY DAVIDSON: COMPANY OVERVIEW            360

TABLE 373       BMW GROUP: COMPANY OVERVIEW    361

TABLE 374       AIMA TECHNOLOGY GROUP CO., LTD.: COMPANY OVERVIEW  361

TABLE 375       HONDA MOTOR CO., LTD.: COMPANY OVERVIEW       362

TABLE 376       GREAVES ELECTRIC MOBILITY PRIVATE LIMITED (AMPERE VEHICLES):

COMPANY OVERVIEW  362

TABLE 377       DONGGUAN TAILING ELECTRIC VEHICLE CO., LTD.: COMPANY OVERVIEW    363

TABLE 378       ČEZETA: COMPANY OVERVIEW           363

TABLE 379       TERRA MOTORS CORPORATION: COMPANY OVERVIEW       363

TABLE 380       NEXZU MOBILITY LTD. (AVAN MOTORS INDIA): COMPANY OVERVIEW  364

TABLE 381       EMFLUX MOTORS: COMPANY OVERVIEW            365

TABLE 382       MAHINDRA & MAHINDRA LTD.: COMPANY OVERVIEW       365

TABLE 383       DAMON MOTORS INC.: COMPANY OVERVIEW            366

TABLE 384       VIAR MOTOR INDONESIA: COMPANY OVERVIEW       366

TABLE 385       SELIS: COMPANY OVERVIEW   367

TABLE 386       GESITS: COMPANY OVERVIEW            367

TABLE 387       UNITED E-MOTOR: COMPANY OVERVIEW            368

TABLE 388       SMOOT ELEKTRIK: COMPANY OVERVIEW            368

TABLE 389       PT VOLTA INDONESIA SEMESTA (VOLTA): COMPANY OVERVIEW  369

TABLE 390       ALVA: COMPANY OVERVIEW   369

TABLE 391       NUSA MOTORS: COMPANY OVERVIEW            370

TABLE 392       BF GOODRICH: COMPANY OVERVIEW  371

LIST OF FIGURES

FIGURE 1         ELECTRIC TWO WHEELER MARKET SEGMENTATION & REGIONAL SCOPE 40

FIGURE 2         ELECTRIC TWO WHEELER MARKET: RESEARCH DESIGN      43

FIGURE 3         RESEARCH DESIGN MODEL     44

FIGURE 4         KEY INSIGHTS FROM INDUSTRY EXPERTS            47

FIGURE 5         RESEARCH METHODOLOGY: HYPOTHESIS BUILDING         49

FIGURE 6         ELECTRIC TWO WHEELER MARKET: BOTTOM-UP APPROACH         50

FIGURE 7         ELECTRIC TWO WHEELER MARKET: TOP-DOWN APPROACH        51

FIGURE 8         DATA TRIANGULATION           52

FIGURE 9         GROWTH PROJECTIONS FROM DEMAND-SIDE DRIVERS           53

FIGURE 10        DEMAND- AND SUPPLY-SIDE FACTOR ANALYSIS         54

FIGURE 11        KEY INSIGHTS AND MARKET HIGHLIGHTS            57

FIGURE 12        STRATEGIES ADOPTED BY KEY PLAYERS IN ELECTRIC TWO WHEELER MARKET    58

FIGURE 13        TRENDS AND DISRUPTIONS IMPACTING GROWTH OF ELECTRIC TWO WHEELER MARKET       59

FIGURE 14        E-SCOOTER/MOPED SEGMENT TO HOLD LARGEST SHARE IN 2025         60

FIGURE 15        ASIA PACIFIC TO BE LEADING REGIONAL MARKET DURING FORECAST PERIOD 61

FIGURE 16        ADVANCEMENTS IN BATTERY TECHNOLOGY TO DRIVE MARKET      62

FIGURE 17        ASIA PACIFIC TO ACCOUNT FOR DOMINANT MARKET SHARE IN 2025          63

FIGURE 18        E-SCOOTER/MOPED SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD       63

FIGURE 19        LITHIUM-ION SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 64

FIGURE 20        BELOW 75 MILES TO LEAD MARKET DURING FORECAST PERIOD      64

FIGURE 21        HUB MOTOR SEGMENT TO LEAD MARKET DURING FORECAST PERIOD     65

FIGURE 22        COMMERCIAL SEGMENT TO REGISTER HIGHER CAGR THAN PRIVATE SEGMENT DURING FORECAST PERIOD 65

FIGURE 23        ECONOMY SEGMENT TO HOLD LARGER MARKET SIZE THAN LUXURY SEGMENT DURING FORECAST PERIOD 66

FIGURE 24        PLUG-IN SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD     66

FIGURE 25        ABOVE 3 KW SEGMENT TO LEAD MARKET DURING FORECAST PERIOD     67

FIGURE 26        72 V SEGMENT TO LEAD MARKET DURING FORECAST PERIOD      67

FIGURE 27        ELECTRIC TWO WHEELER MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES   69

FIGURE 28        EVOLUTION OF BATTERY TECHNOLOGIES            71

FIGURE 29        TECHNOLOGICAL BARRIERS FOR ELECTRIC TWO WHEELERS          79

FIGURE 30        ELECTRIC TWO WHEELER MARKET: PATENT ANALYSIS,

JANUARY 2015-OCTOBER 2025           83

FIGURE 31        LEGAL STATUS OF PATENTS, 2015–2025            84

FIGURE 32        SMART ELECTRIC VEHICLE CHARGING SYSTEM           93

FIGURE 33        TCO OF ICE VS. BATTERY SWAPPING POWERED VEHICLES   95

FIGURE 34        SMART IOT SOLUTION FOR ELECTRIC TWO WHEELER MANUFACTURERS  96

FIGURE 35        TOTAL COST OF OWNERSHIP OF ELECTRIC VS. ICE SCOOTERS       101

FIGURE 36        ELECTRIC TWO WHEELER MARKET: TRENDS/DISRUPTIONS IMPACTING

CUSTOMER BUSINESS 114

FIGURE 37        AVERAGE SELLING PRICE TREND, BY VEHICLE TYPE, 2022-2024 (USD)        115

FIGURE 38        AVERAGE SELLING PRICE TREND FOR ELECTRIC SCOOTERS,

BY REGION, 2022-2024            118

FIGURE 39        AVERAGE SELLING PRICE TREND FOR ELECTRIC MOTORCYCLES, BY REGION, 2022-2024    119

FIGURE 40        ELECTRIC TWO WHEELER MARKET: ECOSYSTEM ANALYSIS           119

FIGURE 41        ELECTRIC TWO WHEELER MARKET: SUPPLY CHAIN ANALYSIS         122

FIGURE 42        INVESTMENT AND FUNDING SCENARIO, 2020–2024        125

FIGURE 43        IMPORT DATA FOR HS CODE 871190, BY COUNTRY, 2021–2024 (USD MILLION) 127

FIGURE 44        EXPORT DATA FOR HS CODE 871190, BY COUNTRY, 2021–2024 (USD MILLION) 128

FIGURE 45        INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR ELECTRIC TWO WHEELERS      130

FIGURE 46        KEY BUYING CRITERIA            131

FIGURE 47        ELECTRIC TWO WHEELER MARKET, BY VEHICLE TYPE,

2025 VS. 2032 (USD MILLION)  145

FIGURE 48        ELECTRIC TWO WHEELER MARKET, BY VEHICLE CLASS,

2025 VS. 2032 (USD MILLION)  154

FIGURE 49        ELECTRIC TWO WHEELER MARKET, BY VOLTAGE TYPE,

2025 VS. 2032 (USD MILLION)  164

FIGURE 50        ELECTRIC TWO WHEELER MARKET, BY BATTERY TYPE,

2025 VS. 2032 (USD MILLION)  179

FIGURE 51        ELECTRIC TWO WHEELER MARKET, BY DISTANCE COVERED,

2025 VS. 2032 (USD MILLION)  188

FIGURE 52        ELECTRIC TWO WHEELER MARKET, BY USAGE, 2025 VS. 2032 (USD MILLION)            198

FIGURE 53        ELECTRIC TWO WHEELER MARKET, BY TECHNOLOGY TYPE,

2025 VS. 2032 (USD MILLION)  206

FIGURE 54        ELECTRIC TWO WHEELER MARKET, BY MOTOR TYPE,

2025 VS. 2032 (USD MILLION)  215

FIGURE 55        ELECTRIC TWO WHEELER MARKET, BY MOTOR POWER,

2025 VS. 2032 (USD MILLION)  223

FIGURE 56        ELECTRIC TWO WHEELER MARKET, BY REGION, 2025 VS. 2032            233

FIGURE 57        ASIA PACIFIC: REAL GDP GROWTH RATE, BY COUNTRY, 2024–2026  236

FIGURE 58        ASIA PACIFIC: GDP PER CAPITA, BY COUNTRY, 2024–2026  236

FIGURE 59        ASIA PACIFIC: INFLATION RATE AVERAGE CONSUMER PRICES,

BY COUNTRY, 2024–2026         237

FIGURE 60        ASIA PACIFIC: MANUFACTURING INDUSTRY’S CONTRIBUTION TO GDP, 2024    237

FIGURE 61        ASIA PACIFIC: ELECTRIC TWO WHEELER MARKET SNAPSHOT    238

FIGURE 62        INDONESIA: ROADMAP FOR ELECTRIC MOTORCYCLE CHARGING INFRASTRUCTURE             250

FIGURE 63        EUROPE: REAL GDP GROWTH RATE, BY COUNTRY, 2024–2026  257

FIGURE 64        EUROPE: GDP PER CAPITA, BY COUNTRY, 2024–2026        258

FIGURE 65        EUROPE: INFLATION RATE AVERAGE CONSUMER PRICES,

BY COUNTRY, 2024–2026         258

FIGURE 66        EUROPE: MANUFACTURING INDUSTRY’S CONTRIBUTION TO GDP, 2024             259

FIGURE 67        EUROPE: ELECTRIC TWO WHEELER MARKET, BY COUNTRY,

2025 VS. 2032 (USD MILLION)  260

FIGURE 68        NORTH AMERICA: REAL GDP GROWTH RATE, BY COUNTRY, 2024–2026         277

FIGURE 69        NORTH AMERICA: GDP PER CAPITA, BY COUNTRY, 2024–2026  278

FIGURE 70        NORTH AMERICA: CPI INFLATION RATE, BY COUNTRY, 2024–2026  278

FIGURE 71        NORTH AMERICA: MANUFACTURING INDUSTRY’S CONTRIBUTION TO GDP, 2024    278

FIGURE 72        NORTH AMERICA: ELECTRIC TWO WHEELER MARKET SNAPSHOT    279

FIGURE 73        MARKET SHARE ANALYSIS OF ELECTRIC TWO WHEELER PROVIDERS, 2024       287

FIGURE 74        REVENUE ANALYSIS OF TOP 5 PLAYERS, 2020–2024        288

FIGURE 75        COMPANY VALUATION OF KEY PLAYERS, 2024     289

FIGURE 76        FINANCIAL METRICS OF KEY PLAYERS, 2024            290

FIGURE 77        ELECTRIC TWO WHEELER MARKET: COMPANY EVALUATION MATRIX, 2024          292

FIGURE 78        ELECTRIC TWO WHEELER MARKET: COMPANY FOOTPRINT            293

FIGURE 79        ELECTRIC TWO WHEELER MARKET: STARTUP/SME EVALUATION MATRIX, 2024   296

FIGURE 80        OLA ELECTRIC: COMPANY SNAPSHOT            303

FIGURE 81        OLA ELECTRIC: PRODUCT ROADMAP  304

FIGURE 82        OLA ELECTRIC: MOVE OS FOR E2W    304

FIGURE 83        BAJAJ AUTO LTD.: COMPANY SNAPSHOT            308

FIGURE 84        TVS MOTOR COMPANY: COMPANY SNAPSHOT       311

FIGURE 85        ATHER ENERGY: COMPANY SNAPSHOT            314

FIGURE 86        ATHER ENERGY: PATENTS FILED ACROSS ELECTRIC TWO WHEELER DEVELOPMENT     315

FIGURE 87        ATHER ENERGY: PRODUCT LAUNCH ROADMAP        315

FIGURE 88        YADEA TECHNOLOGY GROUP CO., LTD.: COMPANY SNAPSHOT  318

FIGURE 89        GOGORO: COMPANY SNAPSHOT          329

FIGURE 90        VMOTO LIMITED: COMPANY SNAPSHOT            334

FIGURE 91        NIU INTERNATIONAL: COMPANY SNAPSHOT            340

FIGURE 92        NIU INTERNATIONAL: ORGANIZATIONAL STRUCTURE     341

FIGURE 93        JIANGSU XINRI E-VEHICLE CO., LTD.: COMPANY SNAPSHOT  344

FIGURE 94        ASKOLL EVA S.P.A.: COMPANY SNAPSHOT            352

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