東南アジアの電動二輪車向けeアクスル市場 – 技術、トレンド、戦略的提言

本レポートは、東南アジア諸国（中国、インド、インドネシア、ベトナム、フィリピン、マレーシア）における二輪車市場を網羅しています。東南アジアの二輪車市場で事業を展開する主要OEM、そしてティア1やテクノロジー企業といった市場エコシステムを構成するその他のプレーヤーの競争力評価も網羅しています。
この調査には、現在提供されているサービス、他の企業との比較、重点分野、将来の計画に関する詳細な比較分析も含まれています。

• 本レポートは、市場リーダーや新規参入企業が東南アジアの二輪車市場における動向を把握するのに役立ちます。
• 本レポートは、OEMおよびティア1の現在の製品ラインナップと将来の計画、そしてグローバルおよび中国のプレーヤーに関する個別の分析を関係者が理解するのに役立ちます。
• 本レポートは、市場の動向を把握し、主要な市場牽引要因、課題、技術分析に関する情報を提供するのに役立ちます。
• 本レポートは、東南アジアにおける二輪車の現在および将来の普及動向を理解するのにも役立ちます。

東南アジアの電動二輪車向けeアクスル市場は、メーカーによるeアクスルの採用増加により、2025年の2億2,700万米ドルから2032年までに5億8,400万米ドルに達すると予想されています。

eアクスルは、東南アジアの二輪車市場における電動モビリティへの移行において、重要な推進力として台頭しています。現在、この地域では従来の内燃機関（ICE）二輪車とベーシックな電動スクーターが主流ですが、コンパクトで効率性が高く、コスト競争力のあるeアクスルシステムの導入が、特に都市部の配送車両やパーソナルモビリティにおいて勢いを増しています。初期の導入は、インセンティブや排出ガス規制を通じてクリーンな輸送手段を推進する地方自治体によって主に推進されています。しかしながら、初期費用の高さ、パワーエレクトロニクスのサプライチェーンの断片化、ASEAN市場における統一規格の欠如といった障壁は依然として存在しています。さらに、多くのOEMは、ローカライズとコスト、性能、車両フォームファクターの柔軟性のバランスを取るという戦略的なジレンマに直面しています。こうした課題にもかかわらず、低電圧eアクスルプラットフォームの普及と、モーター・ギアボックス・コントローラー統合設計におけるイノベーションにより、短中期的には導入が加速すると予想されます。

South-East Asia e-axle market for electric two-wheelers is expected to reach USD 584 million by 2032, from USD 227 million in 2025, driven by increased adoption of e-axle by manufacturers.

The e-axle is emerging as a critical enabler in the transition to electric mobility across South-East Asia’s two-wheeler segment. While traditional ICE two-wheelers and basic electric scooters dominate the region today, the integration of compact, efficient, and cost-competitive e-axle systems is gaining momentum—especially in urban delivery fleets and personal mobility. Initial adoption is largely driven by local governments promoting cleaner transport modes through incentives and emissions mandates. However, barriers persist in terms of high upfront costs, fragmented supply chains for power electronics, and a lack of uniform standards across ASEAN markets. Moreover, many OEMs face a strategic dilemma balancing localization with cost, performance, and vehicle form-factor flexibility. Despite these frictions, the proliferation of low-voltage e-axle platforms and innovations in integrated motor-gearbox-controller designs are expected to accelerate adoption in the near-to-mid term.

“Positive consumer confidence across South-East Asia to open opportunities for OEMs”

With rise in adoption of electric two-wheeler and investment towards charging infrastructure in South-East Asia is to create opportunities for OEMs to integrate e-axle systems into electric two-wheelers, particularly in high-density markets such as Indonesia, Vietnam, Thailand, India and the Philippines. The country’s two-wheeler segment is transitioning from ICE to electric and within this shift, e-axle integration is becoming a strategic priority due to its ability to consolidate the motor, inverter, and reducer into a single compact unit. This not only simplifies drivetrain architecture but also lowers manufacturing complexity and improves vehicle efficiency. While price sensitivity and limited service networks remain key barriers, consumers in the USD 1,200–1,500 range are placing greater importance on product durability, component standardization, and ease of maintenance. Key players such as VinFast, Viar, and NIU, along with emerging companies like Oyika, HORIZON+, and iMotorbike, are adopting modular platform strategies tailored for local assembly and servicing. Additionally, the rise of Battery-as-a-Service and battery-swapping models—led by operators such as Oyika is helping address infrastructure bottlenecks by offering faster turnaround and reduced dependency on fixed charging networks. At the same time, connected vehicle technologies such as GPS tracking, remote diagnostics, and anti-theft systems are being embedded to support commercial use cases, including last-mile delivery and shared mobility. These trends indicate a shift in consumer and fleet expectations, where basic electric mobility is no longer sufficient; OEMs are now expected to offer integrated, low-maintenance, and service-ready solutions. The future growth of e-axle adoption will depend on how well manufacturers align product design with local usage conditions, cost constraints, and infrastructure readiness.

“Fleet Electrification, Battery Swapping, and Local Manufacturing to emerge as the growth opportunities for faster shift to two-wheeler e-axle market”

The South-East Asia two-wheeler e-axle market presents multiple growth opportunities driven by structural shifts in mobility demand and technology deployment. Fleet electrification among delivery and ride-hailing operators is a major growth area, as these high-usage segments require durable, low-maintenance vehicles. Battery swapping infrastructure, led by players like Oyika, is expanding, helping to reduce range anxiety and improve operational uptime. Modular e-axle platforms tailored for local assembly and servicing are gaining traction as OEMs seek to lower production costs and simplify maintenance. The integration of smart connectivity features such as GPS, diagnostics, and theft alerts is creating added value for fleet managers and consumers. Financing models such as vehicle leasing and subscription services are also making e-axle-based electric scooters more accessible in price-sensitive segments. Government incentives and localization mandates in markets like India, Indonesia, Vietnam, and Thailand are encouraging domestic production of e-axle systems and components. Additionally, the retrofit market for converting ICE two-wheelers to electric using e-axle kits is showing early potential. Strategic public-private partnerships aimed at improving battery standards, swapping protocols, and service coverage can further accelerate adoption. OEMs that align their e-axle product strategies with these trends will be well-positioned to capture market share.

“South-East Asia is projected to demonstrate the significant growth in the electric two-wheeler e-axle market during the forecast period.”

South-East Asia is becoming a strategically important region for the electric two-wheeler (E2W) e-axle market, supported by domestic electrification policies, urban mobility needs, and growing localization efforts. In April 2024, India’s Ola Electric began in-house production of integrated e-axles at its FutureFactory to strengthen vertical integration. In June 2025, JK Fenner partnered with Korea’s NMC Motors to manufacture localized e-axles, further building India’s EV drivetrain capabilities. In January 2024, Vietnam’s VinFast expanded its electric two-wheeler production by vertically integrating drivetrain components such as motors and gearboxes for both domestic and export use. In November 2023, Indonesia’s Volta announced the establishment of a drivetrain assembly unit in Semarang to support its growing EV lineup, aligning with the government’s target of 2 million electric motorcycles by 2025. Collectively, these developments demonstrate how India, Vietnam, and Indonesia are driving South-East Asia’s rise as a critical hub for compact, localized, and scalable E2W e-axle solutions.

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: Tier I – 24%, Tier II – 67%, and Tier III – 9%
• By Designation: C-Level – 33%, Managers – 52%, and Executives – 15%
• By Region: China – 22%, India – 38%, Vietnam – 13%, Malaysia – 11, Philippines – 9 and Indonesia – 7%

The South-East Asia two-wheeler e-axle market is currently dominated by Musashi Seimitsu Industry Co., Ltd. (Japan), Toyota Tsusho Corporation (Japan), Rotontek (China), and JK Fenner (India). OEMs include adoption of e-axle in two wheeler are Gesits (Indonesia) and Viar (Indonesia), Selex Motors (Vietnam), Dat Bike (Vietnam), and Ni Hsin EV Tech (Malaysia) among others with focus on mass market share gain.

Research Coverage:

The report covers the South-East Asia Two-wheeler market in terms of south-east Asian countries (China, India, Indonesia, Vietnam, Philippines, and Malaysia). It covers the competitive assessment of the major OEMs operating in South-East Asian Two-wheelers and other market ecosystem players such as Tier I and tech companies.

The study also includes an in-depth comparative analysis of the current offerings, their comparison with other players, focus areas and future plans.

Key Benefits of Buying the Report:

• The report will help market leaders/new entrants understand the ongoing developments in the South-East Asia Two-wheeler market.
• This report will help stakeholders understand the current offerings and anticipated future plans of the OEMs & Tier Is along with separate analysis for global and Chinese players.
• The report will also help stakeholders understand the market pulse and provide information on key market drivers, challenges, and technology analysis.
• The report will also help stakeholders understand the current and future penetration trends of the South-East Asia Two-wheelers.

The report provides insight into the following points:

• Analysis of key drivers (Stringent regulations, Local manufacturing, Policies and Subsidies), and challenges (supply chain reliance, Thermal Management and Continuous Power Delivery, Torque and Power Constraints Due to Packaging Limitations, Integration Complexity and Reliability Risks)
• Technology Analysis: Detailed insights into ongoing and upcoming technologies and research & development activities in the South-East Asia Two-wheeler market
• Competitive Assessment: In-depth assessment of OEM offering comparison, future plans and strategic developments; similar analysis for Tier I companies operating in South-East Asia Two-wheeler market

Table of Contents

1               INTRODUCTION              8

1.1           OVERVIEW OF ELECTRIC TWO-WHEELER MARKET                 8

1.1.1        ICE VS. ELECTRIC TWO-WHEELER SALES              9

1.1.2        INSIGHTS INTO ELECTRIC TWO-WHEELER MARKET                 9

1.1.2.1    By type   9

1.1.2.2    By motor power    10

1.1.3        PRICING ANALYSIS          11

1.1.3.1    Average selling price trend of electric two-wheelers, by type                 11

1.1.3.2    Average selling price of electric scooters offered by key players                 11

1.1.3.3    Average selling price of electric motorcycles offered by key players    12

1.2           OVERVIEW OF E-AXLE MARKET FOR ELECTRIC TWO-WHEELERS          13

1.2.1        INVESTMENTS IN E-AXLE DEVELOPMENT           13

1.2.2        PRICING ANALYSIS          14

1.3           KEY FACTORS DRIVING E-AXLE/ELECTRIC TWO-WHEELER MARKET         14

1.3.1        REGULATIONS  14

1.3.2        INCENTIVES/SUBSIDIES                18

1.3.3        LOCAL MANUFACTURING           18

1.4           KEY CHALLENGES FOR E-AXLE/ELECTRIC TWO-WHEELER MARKET         19

1.4.1        SUPPLY CHAIN RELIANCE            19

1.4.2        TECHNICAL CONSTRAINTS         20

1.4.2.1    Thermal management and continuous power delivery   20

1.4.2.2    Torque and power shortages due to packaging limitations                 20

1.4.2.3    Complex integration and reliability risks          20

1.5           BILL OF MATERIALS       21

1.5.1        ELECTRIC MOTOR           21

1.5.2        GEARBOX            22

1.5.3        POWER CONTROL UNIT               22

1.5.4        HUB AND SIDE MOTORS               22

2               INTEGRATION OF E-AXLE COMPONENTS INTO ELECTRIC TWO-WHEELERS        24

2.1           INTRODUCTION              24

2.2           INTEGRATION OF E-AXLE COMPONENTS            24

2.3           ELECTRIC TWO-WHEELER DESIGN: BEFORE E-AXLE INTEGRATION VS. AFTER E-AXLE INTEGRATION              24

2.3.1        KEY COMPONENTS AND THEIR FUNCTIONS      25

2.4           TECHNOLOGY ADVANCEMENTS              26

2.4.1        INTEGRATED POWERTRAINS     26

2.4.2        CENTRALIZED SERVICE MODELS             26

2.4.2.1    Technological advancements supporting centralized service models    27

2.5           E-AXLE OUTLOOK/OPPORTUNITY ASSESSMENT FOR SOUTHEAST ASIAN ELECTRIC

TWO-WHEELER MARKET              28

2.5.1        CHINA  28

2.5.1.1    Elevated demand for low-cost vehicles and favorable government policies to drive market       28

2.5.1.2    Potential customers/adopters of e-axles           29

2.5.2        INDIA    30

2.5.2.1    Subsidies under FAME II and state EV policies to drive market                 30

2.5.2.2    Potential customers/adopters of e-axles           31

2.5.3        INDONESIA        31

2.5.3.1    Robust manufacturing capabilities to drive market         31

2.5.3.2    Potential customers/adopters of e-axles           32

2.5.4        VIETNAM             33

2.5.4.1    Stringent emission regulations and new partnerships to drive market    33

2.5.4.2    Potential customers/adopters of e-axles           33

2.5.5        PHILIPPINES      34

2.5.5.1    Rapid industrialization and infrastructure development to drive market    34

2.5.5.2    Potential customers/adopters of e-axles           34

2.5.6        MALAYSIA           35

2.5.6.1    Expansion of EV charging infrastructure to drive market                 35

2.5.6.2    Potential customers/adopters of e-axles           36

3               COMPETITOR ANALYSIS               37

3.1           KEY MANUFACTURERS 37

3.1.1        MUSASHI SEIMITSU INDUSTRY CO., LTD.              37

3.1.1.1    Business overview 37

3.1.1.2    Manufacturing location       37

3.1.1.3    Tie-ups and partnerships    38

3.1.1.4    R&D and investment            38

3.1.1.5    Mergers and acquisitions    38

3.1.1.6    Significance           38

3.1.2        DELTA ELECTRONICS, INC          39

3.1.2.1    Business overview 39

3.1.2.2    Manufacturing location       39

3.1.2.3    Tie-ups and partnerships    39

3.1.2.4    R&D and investment            39

3.1.2.5    Mergers and acquisitions    39

3.1.2.6    Significance           40

3.1.3        TOYOTA TSUSHO CORPORATION            40

3.1.3.1    Business overview 40

3.1.3.2    Manufacturing location       40

3.1.3.3    Tie-ups and partnerships    40

3.1.3.4    R&D and investment            40

3.1.3.5    Mergers and acquisitions    40

3.1.3.6    Significance           41

3.1.4        ROTONTEK        41

3.1.4.1    Business overview 41

3.1.4.2    Manufacturing location       41

3.1.4.3    Product offerings  41

3.1.4.4    Tie-ups and partnerships    41

3.1.4.5    R&D and investment            42

3.1.4.6    Significance           42

3.1.5        JK FENNER          42

3.1.5.1    Business overview 42

3.1.5.2    Manufacturing location       42

3.1.5.3    Tie-ups and partnerships    43

3.1.5.4    R&D and investment            43

3.1.5.5    Mergers and acquisitions    43

3.1.5.6    Significance           43

3.2           UPCOMING MODELS FOR E-AXLE TECHNOLOGY                 43

3.3           SUPPLIER ANALYSIS       44

3.4           TRADE ANALYSIS             45

4               STRATEGIC RECOMMENDATIONS           46

4.1           SCALING OPPORTUNITIES IN E-AXLE MANUFACTURING FOR ELECTRIC

TWO-WHEELER STARTUPS          46

4.2           KEY PLAYERS’ FOCUS ON R&D, LOCALIZATION, AND MODULAR INNOVATION              46

4.3           CONCLUSION    47

5               APPENDIX           48

5.1           KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL                48

5.2           AUTHOR DETAILS           50

LIST OF TABLES

TABLE 1                AVERAGE SELLING PRICE TREND OF ELECTRIC TWO-WHEELERS,

BY TYPE, 2022–2024 (USD)            11

TABLE 2                AVERAGE SELLING PRICE OF ELECTRIC SCOOTERS OFFERED

BY KEY PLAYERS, 2024 (USD)      11

TABLE 3                AVERAGE SELLING PRICE OF ELECTRIC MOTORCYCLES OFFERED

BY KEY PLAYERS, 2024 (USD)      12

TABLE 4                E-AXLE INVESTMENT TRENDS AMONG KEY PLAYERS IN SOUTHEAST

ASEAN COUNTRIES         13

TABLE 5                AVERAGE SELLING PRICE OF E-AXLES OFFERED BY KEY PLAYERS               14

TABLE 6                SUPPLY CHAIN ANALYSIS FOR ELECTRIC TWO-WHEELERS          20

TABLE 7                BILL OF MATERIALS       23

TABLE 8                ADOPTION RATE OF E-AXLE IN ELECTRIC TWO-WHEELER MARKET, BY COUNTRY            28

TABLE 9                CHINA: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2024–2030 (UNITS)               29

TABLE 10              CHINA: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2024–2030 (USD MILLION)                29

TABLE 11              INDIA: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2024–2030 (UNITS)               30

TABLE 12              INDIA: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2024–2030 (USD MILLION)                30

TABLE 13              INDONESIA: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2024–2030 (UNITS)    31

TABLE 14              INDONESIA: ELECTRIC TWO-WHEELER MARKET, BY TYPE,

2024–2030 (USD MILLION)            32

TABLE 15              VIETNAM: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2024–2030 (UNITS)        33

TABLE 16              VIETNAM: ELECTRIC TWO-WHEELER MARKET, BY TYPE,

2024–2030 (USD MILLION)            33

TABLE 17              PHILIPPINES: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2024–2030 (UNITS)    34

TABLE 18              PHILIPPINES: ELECTRIC TWO-WHEELER MARKET, BY TYPE,

2024–2030 (USD MILLION)            34

TABLE 19              MALAYSIA: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2024–2030 (UNITS)        35

TABLE 20              MALAYSIA: ELECTRIC TWO-WHEELER MARKET, BY TYPE,

2024–2030 (USD MILLION)            35

TABLE 21              MUSASHI SEIMITSU INDUSTRY CO., LTD.: COMPANY OVERVIEW   37

TABLE 22              MUSASHI SEIMITSU INDUSTRY CO., LTD.: PRODUCTION CAPACITY             38

TABLE 23              DELTA ELECTRONICS INC: COMPANY OVERVIEW          39

TABLE 24              TOYOTA TSUSHO CORPORATION: COMPANY OVERVIEW          40

TABLE 25              ROTONTEK: COMPANY OVERVIEW         41

TABLE 26              JK FENNER: COMPANY OVERVIEW           42

TABLE 27              UPCOMING MODELS FOR E-AXLE TECHNOLOGY  43

TABLE 28              EXISTING/UPCOMING ELECTRIC TWO-WHEELER LAUNCHES    44

TABLE 29              STRATEGIC TIE-UPS BETWEEN MANUFACTURERS/SUPPLIERS AND OEMS           44

TABLE 30              IMPORT DATA FOR HS CODE 871190-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2024 (USD MILLION)            45

TABLE 31              EXPORT DATA FOR HS CODE 871190-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2024 (USD MILLION)            45

LIST OF FIGURES

FIGURE 1             ELECTRIC TWO-WHEELER MARKET, BY REGION, 2024 VS. 2030 (USD MILLION)      8

FIGURE 2              ICE AND ELECTRIC TWO-WHEELER SALES, BY COUNTRY, 2024 (THOUSAND UNITS)     9

FIGURE 3              ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2024 VS. 2030 (USD MILLION)      10

FIGURE 4              ELECTRIC TWO-WHEELER MARKET, BY MOTOR POWER,

2024 VS. 2030 (USD MILLION)      10

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