Global Electric two and three-wheeler market to reach USD 41 million by 2030.
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Global Electric two and three-wheeler market to reach USD 41 million by 2030.

The current value of the global electric two & three-wheeler market is USD 14,172.5 million and is growing at a rate of 12.7%.

ResearchAndMarkets.com conducted research on the Global Electric Two and Three-wheeler market. According to the report, the current value of the global electric two & three-wheeler market is USD 14,172.5 million and is estimated to reach USD 41,916.9 Million by the year 2030.

The market is anticipated to register a CAGR of 12.7% during the forecast period. The market held a volume of 21,231,575.9 (thousand units) in 2021.

The rising awareness related to the energy-efficient modes of transport is directly boosting the growth rate of this industry. Companies are involved in the usage and production of environmentally safe raw materials and components to target a more extensive customer base.

Further to that, the increase in the number of subsidies and tax rebates offered by government officials around the world for the purchase of electric vehicles is propelling the growth rate. For instance, the government officials in the state of Maharashtra, India, declared an EV policy in 2021. Such a policy offers incentives of USD 65.50 per kilowatt-hour of battery capacity to all types of electric vehicle buyers.

The decreasing price of batteries is also boosting EV adoption. Regions such as European Union are pushing to boost their battery production on the continent to compete with China, currently home to around 80% of the world’s lithium-ion cell manufacturing capacity, to become self-sufficient by 2025. Such strategies direct toward the growing need for safer and more efficient components for electric vehicle production, thus creating lucrative opportunities soon.

Click here to view the full report.

Also Read: Ampere electric scooters are now available on Flipkart.

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