The Electric Two-Wheeler Motor Market is being driven by High sales of electric two-wheelers
The Electric Two-Wheeler Motor Market is expected to grow at a CAGR of 8.9% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 5251.9 million. The electric two-wheeler motor market is experiencing a noteworthy trend towards strategic partnerships and collaborations, which are instrumental in fostering market expansion and technological innovation. Companies are recognizing the importance of such alliances in enhancing their product portfolios, optimizing supply chains, and accelerating technological advancements. A recent example of this trend is the collaboration between Pavna Industries and OLA Electric. In April 2024, Pavna Industries, a prominent auto component manufacturer, entered the electric vehicle (EV) sector by securing a contract to supply critical components, including ignition switches, motors, and latches, to OLA Electric's production facilities across India. This partnership underscores the significance of strategic alliances in driving growth and innovation in the electric two-wheeler motor market.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Type (Permanent magnet synchronous motor, Brushless DC motor, Brushed DC motor, Synchronous reluctance motor (SRM)) End-user (Moped and scooters, Motorcycle) Geography (APAC, North America, Europe, Middle East and Africa, South America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Electric Two-Wheeler Motor Market Research Report
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The Electric Two-Wheeler Motor Market is experiencing significant growth due to the increasing demand for eco-friendly transportation solutions. Key factors driving this trend include advancements in battery technology, motor efficiency, and charging infrastructure. Electric scooters, e-bikes, electric motorcycles, and cargo e-Bikes are popular choices for urban mobility and last-mile connectivity. Li-Ion batteries are widely used due to their high energy density, but issues such as battery heating and charging time, as well as safety concerns like thermal runaway, must be addressed. The market for New Energy Vehicles (NEVs), including electric motorcycles and scooters, is expected to expand as governments promote tax relaxations and initiatives like the Electric Vehicles Initiative (EVI) to reduce emissions, pollution, and reliance on traditional energy resources. Alternative energy sources are also being explored to further enhance the sustainability of electric two-wheelers.
The global automotive components and equipment market encompasses organizations involved in the manufacturing of parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio's market analysis, the market's expansion will be influenced by several key factors. One significant trend is the rise in electronic components in automobiles, fueled by the escalating sales of eco-friendly two-wheelers such as electric motorcycles and scooters, as well as EVs, in recent years. This surge in demand has led to a substantial increase in the requirement for electronic control units (ECUs) and other electrical components. Additionally, advancements in battery technology and motor efficiency, coupled with the development of charging infrastructure, are further catalyzing the growth of the urban mobility sector and the automotive components and equipment market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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