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Dip in Battery Cost to Boost the Electric Two-wheelers Market | Technavio
[November 28, 2017]

Dip in Battery Cost to Boost the Electric Two-wheelers Market | Technavio

The global electric two-wheelers market is expected to grow at a CAGR of close to 8% during the period 2017-2021, according to a new market research study by Technavio.

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Technavio has published a new market research report on the global electric two-wheelers market from ...

Technavio has published a new market research report on the global electric two-wheelers market from 2017-2021. (Graphic: Business Wire)

The report categorizes the global electric two-wheelers market by vehicle type into segments consisting of electric scooters and electric motorcycles. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.

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Market driver: decreasing cost of EV battery

The EV battery is one of the prime factors which determines the adoption of electric two-wheelers. The battery technology used in an EV plays a crucial role, as the mile range of the vehicle and the time taken by the vehicle to charge completely is dependent on the battery. In addition, the battery accounts for more than 25% of the total cost of an electric two-wheeler, which in turn, affects the profitability of OEMs and adoption by consumers.

According to Amey Vikram, a lead analyst at Technavio for automotive manufacturing research, "The evolution of an EV battery from the traditional lead-acid battery to the lithium-ion battery has resulted in the emergence of a battery that is eight times more powerful than the original. Moreover, the cost of the lithium-ion EV batteries has been declining since 2010. These factors have helped in reducing the price gap in comparison to conventional two-wheelers offering the same performance, which has resulted in increased adoption of electric two-wheelers."

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Market trend: increasing popularity of electric off-road motorcycles

Significant investments have been made toward the development of lighter high-performance electric motorcycles that have a greater drive range, and the investments are expected to grow further during the forecast period. With the growing demand for electric vehicles, the cost of Li-ion batteries and powertrain components is expected to reduce significantly during the forecast period. This would help in reducing the overall production cost of high-performance electric motorcycles, making them more affordable and consequently increasing the prospective consumer base for the electric two-wheelers market.

Market challenge: high manufacturing cost

Electric two-wheelers are costly compared to conventional ICE two-wheelers. However, manufacturers are planning to increase the production of electric two-wheelers by implementing the concept of economies of scale to reduce manufacturing costs. They are also trying to improve the battery technology to reduce the overall cost of electric two-wheelers. These cost benefits experienced by the electric two-wheeler manufacturers will be eventually transferred to consumers.

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Key vendors in the market

  • Hero Eco
  • Yadea Technology Group
  • Zero Motorcycles
  • Zhejiang Luyuan Electric Vehicle

The global electric two-wheelers market is concentrated with many vendors across the world. Most of the vendors are from APAC, especially from the emerging countries such as China and India, which are the leading countries for electric two-wheelers in terms of sales volume. There are a fewer number of vendors manufacturing high-performance electric motorcycles. This market is characterized by rapid technological innovations geared towards reducing costs and improving performance.

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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