The electric two-wheeler industry in Southeast Asia is expected to grow significantly, with new opportunities emerging in foreign markets. Frost & Sullivan reports show that India, ASEAN, Europe and the United States have growing demand for electric two-wheelers, and sales are expected to reach 0.8/6.9/7.9/7.9/700,000 units respectively by 2022, accounting for a large share of total overseas sales. As a share of sales, sales will grow at a compound annual growth rate of 26% to 100% from 2018 to 2022.
Electric two-wheelers are growing in Europe and the United States due to the popularity of bicycle culture and environmental awareness. In Europe, electric bicycles have strong momentum, with sales exceeding 22 million units in 2021, including 5.06 million electric bicycles, a year-on-year increase of 12.3%. U.S. e-bike sales are growing steadily, driven by cycling and extreme sports enthusiasts. Conversely, Southeast Asia and India, which traditionally have a large number of motorcycles, are also starting to witness electrification trends, leading to significant potential growth in their electric two-wheeler markets.
The varying demands for electric two-wheelers in different foreign markets highlight the importance of domestic companies adjusting their products and strategies to meet specific market needs. While e-bikes dominate Europe and the United States, there is huge demand for e-scooters in Southeast Asia and India. Understanding these market dynamics is critical for companies seeking to capitalize on the growth potential of foreign markets. All in all, the Southeast Asian electric two-wheeler industry is well-positioned to take advantage of opportunities in foreign markets.
With growing demand for electric two-wheelers in India, ASEAN, Europe and the United States, domestic players have the potential to significantly expand sales and market share. The company can succeed in the global electric two-wheeler market by tailoring its products to unique market needs and adapting to changing consumer preferences.
Post time: Dec-14-2023