Europe Electric Two and Three-Wheeler Market Size to Hit USD 21,066.8 million by 2030 – Astute Analytica
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Electric vehicles are gaining significant importance in Europe because of growing government support, which is primarily shaping the market scope in the coming years. Additionally, high consumer awareness about the limited scope of diesel-based vehicles and the high cost of fuel are all outlining the potential of the electric vehicles Europe electric two & three-wheeler market.
Factors Influencing the Market
Drivers
Europe is holding the second largest share in the global electric vehicles industry after Asia-Pacific. The adoption of electric vehicles in Europe is significantly higher than in other regions due to growing support from European Union and government authorities. Apart from that, people are fast inclining towards energy-efficient commuting due to growing government subsidies and support, which will offer attractive prospects for market growth.
The governments in Europe have introduced a variety of policies to offer financial support to electric vehicle manufacturers along with non-monetary incentives and beneficial subsidies for the deployment of charging infrastructure. For instance, France announced a bonus-malus CO2-based tax system in 2008, which will penalize fossil-fuel vehicle sales. Apart from that, various European governments are making long-term plans and compliance targets, including ZEV (Zero-Emission Vehicles), to completely ban the sales of gasoline-based vehicles. For instance, Norway announced its aim to achieve sales of 100% zero-emission vehicles by 2025. The production capacity of the gasoline-based vehicle is also decreasing steadily because various automotive manufacturers are aiming at sustainable development.
Electric vehicles offer various benefits, such as no tailpipe emissions and noise-free transportation, along with lower operation and maintenance costs as compared to gasoline-based vehicles.
Restraints
The significant restraints obstructing the Europe electric two & three-wheeler market growth include the high cost of EVs and the need for efficient EV charging infrastructure. Even though EVs offer various long-term benefits, the initial investment is still higher. Additionally, various countries in the region are lagging behind efficient EV charging infrastructure, which is a significant topic of concern for purchasers.
Segmentation Analysis
In terms of usage, the personal segment holds dominance in the Europe electric two & three-wheeler market
By usage, the Europe electric two & three-wheeler market is segmented into personal and commercial segments, wherein the personal segment leads with the highest market share and will also exhibit the highest compound annual growth rate. Electric two & three-wheelers are emerging as the most fuel-efficient transport system ideal for long distances, which is one of the major factors driving the growth of the segment.
On the basis of vehicle type, the e-bike segment leads with the highest market share
In terms of vehicle type, the e-bikes segment leads in 2021 with the highest market share and will continue to dominate in the coming years. In Europe, the sales of electric bikes have doubled significantly, owing to supportive state and central subsidies. In 2021, around 5 million units of e-bikes were sold in Europe. Additionally, Electric bikes held the share of 17% of all EU cycle sales and this rate is escalating rapidly. Moreover, the region holds the second-largest electric light commercial global vehicle share of 33% in 2021.
In terms of end-users, the individual segment holds dominance in the Europe electric two and three-wheeler market
On the basis of end-user, the individual segment leads in 2021 with the highest market share and will also exhibit the highest growth rate because of the growing use of electric two & three-wheelers as they are cost-efficient and environmentally friendly.
Based on country, Germany leads with the highest market share
On the basis of country, the Europe electric two & three-wheeler market is analyzed across Germany, France, Italy, Spain, Russia, and Polan, wherein Germany holds the lion's share because of the high demand for light-duty electric commercial vehicles. Additionally, the rising knowledge about the national purchase incentive scheme, along with long-term government plans are outlining the scope of the German market. German government introduced its goal in December 2019 to completely ban the sales of gasoline-based cars by 2040.
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Competitive Landscape and Recent Developments
Some of the key players analyzed in the Europe Electric Two & Three-Wheeler Market include Govecs AG, Energica Motor Company S.p.A., Leon Cycle, Emco Electroroller GmbH, Riese & Müller GmbH, Walberg Urban Electrics GmbH, myStromer AG, Zero Motorcycles, Inc., and others.
In July 2022, Riese & Müller, the widely known manufacturer of premium E-Bikes and Cargo Bikes, relaunched it's Packster 70.
In Feb 2021, Govecs inked a pact with Teltonika to use its telemetric device TFT100.
In October 2022, Zero Motorcycles joined forces with Rollick for the ultimate marketing partnership.
Segmentation Overview
Following are the different segments of the Europe Electric Two & Three-Wheeler Market:
By Vehicle Type:
E-bikes
Electric Kick Scooters
Two-Wheelers
o Scooters
o Motorcycles
Three-Wheelers
o Passenger 3-Wheelers
o Cargo 3-Wheelers
By Usage:
Personal
Commercial
o Passenger Carrier
o Goods Carrier
By End User:
Individuals (B2C)
Businesses (B2B)
o Logistics Companies
o Transport (Fleet Operators)
o Retail & E-Commerce
o Utilities
o Hospitality
o Others
By Country:
Germany
France
Italy
Spain
Russia
Poland
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About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Aamir Beg
Astute Analytica
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