The growth of the electric motorbike market in ASEAN has been significant in recent years, driven by a number of factors including increased environmental concerns, rising fuel costs, and improved technology. The electric motorbike market in ASEAN is expected to grow at a compound annual growth rate (CAGR) of over 10% from 2020 to 2024. This growth is expected to be driven by the increasing demand for eco-friendly and cost-effective modes of transportation in the region.
In terms of vehicle type, the e-scooters and e-bikes segments are predicted to experience the highest compound annual growth rate. This segment's high growth rate is due to the increasing government subsidies and support for electric mobility, the growing utilization of e-scooters and bikes in courier and e-commerce delivery, and the expanding investment by government agencies in EV charging infrastructure development. As the COVID-19 pandemic reduced the demand for public transportation and many countries implemented lockdowns, some companies in the region started offering emission-free e-scooters and bikes as a more environmentally friendly alternative to conventional public transportation.
One of the countries in ASEAN that has seen particularly strong growth in the electric motorbike market is Thailand. In Thailand, the electric two-wheeler market is expected to grow at a significant rate, with a predicted compound annual growth rate of 18.4%. The market is dominated by e-scooters, but e-bikes, e-motorcycles, and others also play a significant role. The government aims to have 1.2 million electric vehicles and 690 charging stations by 2036.
Vietnam is the world's second-largest electric motorbike market, accounting for 10% of the world's sales in 2021. Scooters and bikes have long been a popular mode of transportation in Vietnam; however, increasing environmental concerns and rising gasoline prices have increased the demand for electric alternatives. The electric motorbike market in Vietnam is expected to be valued at over $50 million by 2024.
