Asia Pacific Electric Two-Wheeler Market Analysis
The Asia Pacific Electric Two-Wheeler Market size is estimated at 125 billion USD in 2025, and is expected to reach 171.8 billion USD by 2029, growing at a CAGR of 8.27% during the forecast period (2025-2029).
The Asia Pacific electric two-wheeler industry is experiencing a transformative phase characterized by increasing consolidation and strategic partnerships among major players. Market leadership dynamics showcase the industry's competitive intensity, with companies like Yadea Group Holdings maintaining a significant 16.41% market share in 2023. Strategic collaborations are reshaping the industry landscape, as evidenced by TVS Motor Company's partnership with ION Mobility in February 2023, aimed at accelerating electric mobility solutions. These partnerships are fostering technological innovation, supply chain optimization, and market expansion, creating a more integrated and efficient industry ecosystem.
Manufacturing capabilities and technological advancement are driving significant changes in the industry's competitive landscape. Companies are increasingly focusing on establishing state-of-the-art production facilities and developing proprietary technologies. The industry has witnessed substantial improvements in charging infrastructure, with the number of publicly available slow charging stations increasing dramatically from 179,023 units in 2022 to 399,201 units in 2023. This rapid expansion of charging networks demonstrates the industry's commitment to addressing range anxiety and improving consumer convenience, while also indicating the growing maturity of the electric two-wheeler ecosystem.
Innovation in battery technology and manufacturing processes is revolutionizing the industry's cost structure and performance capabilities. The sector is anticipated to benefit from a projected 21.66% reduction in battery prices by 2026, specifically during the 2024-2030 period in Asia-Pacific. This trend is enabling manufacturers to offer more competitive pricing while maintaining profit margins. Companies are also investing heavily in research and development, focusing on improving battery efficiency, reducing charging times, and enhancing overall vehicle performance to meet evolving consumer expectations.
The industry is witnessing a significant shift in distribution and retail strategies, with companies adopting omnichannel approaches to reach consumers. Digital transformation initiatives are becoming increasingly prevalent, with manufacturers implementing sophisticated online sales platforms and virtual showroom experiences. Companies are also expanding their physical presence through strategic dealer partnerships and experience centers. For instance, Ather Energy announced its international market entry plans in October 2023, partnering with Vaidya Energy to establish an experience center in Kathmandu, demonstrating the industry's focus on market expansion through innovative retail approaches. These developments are reshaping how electric two-wheelers are marketed, sold, and serviced across the region.
Asia Pacific Electric Two-Wheeler Market Trends
APAC's rapid electric vehicle demand and sales growth are driven by government initiatives and commercial vehicle electrification
- Electric vehicle (EV) demand and sales have surged in the APAC region in recent years. China, the dominant market, saw a 2.90% rise in electric car sales in 2022 compared to 2021, while Japan experienced an 11.11% increase during the same period. Factors driving this trend include mounting environmental concerns, stringent regulations, and the advantages of EVs, such as fuel efficiency, lower maintenance costs, and zero carbon emissions. Government subsidies further bolster the adoption of EVs in Asian nations.
- Conventional fuel-powered commercial vehicles, notably trucks and buses, are contributing to the escalating pollution levels in several Asia-Pacific countries. In response, many nations in the region are making substantial investments to transition their internal combustion engine (ICE) vehicles to electric ones, aiming to curb carbon emissions. For instance, in December 2020, TransJakarta, a city-owned bus operator in Indonesia, unveiled an ambitious plan to expand its electric bus (e-bus) fleet to 10,000 units by 2030. Such initiatives across the region are propelling the electrification of commercial vehicles.
- Government bodies in various APAC countries are actively proposing measures to phase out fossil fuel vehicles, a move that is poised to bolster the market for electric commercial vehicles. In a notable development, in May 2022, Tata Motors secured a government contract in India to supply 5,450 electric buses worth INR 5,000 crore under the FAME 2 scheme. Additionally, the company announced plans to deliver 20,000 light electric trucks to six major e-commerce players. These advancements in the EV space are anticipated to further fuel the demand for electric commercial vehicles in the APAC region from 2024 to 2030.
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Countries like Australia, India, and Indonesia project a steady upward trajectory in GDP per capita, suggesting robust economic strategies and potential investment in the automotive industries
- The Asia-Pacific's diverse consumer spending trends on vehicle purchases not only reflect the region's evolving economic conditions but also highlight the shifting consumer preferences and vehicular market dynamics across countries
- Asia-Pacific's auto loan interest rates reflected varying national economic strategies, with some countries emphasizing stimulation while others took a more conservative stance
- The demand for EVs in Asia-Pacific is fueled by falling battery prices
- Asia-Pacific's fuel prices have been influenced by global events, with recent rises due to economic recovery and demand resurgence and future trends leaning toward stabilization amid a transition to sustainable energy solutions
- Asia-Pacific displays a panorama of economic evolution: from the relentless pursuits of emerging economies to the recalibrations of established ones, painting a picture of resilience, adaptation, and ambition
- Asia-Pacific’s varied inflation rates reflect the diverse economic challenges and responses of each nation, from battling pandemic-induced fluctuations to aiming for future stability through strategic economic policies
- The Asia-Pacific region's EV infrastructure has seen remarkable growth, with China leading the charge, India showing immense potential, and other nations steadily catching up, promising a robust EV future
- The surging demand for electric vehicles (EVs) in Asia is prompting global automakers to introduce new offerings, thereby expanding the EV and battery pack market
Segment Analysis: By Propulsion Type
Hybrid and Electric Vehicles Segment in Asia Pacific Electric Two-Wheeler Market
The Hybrid and Electric Vehicles segment dominates the Asia Pacific Electric Two-Wheeler Market, commanding approximately 100% of the market share in 2024, with a volume of 6.8 million units and a value of USD 102.5 billion. This segment's prominence is driven by several factors, including increasing environmental consciousness among consumers, supportive government policies promoting electric mobility, and technological advancements in battery technology. The segment has witnessed remarkable growth, particularly in key markets like China and India, where manufacturers are introducing innovative products with improved range and performance capabilities. Major players like Yadea, Dongguan Tailing, and Zhejiang Luyuan are continuously expanding their product portfolios and manufacturing capabilities to meet the rising demand. The segment's growth is further supported by the expanding charging infrastructure across the region and decreasing battery costs, making electric motorcycles and scooters more accessible to a broader consumer base.

Asia Pacific Electric Two-Wheeler Market Geography Segment Analysis
Asia Pacific Electric Two-Wheeler Market in China
China continues to dominate the Asia Pacific electric two-wheeler landscape, commanding approximately 69% of the total market volume in 2024. The country's leadership position is reinforced by its robust manufacturing capabilities, extensive charging infrastructure, and supportive government policies promoting electric mobility. Chinese consumers have shown an increasing preference for electric scooters and electric motorcycles, driven by urbanization, environmental consciousness, and the practical benefits of electric vehicles in navigating congested city spaces. The country's well-developed supply chain ecosystem, particularly in battery production and electronic components, has enabled manufacturers to offer competitive pricing while maintaining product quality. Local brands have successfully captured significant market share through innovative features, improved battery technology, and enhanced vehicle performance. The integration of smart connectivity features and advanced battery management systems has further elevated the appeal of Chinese electric two-wheelers, making them increasingly sophisticated and user-friendly.
Asia Pacific Electric Two-Wheeler Market in India
India's electric two-wheeler market is experiencing unprecedented growth, with a projected CAGR of approximately 32% from 2024 to 2029. The country's remarkable expansion is driven by a combination of factors, including substantial government incentives through schemes like FAME II and state-level subsidies. The rising environmental consciousness among Indian consumers, coupled with increasing fuel prices, has accelerated the adoption of electric scooters and electric motorcycles. Local manufacturers have been instrumental in developing products specifically tailored to Indian conditions, incorporating features like enhanced battery cooling systems and robust suspension setups. The country's growing charging infrastructure network, particularly in urban areas, has helped address range anxiety concerns. The emergence of innovative business models, including battery-as-a-service and vehicle leasing options, has made electric two-wheelers more accessible to a broader consumer base. Additionally, the integration of advanced technologies like connected vehicle features and smart charging solutions has enhanced the overall value proposition for Indian consumers.
Asia Pacific Electric Two-Wheeler Market in Japan
Japan's electric two-wheeler market demonstrates a unique blend of technological innovation and practical urban mobility solutions. The country's mature automotive ecosystem has facilitated the development of highly sophisticated electric motorcycles that emphasize quality, reliability, and advanced features. Japanese manufacturers have focused on creating vehicles that align with the country's strict safety and environmental standards while meeting the specific needs of urban commuters. The integration of cutting-edge battery technology and power management systems has resulted in vehicles that offer optimal performance and energy efficiency. The country's comprehensive urban planning approach has incorporated dedicated parking and charging facilities for electric two-wheelers, making them an increasingly practical choice for daily commuting. Japanese consumers' strong environmental consciousness and preference for innovative technology have created a receptive market for premium electric motorbike offerings.
Asia Pacific Electric Two-Wheeler Market in South Korea
South Korea's electric two-wheeler market is characterized by its strong focus on technological advancement and urban mobility solutions. The country's robust electronics and battery manufacturing capabilities have enabled the development of sophisticated electric motorbikes with advanced features and reliable performance. Korean manufacturers have emphasized design aesthetics and build quality, creating products that appeal to style-conscious urban consumers. The government's commitment to reducing urban pollution has resulted in supportive policies and infrastructure development for electric vehicles. The integration of smart city initiatives with electric mobility solutions has created a conducive environment for electric two-wheeler adoption. Korean consumers' increasing environmental awareness and preference for sustainable transportation options have driven market growth. The country's compact urban layout and well-developed public transportation system have positioned electric two-wheelers as an ideal solution for last-mile connectivity.
Asia Pacific Electric Two-Wheeler Market in Other Countries
The electric two-wheeler market in other Asia Pacific countries exhibits diverse adoption patterns influenced by local regulations, infrastructure development, and consumer preferences. Countries like Indonesia, Thailand, and Vietnam are witnessing growing interest in electric scooters, particularly in urban areas where air quality concerns are driving the shift towards cleaner transportation options. The Philippines and Malaysia have been focusing on developing supporting infrastructure and implementing policies to encourage electric vehicle adoption. These markets are characterized by a mix of international brands and local manufacturers catering to specific regional requirements. The varying stages of economic development and urbanization across these countries create unique opportunities and challenges for market growth. Government initiatives, ranging from tax incentives to infrastructure development, play a crucial role in shaping market dynamics in these regions. The increasing presence of shared mobility services and delivery platforms has created additional demand for electric two-wheelers in these markets.
Asia Pacific Electric Two-Wheeler Industry Overview
Top Companies in Asia Pacific Electric Two-Wheeler Market
The Asia Pacific electric two-wheeler market is characterized by intense innovation and strategic expansion among key players like Yadea Group Holdings, Dongguan Tailing, and Zhejiang Luyuan. Companies are focusing on developing advanced battery technologies, smart connectivity features, and improved charging solutions to enhance their product offerings. Manufacturers are increasingly investing in research and development centers to drive technological advancement and product differentiation. Strategic partnerships with technology providers, battery manufacturers, and charging infrastructure companies have become crucial for market expansion. Companies are also strengthening their distribution networks and after-sales service capabilities across multiple countries. The industry witnesses continuous product launches featuring improved range, performance, and smart features, while players are simultaneously expanding their manufacturing capacities to meet growing demand.
Market Dominated by Regional Manufacturing Giants
The competitive landscape is primarily dominated by established Asian manufacturers, particularly Chinese companies that leverage their strong manufacturing capabilities and extensive distribution networks. These players benefit from economies of scale, established supply chains, and deep market understanding of local consumer preferences. The market structure shows a mix of large conglomerates and specialized electric vehicle manufacturers, with traditional two-wheeler manufacturers increasingly entering the electric segment through new product launches and strategic acquisitions. The industry has witnessed significant consolidation through strategic partnerships and joint ventures, particularly between established automotive players and emerging electric vehicle startups.
The market demonstrates varying levels of concentration across different regions, with China showing higher consolidation while markets like India and Southeast Asia remain more fragmented with multiple players competing for market share. Companies are increasingly focusing on vertical integration, either through in-house development or strategic acquisitions, to control key components of the value chain, particularly in battery technology and motor systems. Cross-border partnerships and technology transfers have become common, enabling companies to expand their geographical presence and technological capabilities. Local players are strengthening their position through partnerships with global technology providers and component manufacturers.
Innovation and Localization Drive Future Success
Success in the market increasingly depends on companies' ability to balance technology innovation with cost competitiveness while adapting to local market conditions. Incumbent players are focusing on expanding their product portfolio to cover different price segments and use cases, while also investing in charging infrastructure development. Companies are strengthening their research and development capabilities to improve battery technology, range, and performance while reducing costs. The ability to build strong dealer networks, provide comprehensive after-sales service, and develop market-specific products has become crucial for maintaining competitive advantage.
New entrants and challenger brands are finding opportunities through differentiation in specific market segments and innovative business models, such as battery swapping services and smart connectivity features. Companies are increasingly focusing on developing localized solutions that address specific regional requirements and preferences while complying with evolving regulatory standards. The success of market players is increasingly tied to their ability to navigate complex regulatory environments, particularly regarding battery safety standards and environmental regulations. Building strong relationships with local governments and participating in policy development has become essential for long-term success in the market. The rise of electric mobility solutions, including electric scooters and electric motorcycles, is reshaping the landscape, offering new avenues for growth and innovation.
Asia Pacific Electric Two-Wheeler Market Leaders
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Dongguan Tailing Electric Vehicle Co. Ltd.
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Gogoro Limited
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Yadea Group Holdings Ltd.
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Yamaha Motor Company Limited
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Zhejiang Luyuan Electric Vehicle
- *Disclaimer: Major Players sorted in no particular order
Asia Pacific Electric Two-Wheeler Market News
- October 2023: Ather Energy announced its plans to enter the international market with the export of its 450X electric scooter to Nepal. Ather will be partnering with Vaidya Energy, a subsidiary of Vaidya's Organization of Industries & Trading Houses (VOITH), an industrial conglomerate in Nepal, with the opening of its experience center in Kathmandu in November 2023.
- October 2023: Revolt Motors looks to ramp up sales infra and roll out new products. The company, which was acquired by RattanIndia Enterprises, also plans to enter international markets.
- September 2023: NIU KQi Air and KQi Air X electric scooters were launched with a stronger carbon fiber frame.
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Asia Pacific Electric Two-Wheeler Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Population
- 4.2 GDP Per Capita
- 4.3 Consumer Spending For Vehicle Purchase (cvp)
- 4.4 Inflation
- 4.5 Interest Rate For Auto Loans
- 4.6 Impact Of Electrification
- 4.7 EV Charging Station
- 4.8 Battery Pack Price
- 4.9 New Xev Models Announced
- 4.10 Fuel Price
- 4.11 Regulatory Framework
- 4.12 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
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5.1 Propulsion Type
- 5.1.1 Hybrid and Electric Vehicles
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5.2 Country
- 5.2.1 China
- 5.2.2 India
- 5.2.3 Japan
- 5.2.4 South Korea
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles
- 6.4.1 Ampere Vehicles Private Limited
- 6.4.2 Ather Energy Pvt. Ltd.
- 6.4.3 Bajaj Auto Ltd.
- 6.4.4 Dongguan Tailing Electric Vehicle Co. Ltd.
- 6.4.5 Gogoro Limited
- 6.4.6 Hero Electric Vehicles Pvt. Ltd.
- 6.4.7 NIU Technologies
- 6.4.8 Okinawa Autotech Pvt. Ltd.
- 6.4.9 Ola Electric Mobility Pvt. Ltd.
- 6.4.10 REVOLT Intellicorp Pvt. Ltd.
- 6.4.11 TVS Motor Company Limited
- 6.4.12 Yadea Group Holdings Ltd.
- 6.4.13 Yamaha Motor Company Limited
- 6.4.14 Zhejiang Luyuan Electric Vehicle
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- POPULATION TRENDS, VOLUME IN UNITS, ASIA-PACIFIC, 2017 - 2030
- Figure 2:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, ASIA-PACIFIC, 2017 - 2030
- Figure 3:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, ASIA-PACIFIC, 2017 - 2030
- Figure 4:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, ASIA-PACIFIC, 2017 - 2030
- Figure 5:
- AUTO LOAN INTEREST RATES, PERCENTAGE, ASIA-PACIFIC, 2017 - 2022
- Figure 6:
- ELECTRIC VEHICLE MARKET PENETRATION RATE, BY VEHICLE TYPE, PERCENTAGE OF VOLUME, ASIA-PACIFIC, 2017 - 2030
- Figure 7:
- CHARGING STATION DEPLOYMENT, BY TYPE, VOLUME IN UNITS, ASIA-PACIFIC, 2017 - 2022
- Figure 8:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, ASIA-PACIFIC, 2017 - 2030
- Figure 9:
- ANNOUNCEMENT OF NEW XEV MODELS, BY VEHICLE TYPE, VOLUME IN UNITS, ASIA-PACIFIC, 2023 - 2027
- Figure 10:
- FUEL PRICE, BY FUEL TYPE, USD/LITER, ASIA-PACIFIC, 2017 - 2022
- Figure 11:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 12:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET, VALUE IN USD, 2017 - 2030
- Figure 13:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET, BY HYBRID AND ELECTRIC VEHICLES, BY VOLUME IN UNITS, 2017 - 2030
- Figure 14:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET, BY HYBRID AND ELECTRIC VEHICLES, BY VALUE IN USD, 2017 - 2030
- Figure 15:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 16:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 17:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 18:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 19:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 20:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET, BY CHINA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 21:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET, BY CHINA, BY VALUE IN USD, 2017 - 2030
- Figure 22:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET, BY INDIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 23:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET, BY INDIA, BY VALUE IN USD, 2017 - 2030
- Figure 24:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET, BY JAPAN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 25:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET, BY JAPAN, BY VALUE IN USD, 2017 - 2030
- Figure 26:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET, BY SOUTH KOREA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 27:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET, BY SOUTH KOREA, BY VALUE IN USD, 2017 - 2030
- Figure 28:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 29:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 30:
- ASIA PACIFIC ELECTRIC TWO-WHEELER MARKET SHARE(%), BY MAJOR PLAYERS
Asia Pacific Electric Two-Wheeler Industry Segmentation
Hybrid and Electric Vehicles are covered as segments by Propulsion Type. China, India, Japan, South Korea are covered as segments by Country.Propulsion Type | Hybrid and Electric Vehicles |
Country | China |
India | |
Japan | |
South Korea |
Market Definition
- Vehicle Type - The category covers motorized two-wheelers.
- Vehicle Body Type - This includes Scooters and Motorcycles, while Kick-scooters and Bicycles are excluded.
- Fuel Category - The category exclusively covers electric propulsion systems, while Internal Combustion Engines (ICE) are excluded.
Keyword | Definition |
---|---|
Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.