The total valuation of the global electric two-wheelers MRO market in 2023 is estimated to be around US$ 435.7 million, which is projected to register a CAGR of 4.3% throughout 2023. Research on the global two-wheelers MRO market further reveals that the overall valuation would reach US$ 1,414.9 million by 2033.
Given that transit facilities and preferences differ greatly between countries, it is difficult to conclude the electric two-wheelers MRO market trends, although, certain regional advances are startling. China, which represents roughly 30% of the worldwide electric two-wheeler market, is poised to dominate the global electric two-wheelers MRO market.
Global agencies are also setting stricter pollution objectives that may increase the sales of electric light vehicles and further supplement the MRO market. Many cities are attempting to decrease the usage of private vehicles and traffic congestion by providing more encouragement for E2Ws and other EVs.
- As per the FMI study, currently, Japan holds the maximum share of the revenue generated by electric two-wheelers MRO services provided globally. In the previous year, 2022, this amount was figured out to be around US$ 59 million, which turned out to be 15.3% of the overall market.
- The electric two-wheelers MRO market size of the United States comes after many Asia Pacific countries. Presently, it contributes to only 4.3% of the market size and is projected to generate US$ 18.7 million in 2023.
- Germany is the leading region for electric two-wheelers MRO service providers operating in the European region. Globally, it is behind the United States and is expected to contribute around US$ 11.7 million in the year 2023.
- The United Kingdom has witnessed a significant amount of rise in the demand for electric two-wheelers MRO services in the last couple of years. FMI pegs the year-on-year growth rate of the United Kingdom’s two-wheelers MRO market at nearly 7.5% over the forecast years.
- In Asia Pacific, India is the emerging region in the adoption of two-wheelers MRO services. As per the records obtained by FMI, this country is about to witness an upsurge in the demand for two-wheelers MRO at an annual rate of 13.8% through 2033.
- The overall growth rate of the two-wheelers MRO service providers in China is predicted to be slightly lower. However, given the bigger size of China, the two-wheelers MRO market, with an annual growth rate of 13.1% might retain its dominant position up to 2033.
- Australia is also surfacing as a very lucrative region for both domestic and international market players. By acquiring a market share of about 1.1% it has entered, the global two-wheelers MRO market competition recently.
A few of the leading MRO service-providing companies that have turned out to be the key electric two-wheelers MRO market players are Bosch Mobility Solutions, Ola Electric, Benling, Hero Electric, TVS, Ather, Garage Works, SpareIt, Vmoto Limited, Terra Motors Corporation among others.
The adoption rate of electric two-wheeler MRO services in Germany, France, and other European Union nations is growing at a promising rate. However, the overall demand for electric bikes and light vehicles has remained traditionally low in Western countries. So most of the global electric two-wheelers MRO service providers are finding it favourable to shift to the Asia Pacific region.