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Electric Motorcycles: The Rise and Future Trends in the Southeast Asian Market

Globally, the cost-effectiveness and convenience of two-wheelers have consistently attracted users, making them a preferred means of daily commuting. Moreover, as governments worldwide intensify efforts to restrict carbon emissions and promote a low-carbon lifestyle, the international demand for electric motorcycles continues to grow. According to McKinsey’s predictions, the compound annual growth rate (CAGR) of the two-wheeler market is expected to reach 8.7% by 2029, with the market size reaching approximately $218 billion. The Southeast Asian region emerges as the largest and fastest-growing market globally.

Electric Motorcycles The Rise and Future Trends in the Southeast Asian Market - Newbott

The Southeast Asian two-wheeler market reached a record peak of 15 million units in 2019, capturing nearly 25% of the global market share. According to Statista data, in 2022, the new sales volume in the Southeast Asian motorcycle market reached around 10.6 million units, making it the third-largest market globally, following China and India. The ASEAN motorcycle industry recorded sales of 7.5 million units in the first six months of this year, with a remarkable growth rate of 14.9%, solidifying its position as the fastest-growing region globally.

Despite electric motorcycles accounting for less than 1% of the Southeast Asian market share in 2022, their growth potential is substantial. Fueled by the “switch from fuel to electric” policies, the Southeast Asian electric motorcycle market is currently in its nascent stage and entering a phase of rapid growth. According to a report by the International Renewable Energy Agency (IRENA), by 2025, approximately 20% of vehicles on Southeast Asian roads will be electric, including 59 million two- and three-wheelers, and 8.9 million four-wheelers.

The future of the electric motorcycle market in Southeast Asia looks promising. With the strengthening of carbon emission regulations and the increasing demand for sustainable transportation, electric motorcycles are poised to seize more market opportunities. Major manufacturers are investing in research and development to meet the growing market demand.