South Korea Electric Two-Wheeler Market Overview, 2029

South Korea Electric Two-Wheeler Market Overview, 2029

South Korea has developed a strong riding culture, aided by an increase in environmental awareness, which supports the adoption of electric bicycles. This growing trend is being encouraged by government initiatives aimed at boosting green mobility. However, drivers who want to adopt this environmentally benign means of transportation face various hurdles. For starters, outside of big urban areas, the scarcity of charging infrastructure is a substantial barrier to adoption. The lack of charging stations limits the usefulness and convenience of e-bikes, particularly for long-distance commuting. Second, the higher initial cost of e-bikes compared to regular bicycles creates a financial barrier to entry for many prospective users. Despite the long-term savings in gasoline and maintenance expenses, the initial outlay may discourage people from switching to electric bikes. Furthermore, legislative limits on motor power and speed might impede e-bike usefulness and performance, limiting their attractiveness to consumers looking for efficient and varied transportation options. In response to these problems, the Korean government has adopted a number of rules and regulations to assist and control the rapidly growing e-bike business. Notably, the government provides subsidies to encourage e-bike purchases, making them more affordable for the general public. Furthermore, tax breaks, such as lower taxes on e-bikes, aim to reduce the financial burden of switching to electric-powered mobility. Furthermore, severe certification criteria ensure that e-bikes satisfy safety and quality standards, which boosts consumer confidence and trust in these vehicles.

According to the research report “South Korea Electric Two Wheeler Market Overview, 2029,"" published by Bonafide Research, the South Korea Electric Two Wheeler Market is forecasted to value at more than USD 500 Million by 2029. Amidst the hurdles and regulatory frameworks, a number of opportunities for the South Korean e-bike sector arise. The increased emphasis on sustainability and environmental stewardship creates a favourable market climate for eco-friendly mobility alternatives such as e-bikes. Technological developments in battery technology and electric motors help to build more efficient and affordable e-bikes, increasing their appeal to consumers. Furthermore, continuous government support through legislative initiatives and incentives is expected to drive market growth and innovation in the e-bike industry. While detailed e-bike trade figures are scarce, South Korea's standing as a leading exporter of electric vehicles highlights the country's potential as a vital player in the global e-bike industry. E-bikes have attracted a wide market with a range of pricing ranges and segmentation possibilities. Prices normally range from USD 1,000 and USD 3,000, depending on the features and range available. The market is segmented based on three important factors: power output, battery range, and features. Power output ranges from low-power models appropriate for recreational rides to high-power e-bikes intended for commuting. Similarly, battery range varies from short-range versions suitable for running errands in the city to long-range e-bikes capable of longer travels. Furthermore, the features of e-bikes range from basic functionality to more modern, feature-rich models loaded with intelligent technology. This segmentation enables users to locate e-bikes that are tailored to their unique needs and tastes, whether they value power, range, or advanced features.

The electric two-wheeler market encompasses various segments based on different criteria such as vehicle type, battery type, motor power, and usage. Firstly, the market is divided by vehicle type, with electric motorcycles and electric scooters being the primary categories. Electric motorcycles, powered by electric motors and batteries, offer zero-emission transportation with lower operating costs and improved performance thanks to advancements in battery technology. Electric scooters, similarly powered by electric motors and rechargeable batteries, cater to short-distance commuting and urban transportation needs, offering convenience and eco-friendliness. Secondly, segmentation by battery type distinguishes between sealed lead-acid (SLA) and lithium-ion batteries. SLA batteries, known for their maintenance-free operation and suitability in environments with limited ventilation, find applications across various electric vehicles, including two-wheelers. On the other hand, lithium-ion batteries, characterised by their high energy density, are favoured for their lighter weight and enhanced storage capacity, making them ideal for electric motorcycles and scooters seeking improved performance and range.

Further segmentation based on motor power includes 48V, 60V, and 72V systems, each offering distinct performance characteristics. The 48V segment typically caters to lower power ranges, balancing performance with cost-effectiveness. Meanwhile, the 60V segment strikes a balance between power output and battery capacity, suitable for various electric motorcycles and scooters. The 72V segment targets higher performance and longer range, appealing to consumers seeking enhanced capabilities for their electric two-wheelers. Additionally, there exists an ""Others Motor Powers"" segment encompassing electric vehicles with motor powers outside the specified categories, providing further diversity in the market. Lastly, segmentation by usage separates electric two-wheelers into commercial and private categories. Commercial electric vehicles are optimised for business-related activities such as delivery services and last-mile transportation, prioritising factors like range, durability, and carrying capacity to meet the demands of commercial users. In contrast, private electric two-wheelers target individual consumers for personal commuting, recreation, or general transportation purposes, offering flexibility and convenience for private use.

In recent years, established Korean corporations have expressed interest in the e-bike sector, indicating a growing trend toward electric mobility. Along with these newcomers, established firms have strengthened their position in the industry. Elesco, for example, has carved itself a niche by specialising on high-performance e-bikes that appeal to both enthusiasts and commuters. Hyosung Motors, well-known for its motorcycles, has also expanded its product line to include e-bikes, leveraging its expertise in motorised vehicles to enter the electric mobility industry. The presence of both established firms and new entrants indicates the e-bike industry's growing competitiveness and potential, which drives innovation and variety of services. In recent years, the e-bike sector has seen considerable advancements and trends, owing to increased investment in R&D. Manufacturers are devoting resources to improve the performance, efficiency, and safety aspects of e-bikes, accelerating technological breakthroughs in the industry. Furthermore, the electric vehicle industry as a whole has seen a surge in mergers and acquisitions, altering the competitive landscape and encouraging collaborations to speed innovation. Furthermore, the growing popularity of e-bike sharing services in major cities represents a trend toward more sustainable urban mobility solutions, as customers recognize the convenience and environmental benefits of electric bicycles. These achievements highlight the changing dynamics of the e-bike market and the larger electric mobility sector, which are expected to continue growing and expanding in the coming years.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Electric Two-Wheeler market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Vehicle Type
• Electric Motorcycle
• Electric Scooter

By Battery
• Sealed Lead Acid (SLA)
• Lithium-Ion

By Motor Power
• 48 V
• 60 V
• 72 V
• Others

By Usage
• Commercial
• Private

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Electric Two-Wheeler industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.