Over the last 2 years, micro-mobility has seen a surge driven by the increasing adoption of electric bikes, motorbikes, & scooters, which is set to transform the personal mobility sector. There are ~600 million motorcycles in the world, with APAC accounting for at least 60% of that. For example, Thailand is colloquially known as the land of 100 million scooters. Global 2-wheeler sales, including scooters, in 2022 were reported to be ~60.4 million, representing the second-highest level ever. 

The driving factor behind the electrification of two-wheelers is the advancements in the field of batteries. Electric two-wheelers are now a competitive alternative to their gasoline-powered counterparts, thanks to innovative battery designs that have made them light and compact enough to package within a typical motorcycle or smaller. Battery swapping technology has added to the convenience of long-range comparable to petrol power and low maintenance and has enhanced the overall user experience. Rising fuel costs, especially following the pandemic, added tailwinds to the sales of electric 2-wheelers, especially across Asia & certain regions of Europe. Policy initiatives are also facilitating the electrification of two-wheelers. Governments worldwide are implementing regulations to promote electric vehicle adoption, along with incentives like tax breaks & subsidies, as well as non-financial perks like preferential parking & discounts on congestion charges.