Electric Transporters Market

Market Definition

The market focuses on the development, production, and sale of electrically powered vehicles and devices used for personal or commercial transport. 

This includes electric scooters, bikes, electric buses and trucks, skateboards, cargo carriers, and other light electric vehicles that offer efficient, eco-friendly alternatives to traditional fuel-based transport. The report highlights key market drivers, major trends, regulatory frameworks, and the competitive landscape shaping industry growth.

Electric Transporters Market Overview

The global electric transporters market size was valued at USD 52.09 billion in 2024 and is projected to grow from USD 55.19 billion in 2025 to USD 86.12 billion by 2032, exhibiting a CAGR of 6.56% during the forecast period. 

The growing shift toward electric transporters is driven by stricter emission regulations, rising fuel prices, and rapid urbanization. As governments enforce tougher environmental standards and fuel prices increases, demand for cleaner, cost-effective mobility solutions grows. Additionally, urban development and smart city plans are highlighting the need for compact, zero-emission vehicles.

Major companies operating in the electric transporters industry are Tesla, BYD Company Ltd., AB Volvo, Rivian, Nikola Corporation, Tata Motors Limited, Olectra Greentech Limited, Solaris Bus & Coach sp. z o.o., Zhongtong Bus Holding Limited, Yutong Bus Co., Ltd., SEGWAY INC., Xiaomi, Mercedes-Benz Group AG, General Motors, and Yadea Technology Group Co., Ltd.

Additionally, innovation and advanced technology are fueling market growth by promoting the development of efficient and reliable electric vehicles. Continuous advancements in this field are prompting manufacturers to expand their electric vehicle portfolios, thereby supporting wider adoption and contributing to the market expansion.

• In September 2024, BYD introduced two new electric commercial vehicles at the IAA Transportation event in Hannover: the BYD E-VALI, a fully electric light commercial vehicle built for last-mile and courier deliveries, and the BYD EYT 2.0, an electric yard tractor designed for operations in ports, terminals, and distribution centers. Developed for the European market, both vehicles incorporate BYD’s advanced blade battery and powertrain technologies.

Key Highlights:

1. The electric transporters market size was recorded at USD 52.09 billion in 2024.
2. The market is projected to grow at a CAGR of 6.56% from 2025 to 2032.
3. North America held a market share of 20.12% in 2024, with a valuation of USD 10.48 billion.
4. The battery packs segment garnered USD 19.22 billion in revenue in 2024.
5. The two-wheelers segment is expected to reach USD 36.38 billion by 2032.
6. The lead-acid segment is anticipated to witness the fastest CAGR of 6.81% over the forecast period.
7. The personal segment garnered USD 40.84 billion in revenue in 2024.
8. Asia Pacific is anticipated to grow at a CAGR of 7.03% through the projection period.

Market Driver

Advancements in Battery Technology

Rapid advancements in battery technology and manufacturing are fueling the growth of the market. The global battery industry is experiencing a new phase marked by large-scale production, increased standardization, and greater manufacturing efficiency. 

As economies of scale expand and innovation is rapidly integrated into production, battery prices continue to decline, making electric transporters more economically viable.

• According to the International Energy Agency, China accounts for over 75% of global battery production. In 2024, battery prices in China declined by nearly 30%, marking the fastest global decline. Prices in China were over 30% cheaper than in Europe and over 20% cheaper than in North America.

Market Challenge

High Initial Purchase Cost

A major challenge hindering the expansion of the electric transporters market is the high initial purchase cost, limiting widespread adoption. Electric vehicles offer long-term savings through improved fuel efficiency and reduced maintenance expenses. 

However, their upfront price remains significantly higher than that of traditional internal combustion engine (ICE) vehicles. This higher cost can be attributed to advanced technology and the specialized components used in EVs.

To address this challenge, companies are exploring innovative models such as subscription-based battery service, which allows customers to rent batteries separately and thereby reducing the overall vehicle price. 

Automakers are investing in research and development to improve manufacturing efficiency and reduce production costs. Additionally, governments and companies are collaborating to provide attractive incentives and subsidies for EV buyers.

Market Trend

Battery-as-a-Service (BaaS) Models Accelerate EV Adoption

The battery-as-a-service (BaaS) model is emerging as a significant trend in the market, addressing high upfront costs by allowing customers to rent batteries instead of purchasing them. This reduces the vehicle’s initial price and offers greater flexibility. 

This model also allows for battery swapping and easy upgrades, ensuring access to the latest technology. As the EV market expands, BaaS is becoming a strategic approach to improve affordability, promote sustainability, and enhance the ownership experience.

• In May 2025, JSW MG Motor launched the Windsor Pro EV, featuring a 52.9 kWh battery with a range of 449 km per charge. The company also introduced a Battery-as-a-Service (BaaS) option, allowing customers to rent the battery separately at ₹4.5 per km.

Electric Transporters Market Report Snapshot

Segmentation	Details
By Component	Battery Packs, Electric Motors, Controllers, Frame & Chassis, Others
By Vehicle Type	Two-Wheelers, Three-Wheelers, Four-Wheelers, Micro-Mobility Devices
By Battery Type	Lithium-ion, Lead-acid, Others
By Application	Personal, Commercial
By Region	North America: U.S., Canada, Mexico
	Europe: France, UK, Spain, Germany, Italy, Russia, Rest of Europe
	Asia-Pacific: China, Japan, India, Australia, ASEAN, South Korea, Rest of Asia-Pacific
	Middle East & Africa: Turkey, U.A.E., Saudi Arabia, South Africa, Rest of Middle East & Africa
	South America: Brazil, Argentina, Rest of South America

Market Segmentation

• By Component (Battery Packs, Electric Motors, Controllers, Frame & Chassis, and Others): The battery packs segment earned USD 19.22 billion in 2024, mainly propelled by increasing demand for high-capacity energy storage in electric vehicles.
• By Vehicle Type (Two-Wheelers, Three-Wheelers, Four-Wheelers, and Micro-Mobility Devices): The two-wheelers segment held a share of 42.50% in 2024, attributed to rising urban mobility needs and affordability.
• By Battery Type (Lithium-ion, Lead-acid, and Others): The lithium-ion segment is projected to reach USD 61.36 billion by 2032, owing to its higher energy density, longer lifespan, and faster charging capabilities.
• By Application (Personal and Commercial): The commercial segment is anticipated to grow at a CAGR of 7.75% over the forecast period, fueled by growing adoption in logistics, delivery, and shared mobility services.

Electric Transporters Market Regional Analysis

Based on region, the global market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

The Asia Pacific electric transporters market accounted for a share of around 46.09% in 2024, valued at USD 24.01 billion. This dominance is reinforced by rapid urbanization and a high demand for affordable, compact electric vehicles for daily use. Countries in the region are heavily investing in EV infrastructure and local manufacturing, further boosting adoption. 

Additionally, a strong government support through subsidies and EV-friendly policies, along with domestic manufacturing and increasing environmental concerns, is boosting a regional shift toward sustainable transportation solutions.

• In March 2025, Climate Scorecard reported that India aims to significantly scale electric mobility by targeting EV sales to comprise 30% of private cars, 70% of commercial vehicles, 40% of buses, and 80% of two- and three-wheelers by 2030, amounting to an estimated 80 million EVs on the road by the end of the decade.

The Europe electric transporters industry is set to grow at a CAGR of 6.54% over the forecast period. This growth is bolstered by strong environmental regulations, government incentives, and expanding EV infrastructure. The adoption of electric transporters is fostered by corporate sustainability targets focused on reducing emissions in logistics operations. 

Large industrial players are increasingly integrating electric vehicles into their fleets to lower their downstream transportation emissions. These commitment from major fleet operators towards sustainability are accelerating demand for electric transport solutions across the region.

• In January 2024, Holcim announced the deployment of 1,000 Mercedes-Benz Trucks’ new eActros 600 battery-electric trucks to its European fleet. This initiative supports Holcim’s 2030 target of reducing scope 3 downstream transportation emissions by 24% per ton of material transported, compared to 2020 levels.

Regulatory Frameworks

• In the U.S., the U.S. Department of Transportation (DOT) regulates electric transporters through emission standards, safety requirements, and tax incentives under the Inflation Reduction Act.
• In India, the Ministry of Power and the Ministry of Heavy Industries and Public Enterprises monitor the electric vehicle industry, covering charging infrastructure, licensing, tariff regulation, and quality control.
• In Europe, the European Commission regulates the market, setting and enforcing standards for emissions, safety, and infrastructure for electric vehicles, including trucks and buses.

Competitive Landscape

Major participants in the electric transporters market are forming strategic partnerships to support new product development and expand their market reach. They are focusing on addressing the growing consumer interest in urban mobility solutions, such as electric scooters and two-wheelers, which are gaining traction in international markets. 

These alliances leverage combined expertise in electric vehicle technology and innovation, accelerating development and facilitating entry into growing markets.

• In November 2024, LiveWire and KYMCO expanded their strategic partnership to develop LiveWire’s first electric maxi-scooter, planned for launch in the first half of 2026. The scooter, primarily intended for the European market, will be powered by LiveWire’s S2 powertrain and will combine both companies' expertise in electric motorcycles and powersports innovation.

List of Key Companies in Electric Transporters Market:

• Tesla
• BYD Company Ltd.
• AB Volvo
• Rivian
• Nikola Corporation
• Tata Motors Limited
• Olectra Greentech Limited.
• Solaris Bus & Coach sp. z o.o.
• Zhongtong Bus Holding., limited
• Yutong Bus Co., Ltd
• SEGWAY INC.
• Xiaomi
• Mercedes-Benz Group AG
• General Motors
• Yadea Technology Group Co.,Ltd.

Recent Developments (New Product Launch)

• In October 2024, Volvo Buses expanded its electric vehicle lineup for the European market with the launch of all-new Volvo 8900 Electric, an upgraded Volvo 7900 Electric, and the existing Volvo BZL and BZR platforms. The portfolio is designed to provide sustainable public transport solutions across city, intercity, and commuter routes.
• In July 2024, Niu Technologies announced a major retail expansion, making its electric mobility solutions available in over 800 Best Buy stores across the U.S. This move is intended to boost the adoption of two-wheeler electric vehicles by offering NIU’s high-performance KQi series electric kick-scooters and BQi series e-bikes through physical and online channels.
• In February 2024, Mercedes-Benz launched the all-new eSprinter in the U.S. market. the battery-electric van features improved efficiency, extended range, and enhanced load capacity, targeting more sustainable fleet operations.