BOULDER, Colo., May 4 (UPI) -- A growing market in the Asia Pacific region is fueling a strong expansion of its electric two-wheel vehicle industry, analysts say.
A traditional region of strong sales for scooters, motorcycles and bicycles, annual sales of electric two-wheel versions of vehicles, replacing many internal combustion engine examples, will reach 65.5 million units in the region by 2018, said Pike Research, a company in Boulder, Colo.
"Growing economic prosperity is creating a greater number of middle- and high-income level consumers, which in turn is contributing to the growth of the electric two-wheel vehicle market in the region," Pike senior analyst Andy Bae said.
Largely driven by costs, two-wheel vehicles provide a mode of transportation for individuals who may not be able to afford a car, the Pike report said. The document also noted many scooters, motorcycles and bicycles are designed to carry additional cargo and people.
Increasing adoption of e-bicycles, e-motorcycles and e-scooters will be driven by rapid urbanization trends and the increase in household incomes, it said.
"In addition, the total cost of ownership of e-motorcycles and e-scooters remains low enough that consumers can see payback on the vehicle with a year or two of purchase," Bae said.