TABLE OF CONTENT 1 EXECUTIVE SUMMARY 2 MARKET INTRODUCTION 2.1 DEFINITION 14 2.2 SCOPE OF THE STUDY 14 2.3 LIST OF ASSUMPTIONS 15 2.4 MARKET STRUCTURE 16 2.5 MARKET ATTRACTIVE ANALYSIS 16 2.6 GLOBAL ELECTRIC TWO-WHEELER MARKET, BY TYPE 17 2.7 GLOBAL ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE 18 2.8 GLOBAL ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE 19 2.9 KEY BUYING CRITERIA 19 3 MARKET INSIGHTS 4 RESEARCH METHODOLOGY 4.1 RESEARCH PROCESS 22 4.2 PRIMARY RESEARCH 23 4.3 SECONDARY RESEARCH 24 4.4 MARKET SIZE ESTIMATION 25 4.5 FORECAST MODEL 25 5 MARKET DYNAMICS 5.1 INTRODUCTION 26 5.2 DRIVERS 27 5.2.1 GOVERNMENT INITIATIVES TO ENCOURAGE ELECTRIC VEHICLE ADOPTION 27 5.2.2 DEMAND FOR ELECTRIC TWO-WHEELERS AMONG TOURISTS 28 5.2.3 STRATEGIC DEVELOPMENTS FOR GROWTH BY MAJOR PLAYERS 29 5.2.4 DRIVERS IMPACT ANALYSIS 30 5.3 RESTRAINTS 30 5.3.1 HIGH PRICES OF ELECTRIC TWO-WHEELERS AND BATTERIES 30 5.3.2 UNDERDEVELOPED CHARGING INFRASTRUCTURE AND POOR AFTERMARKET SERVICES 30 5.3.3 RESTRAINT IMPACT ANALYSIS 31 5.4 OPPORTUNITY 31 5.4.1 IMPROVEMENT OF BATTERY CAPACITY AND REDUCTION OF CHARGING DURATION 31 6 MARKET FACTOR ANALYSIS 6.1 PORTER’S FIVE FORCES MODEL 32 6.1.1 THREAT OF NEW ENTRANTS 32 6.1.2 BARGAINING POWER OF SUPPLIERS 33 6.1.3 BARGAINING POWER OF BUYERS 33 6.1.4 THREAT OF SUBSTITUTES 33 6.1.5 RIVALRY 33 6.2 SUPPLY CHAIN ANALYSIS: GLOBAL ELECTRIC TWO-WHEELER MARKET 34 6.2.1 DESIGN AND DEVELOPMENT 34 6.2.2 RAW MATERIAL/COMPONENT SUPPLY 35 6.2.3 ELECTRIC TWO-WHEELER MANUFACTURING/ASSEMBLY 35 6.2.4 ELECTRIC TWO-WHEELERS SUPPLY 35 6.2.5 END USE 35 7 GLOBAL ELECTRIC TWO-WHEELER MARKET, BY TYPE 7.1 OVERVIEW 36 7.2 ELECTRIC MOTORCYCLE 36 7.3 ELECTRIC SCOOTER 36 8 GLOBAL ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE 8.1 OVERVIEW 38 8.2 SEALED LEAD ACID 38 8.3 LITHIUM-ION 38 8.4 OTHERS 38 9 GLOBAL ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE 9.1 OVERVIEW 40 9.2 24V 40 9.3 36V 40 9.4 48V 40 9.5 MORE THAN 48V 41 10 GLOBAL ELECTRIC TWO-WHEELER MARKET, BY REGION 10.1 INTRODUCTION 42 10.2 ASIA-PACIFIC 43 10.2.1 CHINA 45 10.2.2 JAPAN 46 10.2.3 INDIA 47 10.2.4 REST OF ASIA-PACIFIC 49 10.3 EUROPE 51 10.3.1 FRANCE 53 10.3.2 SPAIN 54 10.3.3 ITALY 56 10.3.4 UK 57 10.3.5 REST OF EUROPE 59 10.4 NORTH AMERICA 61 10.4.1 US 63 10.4.2 CANADA 64 10.5 REST OF THE WORLD 66 10.5.1 LATIN AMERICA 68 10.5.2 MIDDLE EAST & AFRICA 69 11 COMPETITIVE LANDSCAPE 11.1 COMPETITIVE OVERVIEW 71 11.2 GLOBAL ELECTRIC TWO-WHEELER MARKET, SHARE ANALYSIS, 2018 (%) 71 11.3 GLOBAL ELECTRIC TWO-WHEELER MARKET, SHARE ANALYSIS, 2018 (%) 72 11.4 COMPETITIVE BENCHMARKING 72 11.5 KEY STRATEGY ANALYSIS 73 11.6 LEADING PLAYERS (IN TERMS OF NUMBER OF DEVELOPMENTS) IN GLOBAL ELECTRIC TWO-WHEELER MARKET 73 12 COMPANY PROFILES 12.1 JIANGSU XINRI E-VEHICLE CO., LTD (SUNRA) 74 12.1.1 COMPANY OVERVIEW 74 12.1.2 FINANCIAL OVERVIEW 74 12.1.3 PRODUCTS/SERVICES OFFERED 74 12.1.4 KEY DEVELOPMENTS (2015–2019) 75 12.1.5 SWOT ANALYSIS 75 12.1.6 KEY STRATEGIES 75 12.2 WUXI YADEA EXPORT-IMPORT CO., LTD 76 12.2.1 COMPANY OVERVIEW 76 12.2.2 FINANCIAL OVERVIEW 76 12.2.3 PRODUCTS/SERVICES OFFERED 77 12.2.4 KEY DEVELOPMENTS (2015–2019) 78 12.2.5 SWOT ANALYSIS 79 12.2.6 KEY STRATEGIES 79   12.3 VMOTO LIMITED 80 12.3.1 COMPANY OVERVIEW 80 12.3.2 FINANCIAL OVERVIEW 80 12.3.3 PRODUCTS/SERVICES OFFERED 81 12.3.4 KEY DEVELOPMENTS (2015–2019) 81 12.3.5 SWOT ANALYSIS 82 12.3.6 KEY STRATEGIES 82 12.4 NIU INTERNATIONAL 83 12.4.1 COMPANY OVERVIEW 83 12.4.2 FINANCIAL OVERVIEW 83 12.4.3 PRODUCTS/SERVICES OFFERED 83 12.4.4 KEY DEVELOPMENTS (2015–2019) 84 12.4.5 SWOT ANALYSIS 84 12.4.6 KEY STRATEGIES 84 12.5 ENERGICA MOTOR COMPANY S.P.A. 85 12.5.1 COMPANY OVERVIEW 85 12.5.2 FINANCIAL OVERVIEW 85 12.5.3 PRODUCTS/SERVICES OFFERED 86 12.5.4 KEY DEVELOPMENTS (2015–2019) 86 12.5.5 SWOT ANALYSIS 87 12.5.6 KEY STRATEGIES 87 12.6 GOVECS AG 88 12.6.1 COMPANY OVERVIEW 88 12.6.2 FINANCIAL OVERVIEW 88 12.6.3 PRODUCTS/SERVICES OFFERED 89 12.7 CHINA ZHONGNENG VEHICLE GROUP 90 12.7.1 COMPANY OVERVIEW 90 12.7.2 FINANCIAL OVERVIEW 90 12.7.3 PRODUCTS/SERVICES OFFERED 90 12.8 ZERO MOTORCYCLES, INC 92 12.8.1 COMPANY OVERVIEW 92 12.8.2 FINANCIAL OVERVIEW 92 12.8.3 PRODUCTS/SERVICES OFFERED 92 12.8.4 KEY DEVELOPMENTS (2015–2019) 92   12.9 HERO ELECTRIC 93 12.9.1 COMPANY OVERVIEW 93 12.9.2 FINANCIAL OVERVIEW 93 12.9.3 PRODUCTS/SERVICES OFFERED 93 12.9.4 KEY DEVELOPMENTS (2015–2019) 93 12.10 AMPERE VEHICLES 94 12.10.1 COMPANY OVERVIEW 94 12.10.2 FINANCIAL OVERVIEW 94 12.10.3 PRODUCTS/SERVICES OFFERED 94 12.10.4 KEY DEVELOPMENTS (2015–2019) 94 13 APPENDIX 13.1 REFERENCES 95 13.2 RELATED REPORTS 95

LIST OF TABLES TABLE 1 LIST OF ASSUMPTIONS 15 TABLE 2 GLOBAL ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 37 TABLE 3 GLOBAL ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 39 TABLE 4 GLOBAL ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 41 TABLE 5 GLOBAL ELECTRIC TWO-WHEELER MARKET, BY REGION, 2017–2025 (USD MILLION) 42 TABLE 6 ASIA-PACIFIC: ELECTRIC TWO-WHEELER MARKET, BY COUNTRY, 2017–2025 (USD MILLION) 43 TABLE 7 ASIA-PACIFIC: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 44 TABLE 8 ASIA-PACIFIC: ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 44 TABLE 9 ASIA-PACIFIC: ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 44 TABLE 10 CHINA: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 45 TABLE 11 CHINA: ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 45 TABLE 12 CHINA: ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 46 TABLE 13 JAPAN: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 46 TABLE 14 JAPAN: ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 47 TABLE 15 JAPAN: ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 47 TABLE 16 INDIA: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 48 TABLE 17 INDIA: ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 48 TABLE 18 INDIA: ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 48 TABLE 19 REST OF ASIA-PACIFIC: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 49 TABLE 20 REST OF ASIA-PACIFIC: ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 49 TABLE 21 REST OF ASIA-PACIFIC: ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 50 TABLE 22 EUROPE: ELECTRIC TWO-WHEELER MARKET, BY COUNTRY, 2017–2025 (USD MILLION) 51 TABLE 23 EUROPE: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 52 TABLE 24 EUROPE: ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 52 TABLE 25 EUROPE: ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 52 TABLE 26 FRANCE: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 53 TABLE 27 FRANCE: ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 53 TABLE 28 FRANCE: ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 54 TABLE 29 SPAIN: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 54 TABLE 30 SPAIN: ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 55 TABLE 31 SPAIN: ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 55 TABLE 32 ITALY: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 56 TABLE 33 ITALY: ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 56 TABLE 34 ITALY: ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 57 TABLE 35 UK: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 57 TABLE 36 UK: ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 58 TABLE 37 UK: ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 58 TABLE 38 REST OF EUROPE: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 59 TABLE 39 REST OF EUROPE: ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 59 TABLE 40 REST OF EUROPE: ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 60 TABLE 41 NORTH AMERICA: ELECTRIC TWO-WHEELER MARKET, BY COUNTRY, 2017–2025 (USD MILLION) 61 TABLE 42 NORTH AMERICA: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 62 TABLE 43 NORTH AMERICA: ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 62 TABLE 44 NORTH AMERICA: ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 62 TABLE 45 US: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 63 TABLE 46 US: ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 63 TABLE 47 US: ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 64 TABLE 48 CANADA: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 64 TABLE 49 CANADA: ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 65 TABLE 50 CANADA: ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 65 TABLE 51 REST OF THE WORLD: ELECTRIC TWO-WHEELER MARKET, BY REGION, 2017-2025 (USD MILLION) 66 TABLE 52 REST OF THE WORLD: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 67 TABLE 53 REST OF THE WORLD: ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 67 TABLE 54 REST OF THE WORLD: ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 67 TABLE 55 LATIN AMERICA: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 68 TABLE 56 LATIN AMERICA: ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 68 TABLE 57 LATIN AMERICA: ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 69 TABLE 58 MIDDLE EAST & AFRICA: ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 69 TABLE 59 MIDDLE EAST & AFRICA: ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 70 TABLE 60 MIDDLE EAST & AFRICA: ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 70 TABLE 61 GLOBAL ELECTRIC TWO-WHEELER MARKET SHARE ANALYSIS, 2018 72 TABLE 62 BENCHMARKING OF MAJOR COMPETITORS 72 TABLE 63 LIST OF ACTIVE PLAYERS IN THE GLOBAL ELECTRIC TWO-WHEELER MARKET 73 TABLE 64 JIANGSU XINRI E-VEHICLE CO., LTD: PRODUCTS/SERVICES OFFERED 74 TABLE 65 WUXI YADEA EXPORT-IMPORT CO., LTD: PRODUCTS/SERVICES OFFERED 77 TABLE 66 WUXI YADEA EXPORT-IMPORT CO., LTD: KEY DEVELOPMENTS 78 TABLE 67 VMOTO LIMITED: PRODUCTS/SERVICES OFFERED 81 TABLE 68 VMOTO LIMITED: KEY DEVELOPMENTS 81 TABLE 69 NIU INTERNATIONAL: PRODUCTS/SERVICES OFFERED 83 TABLE 70 NIU INTERNATIONAL: KEY DEVELOPMENTS 84 TABLE 71 ENERGICA MOTOR COMPANY S.P.A.: PRODUCTS/SERVICES OFFERED 86 TABLE 72 ENERGICA MOTOR COMPANY S.P.A.: KEY DEVELOPMENTS 86 TABLE 73 GOVECS AG: PRODUCTS/SERVICES OFFERED 89 TABLE 74 CHINA ZHONGNENG VEHICLE GROUP: PRODUCTS/SERVICES OFFERED 90 TABLE 75 ZERO MOTORCYCLES, INC.: PRODUCTS/SERVICES OFFERED 92 TABLE 76 ZERO MOTORCYCLES, INC.: KEY DEVELOPMENTS 92 TABLE 77 HERO ELECTRIC: PRODUCTS/SERVICES OFFERED 93 TABLE 78 HERO ELECTRIC: KEY DEVELOPMENTS 93 TABLE 79 AMPERE VEHICLES: PRODUCTS/SERVICES OFFERED 94 TABLE 80 AMPERE VEHICLES: KEY DEVELOPMENTS 94LIST OF TABLES FIGURE 1 MARKET SYNOPSIS 13 FIGURE 2 GLOBAL ELECTRIC TWO-WHEELER MARKET: MARKET STRUCTURE 16 FIGURE 3 GLOBAL ELECTRIC TWO-WHEELER MARKET: MARKET ATTRACTIVE ANALYSIS 16 FIGURE 4 GLOBAL ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2017–2025 (USD MILLION) 17 FIGURE 5 GLOBAL ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2017–2025 (USD MILLION) 18 FIGURE 6 GLOBAL ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2017–2025 (USD MILLION) 19 FIGURE 7 GLOBAL ELECTRIC TWO-WHEELER MARKET: KEY BUYING CRITERIA 19 FIGURE 8 ASIA-PACIFIC: ELECTRIC TWO-WHEELER MARKET SIZE & MARKET SHARE BY COUNTRY, BY VALUE (2018 VS 2025) 20 FIGURE 9 EUROPE: ELECTRIC TWO-WHEELER MARKET SIZE & MARKET SHARE BY COUNTRY, BY VALUE (2018 VS 2025) 20 FIGURE 10 NORTH AMERICA: ELECTRIC TWO-WHEELER MARKET SIZE & MARKET SHARE BY COUNTRY, BY VALUE (2018 VS 2025) 21 FIGURE 11 REST OF THE WORLD: ELECTRIC TWO-WHEELER MARKET SIZE & MARKET SHARE BY REGION, BY VALUE (2018 VS 2025) 21 FIGURE 12 RESEARCH PROCESS OF MRFR 22 FIGURE 13 TOP-DOWN & BOTTOM-UP APPROACHES 25 FIGURE 14 DRO ANALYSIS: GLOBAL ELECTRIC TWO-WHEELER MARKET 26 FIGURE 15 INTERNATIONAL TOURIST ARRIVALS, 2016 VS 2017(MILLION) 28 FIGURE 16 DRIVERS IMPACT ANALYSIS: GLOBAL ELECTRIC TWO-WHEELER MARKET 30 FIGURE 17 RESTRAINT IMPACT ANALYSIS: GLOBAL ELECTRIC TWO-WHEELER MARKET 31 FIGURE 18 PORTER’S FIVE FORCES ANALYSIS: GLOBAL ELECTRIC TWO-WHEELERS MARKET 32 FIGURE 19 SUPPLY CHAIN ANALYSIS: GLOBAL ELECTRIC TWO-WHEELERS MARKET 34 FIGURE 20 GLOBAL ELECTRIC TWO-WHEELER MARKET, BY TYPE, 2018 (% SHARE) 36 FIGURE 21 GLOBAL ELECTRIC TWO-WHEELER MARKET, BY BATTERY TYPE, 2018 (% SHARE) 39 FIGURE 22 GLOBAL ELECTRIC TWO-WHEELER MARKET, BY VOLTAGE, 2018 (% SHARE) 41 FIGURE 23 GLOBAL ELECTRIC TWO-WHEELER MARKET SHARE, BY REGION, 2018 (%) (USD MILLION) 42 FIGURE 24 ASIA-PACIFIC: ELECTRIC TWO-WHEELER MARKET, BY COUNTRY, 2018 (% SHARE) 43 FIGURE 25 EUROPE: ELECTRIC TWO-WHEELER MARKET, BY COUNTRY, 2018 (%) 51 FIGURE 26 NORTH AMERICA: ELECTRIC TWO-WHEELER MARKET, BY COUNTRY, 2018 (%) 61 FIGURE 27 REST OF THE WORLD: ELECTRIC TWO-WHEELER MARKET, BY REGION, 2018 (% SHARE) 66 FIGURE 28 GLOBAL ELECTRIC TWO-WHEELER MARKET SHARE ANALYSIS, 2018 71 FIGURE 29 KEY STRATEGY ANALYSIS: GLOBAL ELECTRIC TWO-WHEELER MARKET 73 FIGURE 30 JIANGSU XINRI E-VEHICLE CO., LTD: SWOT ANALYSIS 75 FIGURE 31 YADEA GROUP HOLDINGS LTD (PARENT COMPANY): TOTAL REVENUE, 2016–2018 (USD MILLION) 76 FIGURE 32 WUXI YADEA EXPORT-IMPORT CO., LTD: SWOT ANALYSIS 79 FIGURE 33 VMOTO LIMITED: TOTAL REVENUE, 2016–2018 (USD MILLION) 80 FIGURE 34 VMOTO LIMITED: SWOT ANALYSIS 82 FIGURE 35 NIU INTERNATIONAL: TOTAL REVENUE, 2017–2018 (USD MILLION) 83 FIGURE 36 NIU INTERNATIONAL: SWOT ANALYSIS 84 FIGURE 37 ENERGICA MOTOR COMPANY S.P.A.: TOTAL REVENUE, 2016–2018 (USD MILLION) 85 FIGURE 38 ENERGICA MOTOR COMPANY S.P.A.: SWOT ANALYSIS 87 FIGURE 39 GOVECS AG: TOTAL REVENUE, 2016–2018 (USD MILLION) 88

Wuxi YADEA Export-Import Co., Ltd (China), Jiangsu Xinri E-Vehicle Co., Ltd (China), Vmoto Limited (Australia), GOVECS AG (Germany), Energica Motor Company S.p.An (Italy), China Zhongneng Vehicle Group Co., Ltd (China), Hero Electric (India), Niu International (China), Ampere Vehicles (India), and Zero Motorcycles, Inc. (US)