Electric Scooter Market

Market Synopsis:

The Global Electric Scooter Market valued at USD 20.33 Billion in the year 2022 and is projected to reach a value of USD 34.91 Billion by the year 2030. The Global Market is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 7.00% over the forecast period.

Electric Scooters are plug-in electric vehicles that are powered by an electric battery or a combination of an electric battery and an internal combustion engine. Furthermore, Electric Scooters are preferred over ordinary scooters since they are more fuel efficient and emit fewer greenhouse gases. Over the projection period, rising demand for fuel-efficient automobiles, combined with rising concerns about greenhouse gas and carbon emissions, is expected to increase the adoption of Electric Scooters (e-scooters). The adoption of battery-powered two-wheelers is being aided by increasing monetary and non-monetary incentives. Furthermore, the transition from conventional to electric forms of transportation is being driven by the demand for sustainable urban mobility and contemporary transportation infrastructure.

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The impact of e-scooters on energy security and air quality is expected to be good. Participation of vehicle manufacturers and governments in meeting zero-emissions criteria is helping to close the carbon emissions gap by 2021. Furthermore, with effective energy and power infrastructure design, the use of electricity in these cars may be managed. Renewable energy and technical breakthroughs such as solar-powered automobiles and vehicle-to-grid systems help to reduce this. Governments all over the world have enacted policies to encourage the use of Electric Scooters by providing subsidies to both customers and manufacturers.

Market Segmentation:

The Electric Scooter Market is segmented on the basis of Product, Battery and Voltage. On the basis of Product, the market is segmented into Standing/Self-Balancing, Retro and Folding. On the basis of Battery, the market is segmented into Sealed lead acid, NiMH and Li-Ion. On the basis of Voltage, the market is segmented into 24V, 36V, 48V and Greater than 48V.

Based on Type

On the basis of Product, the market is divided into Retro, Standing/Self-Balancing and Folding. Due to the shift toward green vehicles for short-distance commuting, the retro sector led the market in 2020 with a revenue share of more than 50%. This action has assisted consumers all over the world in lowering their overall commute costs. Over the projected period, the folding variant is expected to grow at a CAGR of 10.1%. The introduction of next-generation smart Electric Scooters with big data and IoT technology, as well as the need for product differentiation, has increased demand for folding e-scooters. However, from 2020 to 2028, the control and convenience of standing/self-balancing e-scooters in commercial and domestic applications for combining daily activities is predicted to drive demand.

Based on Battery

On the basis of Battery, the market is divided into Sealed lead acid, NiMH and Li-Ion. During the forecast period, the lithium-ion sector is expected to be the fastest-growing segment in the Electric Scooter and motorbike market. Electric Scooters and motorbikes with improved lithium-ion batteries are being developed by manufacturers. During the projection period, the limited longevity and useable capacity of lead acid batteries are projected to move the attention to lithium-ion batteries, which will drive the Electric Scooter and motorbike industry. Another benefit of a lithium-ion battery is its minimal weight, which increases the vehicle's energy to weight ratio. The cost of lithium-ion batteries remains high, but it has dropped dramatically in recent years and is likely to continue to fall.

Asia Pacific Region to Stand Firm on its Leading Position in the Electric Scooter Market

Asia Pacific held the largest market share during the year 2021 with a share of 65.90%. As an automotive hub, the region is expected to dominate the Global Electric Scooter Market share, with large sales and production in. This increase can be attributed to the increasing preference for personal mobility in the post-COVID period, which will boost automobiles. During the forecast period, the APAC market is expected to be driven by rising demand for inexpensive scooters for short-distance transportation and government initiatives to promote this type of scooter adoption. China's rapidly growing economy propels the development of advanced technologies to improve electrification. Increasing government and private sector initiatives to expand the regional network of electric two-wheeler charging stations. Furthermore, encouraging research and development activities aimed at the development of high-density batteries is expected to boost regional market growth in the near future.