The global electric scooters market is valued at US$ 9.59 billion as of 2022. The market is expected to grow at a CAGR of 9% during the forecast period, and by 2032, the market is expected to reach an estimated US$ 22.7 billion.
Over the course of the projection period, North America, which currently has a sizable market share, is predicted to grow at a CAGR of almost 13%. The United States’ rapid adoption of electric vehicles as a practical alternative to conventional fuel-powered transportation is to blame for the expansion of this region.
In response to rising carbon footprints, the use of electric vehicles has increased in the United States. The regulatory organisations’ stringent requirements, in part, are to blame for this. Due to the high per capita income, people in this country can easily afford to buy electric scooters. The adoption trends for electric scooters in this country are also projected to be influenced by a sizable number of players. This trend is the result of greater state investments in infrastructure for effective electric vehicle charging. Increased funding for high-tech high-density battery development and infrastructure for electric vehicle charging are expected to contribute to regional growth overall.
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Rising fuel prices, coupled with an increasing demand for fuel-efficient vehicles, are expected to drive the demand for electric scooters during the forecast period. Apart from that, government agencies across the world are taking steps to combat pollution because of rapid urbanization. Consequently, people have started adopting these electric two wheelers because of the extremely low emissions associated with their usage, which is further expected to surge the electric scooters market growth.
Not only that, these mobility devices are effective in handling noise pollution as well. The noise that is generated during the application of electric scooter is much less as compared to fuel-based scooters. This might as well surge the sales of electric scooters during the forecast period. Moreover, some of the huge ridesharing companies are offering affordable mobility scooters, like Ola electric scooters, which are a breather, especially for office goers. Apart from that, millennials are showing a lot of interest in purchasing electric scooters because of their stylish features, which include lightweight, low storage space, and unique appearance.
However, insufficient charging stations pose a concern over the growth of the electric scooter market. But, with the anticipated increase in the adoption of these electric scooters, it is expected that the problem related to insufficient charge stations would soon be addressed, and we might get to see a lot more charging stations in the future.
Thus, from the insights provided by FMI analysts, it can be inferred that “an increase in the fuel price, coupled with increased initiatives from ruling authorities to curb air pollution, is expected to surge the growth of electric scooters market during the forecast period.”
Key Takeaways:
- China electric scooters market is expected to hold a market share of nearly 80% in the Asia Pacific region during the forecast period.
- China is also expected to be one of the fastest-growing markets during the forecast period.
- Based on the product type, the maxi electric scooters are expected to have the highest share in the electric scooters market. Based on the battery type, the lead-based battery type is expected to have the highest electric scooters market share during the period 2022-2032.
- Based on the technology, battery technology is expected to have the highest market share during the forecast period.
Competitive Landscape:
The key players are currently investing in strategic partnerships. The reason is that they want to implement the state-of-the-art technology that has been developed by players from other industries like the semiconductor sector, electronics sector, etc. This would certainly enable them to leverage the technology in the electric scooters and assist them in delivering a seamless user experience.
Some of the recent developments in the electric scooters market are:
- In July 2022, Ather announced that it planned to boost electric scooters production tenfold.
- In September 2022, Yamaha opened ‘Blue Square’ premium outlet in Bhubaneswar. The outlet would offer engaging customer experience, and showcase Yamaha’s entire range of two wheelers, apparels and accessories.
Key Companies Profiled
Alta Motors, Ather Energy, BMW Motorrad International, Cezeta, Energica Motor Company, Hero Eco, Johammer e-mobility GmbH, KTM AG, Mahindra GenZe, Ninebot Limited, Okinawa Autotech Pvt. Ltd, ReVolt Electric Motorbikes, Xiaomi, Yamaha Motor Company Limited.
Key Segments in the Electric Scooter Market
By Product Type:
- Standard
- Folding
- Self-Balancing
- Maxi
- Three-Wheeled
By Battery Type:
- Li-Ion
- NiMH
- Lead-Based
By Technology:
- Plug-In
- Battery
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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