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electric scooter market

Electric Scooter Market Share, Size, Trends, Industry Analysis Report, By Type (Plug-in, Battery-based); By Product (Retro, Self-balancing, Folding); By Battery (Sealed Lead-acid, Li-ion, NiMH); By Voltage (24V, 36V, 48V, Greater than 48V); By Region; Segment Forecast, 2022 - 2030

  • Published Date: Jun 2022
  • Pages: 114
  • Format: PDF
  • Report ID: PM1069
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global electric scooter market size was valued at USD 20.87 million in 2021 and is anticipated to grow at a CAGR of 11.2% during the forecast period. Growing adoption of rechargeable scooter sharing services in countries such as the US, Germany, France, and Spain have motivated the demand for battery-powered two-wheelers. Due to the increase in the price of petroleum, the demand for the market is anticipated to grow.

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E-vehicles are emerging rapidly in major cities enabling people to make short trips quickly and cheaply. Two major factors driving the market demand for electronic vehicles are that solar has become the cheapest form of power in human history, and lighter lithium-ion batteries have become massively cheaper. These outstanding inventions have permitted electric vehicle manufacturers to become competitive.

Cheap solar power funnels into the battery of the rechargeable vehicles and offers running costs that are lesser than those of fossil fuel engines. The maintenance cost lowered vastly by these engines is contributing to the industry growth. Electronic systems are more systematic and resistant when compared to mechanical models as there is less wear and tear due to friction. The result of this is that two-wheeler vehicles are more durable and are easy on the environment, accelerating the industry's growth.

The electric vehicles are mounted with LED lights that power the light, and a low amount of energy is used. They also possess electronic braking systems which recycle up to 10% of the power back into the battery while braking. Thus, while riding, the carbon footprint is reduced. There are fewer parts to replace in electronic vehicles, which means little maintenance and lesser environmental impact as compared to gas-powered vehicles. This factor is pushing the growth of the electric scooter industry.

The covid-19 pandemic has negatively impacted the growth of the industry. Worldwide lockdown and strict regulations interrupted the operations of the automotive industry owing to the disruption in the supply chain. Therefore, the subsequent decline in the demand for the electric scooter hindered the growth of the market.

Industry Dynamics

Growth Drivers
The ever-increasing traffic and rising trend of long travel are encouraging consumers to opt for time-efficient, convenient, and cost-effective modes of transportation to reach their destination, which in turn is projected to drive the growth of the market. In addition, with the surge in micro-mobility, players in the industry have devised vehicle-sharing alternatives allowing people to circumvent purchasing their micro-mobility vehicles.

Public transport vehicles involving taxis and buses cause greenhouse gas emissions. Since people are moving towards the adoption of rechargeable vehicles, the demand for the market is anticipated to grow over the forecast period.

Moreover, growing anxieties over the conservation of the environment inspire commuters to opt for individual transit options such as motor vehicles and cars over public transport vehicles. Therefore, the inclination toward eco-friendly modes of transport is propelling the electric scooter industry.

Electric Scooter Market
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Report Segmentation

The market is primarily segmented on the basis of type, product, battery, voltage, and region.

By Type

By Product

By Battery

By Voltage

By Region

  • Plug-in
  • Battery-based
  • Retro
  • Self-balancing
  • Folding
  • Sealed Lead-acid
  • Li-ion
  • NiMH
  • 24V
  • 36V
  • 48V
  • Greater than 48V
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight By Battery

Based on the battery segment, the sealed lead-acid battery segment dominated the global electric scooter market in 2021 on account of its strength and low-cost benefits. These are rechargeable batteries that consist of 300 complete charge cycles before the replacement of the battery.

The lithium-ion batteries are expected to account for a significant share owing to the potential to offer longer charged cycles and ease high energy density. Growing demand for low self-discharge rates in rechargeable scooter batteries is the main factor pushing lithium-ion battery sales while convincing payers to highlight research and development.

Furthermore, the growing consciousness for the increasing adoption of batteries that are eco-friendly, and their sustained performance over sealed led acid and NiMH batteries have shot up the demand for lithium-ion batteries. As these batteries are costly as contrasted to the other two, therefore its adoption has raised the prices of electric vehicles in the developing markets. These batteries include high discharge cycles preventing them from any kind of harm.

Insight By Product

Based on product, the retro market segment dominated the electric scooter market in 2021. The demand for the retro electric scooter market is expected to grow owing to the increasing fuel and maintenance costs. Since the old-fashioned electric vehicles are still in demand among the consumers, the demand is expected to grow.

The folding variant is expected to showcase a substantial CAGR over the forecast period. The establishment of smart vehicles that belongs to the next generation with big data and IoT and the requirement for product differentiation have pushed the growth of the folding scooter market.

These vehicles have become popular in the US and are liberated from the inceptive limitations of strength and weight. Further, the requirement to transform the growing traffic and mobility has forced vendors to produce folding electric scooters.

Geographic Overview

Asia Pacific dominated the global electric scooter market. Most rechargeable vehicle manufacturers have surfaced from Japan, Taiwan, and China, obtaining the most significant share globally. China has emerged as a leading consumer, producer, and electric vehicle exporter. Consumers are becoming increasingly conscious about bringing clean energy transportation to restrict vehicular emissions. There is also an economic angle of e- vehicles driving the electric scooter market in this region.

North America is anticipated to observe the highest CAGR in the forecast period. Increasing investment in rechargeable vehicle charging infrastructure and research reports for ingenious high-density batteries will contribute to holistic regional growth. For instance, Revel entered the US and launched 68 MUVI electric scooters produced by Spanish company Torrot.

Competitive Insight

The leading players in the market include AllCell Technologies, LLC, BMW Motorrad International, Brammo, Inc., Green Energy Motors Corp., Honda Motor Co. Ltd, Jiangsu Xinri E-Vehicle Co. Ltd., KTM AG Peugeot Scooters, Mahindra GenZe, Suzuki Motor Corporation, Terra Motors Corporation, Yamaha Motor Company Limited.

Electric Scooter Report Scope

Report Attributes

Details

The market size value in 2021

USD 20.87 Billion

The revenue forecast in 2030

USD 50.99 Billion

CAGR

11.2% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD Billion and CAGR from 2022 to 2030

Segments covered

By Type, By Product, By Battery, By Voltage, By Region

Regional scope

North America, Europe, APAC, South America and Middle East & Africa

Key companies

AllCell Technologies, LLC, BMW Motorrad International, Brammo, Inc., Green Energy Motors Corp., Honda Motor Co. Ltd, Jiangsu Xinri E-Vehicle Co. Ltd., KTM AG Peugeot Scooters, Mahindra GenZe, Suzuki Motor Corporation, Terra Motors Corporation, Yamaha Motor Company Limited

Key Take-Away
Polaris Market Research
Electric Scooter Market Size Global Report, 2022 - 2030