The global electric scooters market size was valued at USD 17,630 million in 2017 and is anticipated to grow at a CAGR of 12.8% during the forecast period. Electric scooters are two or three-wheeled electric vehicles that use electricity as its power source. Electric scooters are fuel efficient electricity-powered vehicles, which are also lightweight, compact, easy to handle, and easy to manoeuvre. The emission of a large amount of harmful gases, depleting resources, and fluctuating oil prices have encouraged the masses to move towards electric scooters. Electric scooters offer limitations such as low top speeds and short ranges. However, advancements in battery technology and increasing adoption of Lithium-based batteries is expected to offer higher power, thereby supplementing market growth.
The growing need for fuel-efficient vehicles and significant improvement in public charging infrastructure drive the growth of the market. There has been increasing awareness among consumers regarding environmental protection, which further supports electric scooter market growth. Stringent government regulations regarding vehicular emissions encourage consumers to adopt electric scooters. Other factors driving the market supportive government regulations, reduced prices of Li-ion batteries, and technological advancements. Technological advancement in terms of miniaturization and improvement of components has encouraged established organizations, and small and medium enterprises to invest in electric vehicles. Growing demand from emerging economies and increasing consumer awareness are factors expected to provide numerous growth opportunities in the coming years.
The global Electric Scooters market is segmented on the basis of type, product, battery type, voltage, and region. Based on type, the market is segmented into a plug-in, and battery-based. On the basis of product, the market is segmented into retro, self-balancing, and folding. The battery type segment is categorized into lead-acid, Li-ion, NiMH, and others. Based on voltage, the market is segmented into 24V, 36V, 48V, and others. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. Asia-Pacific accounted for the largest share in the Global Electric Scooter market in 2017.
The leading players in the market are introducing innovative products in the market to cater to the consumers. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence. In January 2017, Hyundai Motor Company unveiled its concept IONIQ Scooter at the 2017 Consumer Electronics Show (CES) in Las Vegas. IONIQ Scooter is a light weight electrically-powered scooter. This launch will strengthen the company’s presence in the electric scooter market. The leading players in the market include Honda Motor Co. Ltd., Brammo, Inc., AllCell Technologies, LLC, Mahindra GenZe, Terra Motors Corporation, Yamaha Motor Company Limited, Suzuki Motor Corporation, KTM AG, Peugeot Scooters, Jiangsu Xinri E-Vehicle Co. Ltd., Green Energy Motors Corp., and BMW Motorrad International among others.