In 2022, the Europe electric scooters market is predicted to be worth US$ 24.53 Billion. In volume terms, sales are estimated to reach 8.73 million units in 2022, and will expand at a volume CAGR of 19.7%. Because of the investments created by significant important companies in the country, electric scooters held the largest share of the European market in 2022.
Sweden, on the other hand, is predicted to achieve the highest CAGR over the forecast timeline. This market in Sweden is assumed to expand as a consequence of rising customer involvement in electric vehicles over conventional vehicles, an increment in the number of projects undertaken by businesses involved in the electric mobility business, and government support for increased E.V. sales.
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The adoption of electric scooters is expected to increase rapidly in the coming years, especially in urban areas where traffic congestion is a major issue. Electric scooters provide a quick and efficient way to navigate through crowded cities, making them an ideal mode of transportation for short distances.
Technological advancements: With the continuous development of battery technology, electric scooters are becoming more efficient, lighter, and have longer battery life. Additionally, advancements in charging infrastructure and the development of smart charging systems will further drive the growth of the electric scooter market.
Furthermore, the UK government announced plans for making bicycles a major part of transportation systems. For example, the United Kingdom’s transport secretary announced that cycling would be included in a GBP 2 billion active travel campaign. This would encompass e-bikes as a mode of transportation rather than just for fun.
Numerous organizations from different industries actively collaborated with key electric scooter manufacturers to launch various products in the market. For example, Italy’s Generali, a Trieste-based insurance company, purchased a stake in Ridemovi, which provides bicycle and electric scooter-sharing services, to enable its widening in Italy, Spain, and other nations.
To maintain their dominance in this volatile market, two-wheeler producers are increasingly concentrating on creating greener and more eco-friendly vehicles. Increasing environmental impacts about vehicular emissions, depletion of fossil fuel reserves, and increased government efforts to encourage electric mobility are cruising motorcycle OEMs to develop electric motorcycles. As a result, electric motorcycles are becoming extremely prevalent among European consumers.
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Key Takeaways
- The lithium-ion battery segment held the largest portion of the Europe electric scooters market in 2021, based on battery technology.
- According to the country, Italy had the largest share of the European electric scooter industry in 2021.
- The Italian government has allocated aside US $11.4 Million to provide subsidies for the purchase of electric scooters.
- In regards to revenue, electric scooter sales are anticipated to increase the fastest in Spain.
Competitive Landscape
Industry players intend to invest in technological advancements, mergers and acquisitions, product innovations, and studies and development. Furthermore, they are likely to place a greater emphasis on investing in new developments and products in order to grow their size and scope.
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.
Recent Developments
- The Italian government launched an initiative in May 2020 to incentivize bicycles and electric micro mobility vehicles until December 31, 2020.
- Tünkers Maschinenbau GmbH, a German company that specializes in e-mobility and logistic e-vehicles such as airport electric scooters, logistic scooters, automated guided vehicles (AGVs), and electric trikes (MoVis), developed a mini electric transporter for in-house transportation.
- In July 2022, Aike launched the new European-made Aike T, which may be the best-designed electric scooter. Ike’s new electric scooter is built to last and has environmentally sustainable features.
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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
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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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