The electric scooter market is estimated to be worth US$ 10.4 billion in 2023 and is projected to be valued at US$ 24.8 billion by 2033. Between 2023 and 2033, the market is expected to register a CAGR of 9.1%.
The electric scooter market has experienced significant growth in recent years, driven by factors such as increasing urbanization, environmental concerns, and the need for efficient personal transportation solutions. Electric scooters offer a convenient, eco-friendly alternative to traditional gasoline-powered vehicles, making them increasingly popular among consumers worldwide.
Drivers Increasing Demand in the Electric Scooter Market:
- Rising Urbanization: With more people moving to urban areas, there’s a growing need for compact and efficient modes of transportation. Electric scooters provide a convenient solution for short-distance commutes within cities.
- Environmental Awareness: Concerns about air pollution and climate change have prompted consumers to seek eco-friendly transportation options. Electric scooters produce zero emissions, making them an attractive choice for environmentally conscious individuals.
- Government Incentives: Many governments around the world are offering incentives such as subsidies, tax breaks, and infrastructure support to promote the adoption of electric vehicles, including scooters. These incentives help reduce the upfront cost of purchasing electric scooters, driving demand.
- Advancements in Battery Technology: Technological advancements have led to improvements in battery technology, resulting in electric scooters with longer ranges and shorter charging times. As battery technology continues to evolve, electric scooters become more practical and appealing to a wider audience.
- Last-Mile Connectivity: Electric scooters serve as an efficient solution for last-mile connectivity, bridging the gap between public transportation hubs and final destinations. This convenience factor makes electric scooters increasingly popular among commuters and travelers.
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Key Takeaways
- From 2018 to 2022, the electric scooter market demand expanded at a CAGR of 7.1%
- Based on product type, the maxi electric scooter segment is expected to account for a CAGR of 9.0% during the forecast period.
- Global electric scooter demand in the United Kingdom is predicted to account for a CAGR of 8.9% through 2033.
- In the United States, the market is expected to account for a CAGR of 0 % between 2023 and 2033.
- China is projected to expand by a value CAGR of 8.7% between 2023 and 2033.
- By 2033, the electric scooter market in India is anticipated to record a CAGR of 8.5% during the forecast period.
“The increasing awareness of environmental issues, urbanization, and the need for affordable and efficient mobility solutions is anticipated to drive the market growth during the forecast period,” – says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape
Leading electric scooter manufacturers increasingly focus on expanding their product offerings to strengthen their customer base. They are adopting growth strategies such as new product launches, partnerships, acquisitions, mergers, collaborations, etc. They expand their global footprint and gain a competitive edge in the market by following these strategies.
Several industry participants in the global electric scooter market also concentrate on providing their customers with interchangeable battery technologies for a more extended range.
- In December 2021, with an investment of Rs 300 crore, Bajaj Auto Ltd. revealed that it will establish an electric vehicle production facility in Akurdi, Pune. The factory, on which work has already started, will be able to produce 5,000 EVs annually and will serve both domestic and international markets.
- In August 2021, in India, Ola introduced the Ola S1 series, the company’s first e-scooter. The Ola S1 and Ola S1 Pro models of the electric scooter were released.
- In August 2020, with a top speed of 25 km/h, Okinawa Autotech unveiled the R30, a new electric scooter that falls into the low-speed category.
Some of the key companies identified are
- 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.
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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
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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