The electric scooter market is poised for remarkable growth, with an estimated valuation of USD 10.4 billion in 2023, projected to soar to USD 24.8 billion by 2033. This represents a robust compound annual growth rate (CAGR) of 9.1% over the forecast period. This expansion is primarily fueled by government initiatives aimed at promoting the adoption of electric vehicles, including scooters, and a growing consumer preference for eco-friendly transportation solutions.
As the market evolves, there is a noticeable trend towards electric scooters featuring lighter designs and enhanced battery life, which is contributing to substantial revenue growth. The increasing consumer awareness of the benefits of sustainable transportation is a major driving force behind this market’s upward trajectory.
Heightened environmental consciousness, coupled with concerns over air pollution and carbon emissions, is accelerating the shift towards electric vehicles. Electric scooters, as zero-emission alternatives to traditional gasoline-powered vehicles, offer a more sustainable commuting option. Significant advancements in battery technology, particularly lithium-ion batteries, have greatly enhanced the range, performance, and affordability of electric scooters. These technological improvements have resulted in batteries that not only last longer but also charge faster, further boosting the appeal and widespread adoption of electric scooters.
Key Takeaways from the Electric Scooter Market Report:
- 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.
In-Depth Market Analysis: A Complete Report
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.
Leading Key Players:
- 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.
Electric Scooter Market Segmentation:
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
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