The global electric scooters market demand is valued at US$ 9.59 billion as of 2022. The market is expected to grow at a CAGR of 9% during the forecast period, and by 2032, the market is expected to reach an estimated US$ 22.7 billion.
Key Takeaways:
- China electric scooters market is expected to hold a market share of nearly 80% in the Asia Pacific region during the forecast period.
- China is also expected to be one of the fastest-growing markets during the forecast period.
- Based on the product type, the maxi electric scooters are expected to have the highest share in the electric scooters market. Based on the battery type, the lead-based battery type is expected to have the highest electric scooters market share during the period 2022-2032.
- Based on the technology, battery technology is expected to have the highest market share during the forecast period.
The use of electric scooters is predicted to rise throughout the course of the anticipated time period as a result of increased gas prices and a rise in demand for fuel-efficient vehicles. Governments from all around the world are also attempting to lessen the pollution that has been brought on by the expansion of urban areas. Due to their exceptionally low emissions, people have begun using these electric two-wheelers, which is anticipated to drive the market for electric scooters to increase.
These tools are quite good in reducing noise pollution. Electric scooters are far quieter than those powered by internal combustion engines. Therefore, it’s probable that sales of electric scooters will increase as expected. Particularly for office employees, some of the larger ridesharing companies, like Ola, which also offers moderately priced mobility scooters, provide a welcome break. Electric scooters are popular among millennials due to their stylish characteristics, such as their minimal weight, limited storage space, and distinctive look.
The lack of charging stations calls into question the commercial growth of electric scooters. As the use of these electric scooters increases, it is hoped that the issue of a lack of charging stations will be soon overcome and that there may be a lot more charging stations in the future.
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Competitive Landscape:
The key players are currently investing in strategic partnerships. The reason is that they want to implement the state-of-the-art technology that has been developed by players from other industries like the semiconductor sector, electronics sector, etc. This would certainly enable them to leverage the technology in the electric scooters and assist them in delivering a seamless user experience.
Some of the recent developments in the electric scooters market are:
- In July 2022, Ather announced that it planned to boost electric scooters production tenfold.
- In September 2022, Yamaha opened ‘Blue Square’ premium outlet in Bhubaneswar. The outlet would offer engaging customer experience, and showcase Yamaha’s entire range of two wheelers, apparels and accessories.
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.
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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
- Europe
- Asia Pacific
- MEA
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