The Asia Pacific region is expected to lead the global electric scooters market, with South Korea expected to capture 80% of the regional market share. Development is credited with a rise in e-scooter automakers as well as enhanced infrastructural facilities in countries such as Korea for vehicle charging.
The government has encouraged the production of electric scooters in order to diminish fine dust. The Ministry of Environment and local governments have presented one-time subventions for electric vehicle purchases. Electric scooters did not garner much attention prior to such subsidies because of their higher price than traditional motorcycles. Sales have increased as a consequence of the recent emergence of models at a range of prices.
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Electric scooters have a high demand for lithium-ion batteries in Korea. Automakers in the electric scooter battery industry are constantly experimenting with these batteries because of the benefits of rechargeable editions. The shift in customer preference toward smarter scooter use is primarily responsible for this industry’s substantial growth. Initially, the electric scooter was not very appealing. What was once an expensive novelty tech item, has spawned a significant niche market. An economical shared electric scooter model must be introduced to build interest and modify the pricey product into a viable emission-free mode of transportation. R&D spending on updated rechargeable batteries has increased, as have technological breakthroughs in the e-scooter sector.
Despite the expected robust growth in the electric scooter market, FMI’s expert analysts have revealed that certain factors, such as inadequate charging infrastructure, issues with insufficient power output, and complex laws regulating vehicle speed, may limit the market’s development.
Key Takeaways
- The maxi electric scooters are expected to have the largest market share over the forecast period.
- In Korea, the preference for electric scooters is rising exponentially, even faster than for electric cars in the coming decades.
- During the forecast timeframe, the folding e-scooter type will thrive at a rapid pace of nearly 10.1%.
- Several policies are being implemented by governments throughout Korea to increase the penetration of electric scooters.
- Several industry players in the global electric scooter business are also focusing on offering interchangeable battery technologies for a greater range to their consumers.
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Competitive Landscape
Technological advancements, mergers and acquisitions, new product introductions, and research and advancement are all areas where market players intend to invest. Furthermore, they are likely to put a stronger emphasis on spending funds on new breakthroughs and items in order to widen their size and scope.
Recent Developments
- Ninebot accounted for approximately 45 percent of the entire electric scooter market in South Korea as of June 2022, followed by Freego. Xiaomi founded NineBot and acquired Segway.
- Swing, a South Korean electric scooter and micro-mobility startup, revealed in February 2022 that it had raised $24 million in a Series B round to accelerate its development and expansion into Japan.
- In South Korea, major cities such as Seoul, Busan, Daegu, and others are seeing an increase in the use of e-scooters. In Korea, there are currently over 14 e-scooter-sharing companies. In the Seoul metropolitan area alone, over 50,000 shared e-scooters from multiple operators are being utilized.
- In August 2022, Gbike, the operator of the country’s biggest shared scooter app Gcooter, announced its acquisition of GUGU Kickboard, which performs in Seongnam, Gyeonggi Province, about 20 kilometers southeast of Seoul.
