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.
Due to rising petrol prices and a rise in demand for fuel-efficient vehicles, it is estimated that the use of electric scooters would increase throughout the course of the anticipated time period. Additionally, governments from all around the world are working to reduce the pollution that urbanisation has caused. People have started utilising these electric two-wheelers because of their incredibly low emissions, which is expected to drive demand for electric scooters.
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These methods are effective at reducing noise pollution. Electric scooters are far quieter than those powered by internal combustion engines. Sales of electric scooters are therefore likely to increase as predicted. A great respite, especially for office employees, can be found with some of the larger ridesharing companies, like Ola, which also offers reasonably priced mobility scooters. Electric scooters are popular with millennials due to its fashionable features such as limited storage space, light weight, and unique appearance.
The commercial expansion of electric scooters is questioned by the lack of a charging infrastructure. It is hoped that the issue of a scarcity of charging stations will be quickly resolved and that there may be a lot more charging stations in the future as the use of these electric scooters grows.
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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