by Market Overview:
Electric scooters run on lithium-ion battery and electric motor. They can be pedal-assisted or throttle controlled depending on their classification. Shared or rental electric scooters are increasingly being adopted for short-distance commuting needs in urban areas owing to benefits such as quick transportation alternative to beat traffic, eco-friendly, and cost saving. Major manufacturers offer electric scooters for both personal and commercial use with varying battery range and loading capacity.
Market Dynamics:
The growth in shared mobility services and micro-mobility revolution is a key driver bolstering the electric scooter market growth. Various ride-hailing companies have launched dockless electric scooter rentals platform through mobile apps to provide quick and affordable transportation option in cities. Furthermore, supportive government policies and regulations regarding adoption of electric vehicles along with growing investment by e-scooter sharing startups are expected to augment the market growth over the forecast period. However, safety issues related to riding e-scooters due to absence of proper cycling lanes and high pricing of electric scooters are some factors that can hinder the market growth.
Segment Analysis
The electric scooter market can be segmented into electric scooters with less than 100 cc, 100-200 cc, and more than 200 cc engine. The less than 100 cc segment dominates the market currently with over 60% share as they cater to daily commute needs of short distances and are more accessible due to low speeds. This segment is expected to witness higher growth over the coming years driven by increasing preference for low emission vehicles.
The global Electric Scooter Market Growth is estimated to be valued at US$ 26.35 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
PEST Analysis
Political: Favorable government policies supporting electric vehicles adoption such as subsidies and tax rebates in major markets are boosting the electric scooter market growth.
Economic: Increasing demand for affordable mobility solutions is driving sales of electric scooters. The total cost of ownership of electric scooters is lower than gasoline variants.
Social: Rising environmental concerns and changing consumer preference towards green transportation are major social drivers for electric scooters.
Technological: Advancements in lithium-ion battery technologies resulting in higher battery life and faster charging are increasing electric scooter adoption.
Key Takeaways
The global Electric Scooter Market is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period, due to increasing consumer preference for affordable intra-city transportation and supporting government policies for electric vehicles adoption.
The Asia Pacific region dominates the global electric scooter market currently with over 60% share led by China, India and Japan. The region is expected to continue its dominance led by presence of large consumer base, favorable policies and growing focus of key players.
Key players operating in the electric scooter market are Amego Electric Vehicles Inc., Ampere Vehicles Pvt. Ltd, BMW Motorrad, ECCITY Motocycles, GenZe, Gogoro Inc., GOVECS GmbH, Hero Eco, Honda Motor Co. Ltd., Jiangsu Xinri E-Vehicle Co., Ltd., Kumpan Electric, Piaggio & C. SpA, Sanyang Motor Co. Ltd., Silence Urban Ecomobility, Terra Motors Corp., TORROT ELECTRIC EUROPA S.A, TVS Motor Company, Vmoto Limited, and Yadea Group Holdings Ltd. The market is witnessing intense competition and consolidation activities by these players to gain further market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
