“Global Insight Services company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.
The global Electric Scooters Market size was approximately USD 33.3 billion in 2023, and it is anticipated to grow to nearly USD 88.7 billion by 2033, at a CAGR of 10.2% during the forecast period.
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An electric scooter is a two-wheeled, battery-powered personal transportation device designed for short-distance urban commuting. Characterized by their compact size and electric motor, these scooters are environmentally friendly and contribute to reduced emissions in urban areas. Typically featuring a handlebar for steering and a platform for the rider’s feet, electric scooters are gaining popularity as an efficient and convenient mode of transportation, offering an alternative to traditional gasoline-powered vehicles for short trips and last-mile connectivity.
Electric Scooters Market Trends and Drivers
The global electric scooters market is witnessing significant growth, driven by the increasing demand for fuel-efficient vehicles and a growing awareness of Greenhouse Gas (GHG) emissions. Stringent emission norms set by government agencies worldwide, such as the U.S. Environmental Protection Agency (EPA) and BS-VI in India and China, are fostering the adoption of electric scooters. E-scooters, known for their high mechanical efficiency and low maintenance requirements, are gaining popularity, especially as they become part of shared mobility ecosystems. Despite initial challenges during the COVID-19 pandemic, the industry is experiencing a resurgence post-pandemic, fueled by government initiatives, tax rebates, and policy changes. Companies like Razor, Lime, and Bird, involved in e-scooter sharing services, are contributing to this growth, along with incentives for battery-operated two-wheelers. The focus on sustainable urban mobility, smart transportation infrastructure, and global government subsidies further supports the positive growth of the electric scooters market.
Moreover, as global awareness of greenhouse gas emissions and environmental concerns rises, governments worldwide are actively offering subsidies to encourage the adoption of electric vehicles, including electric scooters. For instance, Austria is planning to provide subsidies ranging from 700 to 800 euros for class L1e electric two-wheelers and from 1,000 to 1,200 euros for class L3e electric two-wheelers, encompassing e-mopeds, e-motorbikes, e-bikes, and e-cargo bikes. Moreover, various states have implemented financial incentives such as rebates, tax credits, and registration fee reductions to promote the widespread adoption of electric vehicles, contributing to the increasing demand for electric scooters. The growing awareness among consumers about the benefits of electric bikes is anticipated to further bolster market growth in the years to come.
Electric Scooters Market Restraints and Challenges
A key challenge for the electric scooter market is regulatory uncertainty. Governments worldwide are struggling to establish clear and straightforward rules for the use of electric scooters on public roads. This lack of clarity has created confusion for both users and manufacturers, impeding market growth in certain regions.
Moreover, the widespread adoption of electric scooters is contingent upon the development of a robust charging infrastructure and clear regulatory frameworks that address issues such as safety standards, parking regulations, and traffic management. The absence of a standardized infrastructure and evolving regulations pose obstacles to seamless integration into urban mobility systems. Additionally, concerns regarding battery technology limitations, including range anxiety and charging times, impact consumer confidence.
Furthermore, there is competition from alternative modes of transportation. Despite being convenient and environmentally friendly, electric scooters face tough competition from bicycles, electric cars, and public transport. To stay competitive, manufacturers of electric scooters must consistently innovate and enhance their products.
Electric Scooter Market Segmentation:
By Drive Type
- Belt Drive
- Chain Drive
- Hub Motors
By Battery Technology
- Lead Acid
- Li-ion
- Others
By Voltage Type
- 48-59V
- 60-70V
- 73-96V
- Above 96V
By End-user
- Personal
- Commercial
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Major Players in the Electric Scooters Market
To obtain a competitive edge in the rapidly expanding electric scooters market, players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the Electric Scooter Market Report include Hero Electric (India), Yadea Technology Group (China), NIU International (China), Mahindra GenZe (U.S), Ather Energy Pvt. Ltd. (India), Gogoro Inc. (Taiwan), Terra Motors Corporation (Japan), Okinawa Autotech (India), Vmoto Limited (Australia), and Torrot Group (Spain), among others.
COVID-19 Impact
Pre-Pandemic:
Before the onset of the COVID-19 pandemic, the electric scooters market was experiencing robust growth, driven by increasing urbanization, environmental concerns, and the rising demand for sustainable transportation options. Companies were expanding their fleets, and consumers were embracing the convenience and eco-friendly nature of electric scooters as a viable last-mile solution.
During Pandemic:
The COVID-19 pandemic significantly impacted the electric scooters market, as lockdowns and travel restrictions led to a decline in ridership and disrupted operations. Concerns about virus transmission and a shift in consumer priorities towards essential goods over leisure activities further dampened demand. However, some electric scooter companies adapted by implementing stringent hygiene measures and promoting individual mobility, contributing to a gradual recovery as cities began to reopen.
Post-Pandemic:
In the post-pandemic landscape, the electric scooters market is witnessing a resurgence as economies recover and urban mobility patterns evolve. The increased emphasis on sustainable transportation and a growing preference for personal mobility solutions have reignited interest in electric scooters. Moreover, innovations in technology, including improved battery life and connectivity features, are driving renewed enthusiasm among consumers and bolstering the market’s prospects for sustained growth in the foreseeable future.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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