Electric Scooter Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis

Electric Scooter Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis

Worldwide electric scooters market is predicted to reach US$ 37.44 Billion by 2028, growing at 13% cumulative annual growth rate (CAGR) from 2022 to 2028.When compared to on-demand transportation, electric scooters provide more inexpensive last-mile mobility. These vehicles' agility and simplicity of manoeuvring in highly populated locations with significant traffic congestion are additional benefits that are likely to propel the E-scooter market expansion. Electric scooter adoption among the youthful population, expanding buying power of the middle-class community in developing nations, and fast urbanization are predicted to considerably fuel product demand globally.

Consumer happiness is another critical aspect for businesses aiming to retain current consumers or extend their client base. Rising demand for fuel-efficient automobiles throughout the world, as well as growing concern about the alarming rise in global pollution, are some of the primary drivers driving the market growth of electric scooters in the next few years. As a result, governments in many regions have established tough emission standards in order to slow the rate of growing carbon levels in the environment. For example, the United States Environmental Protection Agency (EPA) proposed a regulation to amend existing national Greenhouse Gas (GHG) emission requirements for light trucks and passenger automobiles.

Electric Scooter Industry will be driven by Increased Usage of Electric Motorbikes and E-Bikes for Short Commutes

Customers are looking for easy, time-efficient, and cheap forms of transportation to reach their destination as traffic congestion worsens, resulting in longer journey. Electric motorbikes, electric bicycles, and e-kicks are lightweight vehicles that provide a highly practical answer to the special needs of urban travel. As the popularity of micro-mobility has grown, industry participants have developed vehicle-sharing options that allow individuals to avoid purchasing their micro-mobility cars. Commuters may now rent a car using smartphone applications.In 2022, the global market for electric scooters (E-Scooters) was worth of US$ 17.98 Billion.

Revenue Share has been retained by the Retro Electric Scooter Product Segment

Retro electric scooters are expected to grow at a rapid pace in the next years. This is mostly due to a significant shift in consumer desire for green mobility solutions, particularly for short-distance commuting. This has also assisted customers in lowering global computation costs.

During the projected period, the folding version is expected to grow at a healthy CAGR. The advent of next-generation smart electric scooters with big data and IoT, as well as the demand for product differentiation, has spurred the folding scooter industry to rise. These scooters have gained popularity in the United States since they do not have the original limitations of strength and weight. Folding e-scooter sharing services are gaining popularity in countries such as Spain, China, Japan, Germany, and France, increasing demand for battery-powered two-wheelers.

During the Projected Period, the lithium-ion Polymer Market is expected to Increase Rapidly

Based on battery technology, the lithium-ion polymer category, is predicted to develop at the fastest CAGR throughout the projection period. This segment's quick development may be ascribed to low-cost production, simple cell architecture, high energy density, lightweight batteries, strong resistance to physical damage, and fewer risks of electrolyte leakage.

Due to the features of the Lead-Acid battery, such as longevity, damage tolerance, and cheap cost, the Lead-Acid battery category led the market with a revenue share. However, because SLA batteries are huge and drain fast even when not carrying major loads, their use is projected to reduce in the future years.

48 V Battery-Powered Vehicles Control the Market

Higher power output is required to power the deployment of 48V battery packs in electric two-wheelers in 2022, the 48V battery section of the electric motorcycles and scooters industry. These batteries provide more power, are smaller in size, and can minimize the amount of battery space required in electric two-wheelers. Furthermore, higher performance and extensive charge cycles are two important characteristics of 48V battery packs. As a result, electric two-wheeler manufacturers are using these batteries to reduce power lag and increase acceleration. Aside from that, incorporating sophisticated technology into 48-V batteries, such as regenerative braking, should improve product use in electric bikes and scooters.

Asia Pacific region accounted for a substantial portion of the Worldwide Electric Motorcycles and Scooters Industry

The Asia Pacific region led the worldwide market, and this dominance is expected to continue over the projection period. The presence of an expanding number of e-scooter manufacturers and rising vehicle charging infrastructure investments in nations such as China, India, and Taiwan are attributed to the region's rise.

Furthermore, the governments in this region are looking for active engagement in promoting electric scooters and automobiles. For example, the Indian government is actively pushing electric scooters and automobiles through fiscal incentives, capital, and interest subsidies. The use of electric motorbikes is increasing in emerging economies. Electric motorbike sales in India climbed by 16.5% in 2019-20. The Indian government has implemented tax breaks to encourage the use of electric bikes. The GST on electric bikes has been cut from 12% to 5%. For example, Revel spent US$ 27.6 Million in the United States to debut 68 MUVI electric scooters produced by the Spanish manufacturer Torrot.

The European market, on the other hand, will increase the quickest throughout the predicted period. This rapid expansion can be ascribed to the region's growing urbanisation, which causes higher levels of air pollution, greenhouse gas emissions, and energy waste. To address these concerns, governments are working on implementing efficient and sustainable transportation alternatives, such as electric scooters and motorbikes, in order to fulfil the demands of an expanding number of daily commuters. Furthermore, rising compliance with electric scooter-sharing programmes in countries such as Spain, France, Germany, and the United States has fueled the battery-powered and two-wheeler industry.

Market Insights from Key Companies

Energica Motor Company, Niu Technologies, Vmoto Limited, Yadea Group Holdings Ltd, and KTM Group are focusing on introducing last-mile e-scooter rental services in various nations and cities as part of a joint venture plan to broaden their industry presence globally.

In Taiwan, for example, Gogoro Inc. transformed the industry by introducing swappable battery electric scooters. Furthermore, some Asian suppliers have joined forces with the business to include swappable battery technology into their e-scooters.
Ford, for example, joined with the new lab in October 2021 to contribute electric car technologies to the mobility innovation initiative.

Renub Research report titled “Electric Scooter Market Global Forecast by Product (Retro, Standing/self-balancing, Folding), By Battery Voltage (24V, 36V, 48V, Above 48V), Battery Type (Lithium-ion (Li-Ion), Lead Acid), Regions (Asia Pacific, North America, Europe, RoW), Company (Energica Motor Company, Niu Technologies, Vmoto Limited, Yadea Group Holdings Ltd, KTM Group)"" provides a detailed analysis of Electric Scooter Industry.

Product - Market breakup from 3 viewpoints

1. Retro
2. Standing/Self Balancing
3. Folding

Battery Type - Market breakup from 2 viewpoints

1. Lithium-ion (Li-Ion)
2. Lead Acid

By Battery Voltage - Market breakup from 4 viewpoints

1. 24V
2. 36V
3. 48V
4. Above 48V

Regions have been covered from 4 viewpoints

1. Asia Pacific
2. North America
3. Europe
4. Rest of World

All company have been covered from 2 viewpoints

• Overview
• Recent Development
• Revenue

Company Analysis

1. Energica Motor Company
2. Niu Technologies
3. Vmoto Limited
4. Yadea Group Holdings Ltd
5. KTM Group