Global Electric Scooter Market Share, Size, Trends Report 2020-2027
The global electric scooter market size was anticipated at USD 18.94 billion in 2019 and it is expected to reach USD 36.21 Billion market size by 2027, growing at a CAGR of 7.6% over the forecast period. Growing demand for green vehicles owing to increased global awareness about greenhouse gas emission is anticipated to boost market growth over the next decade. Low procurement & maintenance cost is expected to increase adoption of these e-scooters worldwide. The e-scooters also offer a noise & emission-free driving experience thus, attracting young generations, who are also key target customers for these products.
There is a completely new business model of e-scooter sharing that is rising in developed nations such as the U.S., France, Germany, China, and Japan. Major technology start-ups, mobility companies are eyeing this business model. These companies offer rental and shared electric scooter services for the short-distance commute. electric scooters are not only techno-savvy but also are highly economical compared to the traditional internal combustion engine ()ICE) vehicles. Leading companies in the e-scooter sharing business include Razor, Spin, Jump, etc. these companies have partnerships with electric scooters manufacturing companies such as Ninebot, Xiaomi, and Gogoro Inc. to supply the fleet.
Government initiatives such as incentive & subsidy programs are playing a key role in improving the adoption of electric scooters in the European region. The government is also focusing on developing a network of electric scooter charging infrastructure to felicitate the electric scooter adoption program. The European Union zero-emission program specifically aims at replacing conventional vehicles with more sustainable electric vehicles for protecting the environment. EU has also set strict emission regulations & norms to fulfill this purpose. Governments are also encouraging the usage of sustainable energy resources such as solar energy to produce electricity for charging these vehicles.
Product Type Insights
The retro electric scooter market accounted for the largest market share in 2019, owing to high product prices & increasing rate of replacement of conventional scooters & mopeds with electric variants. retro electric scooters also offer better convenience for the short-distance commute. Millennials in the U.S., Europe, China & Japan is among the largest adopters for these type of scooters.
The standing/self-balancing variants are growing at a moderate pace, recent events of fire & blast in this particular type of e-scooters has highly affected their sales. Various governments are also planning to ban these self-balancing electric scooters in public places. However, manufacturers are trying to implement technological improvements in these products to boost market demand.
Battery Type Insights
Based on battery type the electric scooter market has been sequenced into sealed lead-acid batteries, NiMH battery, and a lithium-ion battery. The lead-acid battery segment accounted for the largest market share in 2019, as these batteries are commonly used in retro electric scooters as they offer greater power efficiency and performance.
The lithium-ion battery segment is expected to emerge as the fastest-growing segment over the forecast period, as the adoption of these batteries is increased in old able and self-standing electric scooters. The Lithium-ion batteries are much cheaper as compared to the sealed lead-acid batteries, these batteries also have greater shelf life and durability.
The Global electric scooter market can be segmented on the basis of battery voltage into 24V, 36V, 48V, and Greater than 48V. The 36-volt segment is one of the most popular segment for electric scooters as most of the retro electric scooter has a 36V battery. Mini electric scooter manufacturers are offering swappable batteries for easier replacement. The manufacturers are also focusing on the development of Advanced polymer-based batteries that can offer longer battery life.
Electric scooters with greater than 48-volt batteries are gaining prominence in the last few years as these offer better on-road performance and longer battery life. Electric scooter manufacturers deploying 60 to 70-volt batteries in their retro electric scooters range for better performance.
The global electric scooter market is dominated by the Asia Pacific region accounting for greater than 50% market share in 2019. Asian countries such as China, South Korea, Japan, and Taiwan have the presence of a large number of electric scooter manufacturers that export electric scooters worldwide. Moreover, The number of electric scooter users is also the largest in the Asia Pacific region. The Chinese electric scooter market share accounts for greater than 30% market share in 2019. Leading Chinese electric scooter manufacturers include Jiangsu Xinri Electric Vehicle Co., Ltd., Niu International, Yadea, and Zhejiang Luyuan. Growing per capita income, availability of
Manufacturing infrastructure, Rapid urbanization and growing demand for electric scooter is expected to drive the market growth over the forecast period.
The North America electric scooter industry is growing at a moderate pace, mainly due to stringent government regulations resulting in the ban in on using the electric scooter in public places for transportation in order to improve pedestrian safety. Increasing demand for environmental protection and reducing the carbon emission from vehicles is anticipated to boost the sales of electric scooters in the region. Electric Scooter is an affordable, portable, and safer option considering its speed limits compared to the full pledge automobiles.
European government is highly supportive of the adoption of electric vehicles including all types of electric scooters. The government as one of the finest policies for supporting the adoption of electric vehicles, it also offers subsidies to the buyers and is also developing electric vehicle charging infrastructure throughout Europe.
The global electric scooter industry is dominated by companies such as Gogoro Inc., Jiangsu Xinri Electric Vehicle Co. Ltd., Terra Motors Corporation, etc. most of the players are china based, they have certain advantages over other manufacturers as China has good infrastructure & labor available for manufacturing electric scooters, the manufacturing cost is also considerably lower in China due to availability of raw material and mass production.
key strategies applied by the electric scooter manufacturers include offering electric scooter rental services, providing swappable batteries, development of electric scooter charging infrastructure, and offering product warranty & heavy discounts. However, electric scooter manufacturers are facing challenges due to government regulations banning the usage of electric scooters in public places. For instance, in September 2020, the authorities in Dallas, Texas halted their electric scooter program in order to maintain pedestrian safety. Electric scooter manufacturers are trying to cope up with this challenge through research and development activities buy awaiting the electric scooters in order to improve the safety.
Electric Scooter Market Segmentation
For the purpose of this study UpGraph market research has segmented the global electric scooters market into the following key segments:
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