Electric Scooter Market is expected to grow from USD 21.02 billion in 2021 to USD 36.10 billion by 2029, at a CAGR of 7.3% during the forecast period 2022-2029 : GreyViews
GreyViews
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GreyViews
Electric Scooter market are Yadea Technology Group Co., Ltd., Jiangsu Xinri E-vehicle Co. Ltd., Hero Electric, Gogoro Inc., Vmoto Limited, BMW Motorrad International, Mahindra GenZe,Terra Motors Corporation, NIU International, Silence Urban Ecomobility, and others. To achieve a substantial market share in the worldwide Electric Scooter market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Yadea Technology Group is one of the most significant manufacturers and distributors present in the global Electric Scooter market.
Pune India, July 10, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Electric Scooter market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Electric Scooter market is present across various countries in the above-mentioned regions.
The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the vehicle type, battery type, distance covered, technology, voltage, vehicle class, usage, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Electric Scooter market are Yadea Technology Group Co., Ltd., Jiangsu Xinri E-vehicle Co. Ltd., Hero Electric, Gogoro Inc., Vmoto Limited, BMW Motorrad International, Mahindra GenZe,Terra Motors Corporation, NIU International, Silence Urban Ecomobility, and others. To achieve a substantial market share in the worldwide Electric Scooter market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Yadea Technology Group is one of the most significant manufacturers and distributors present in the global Electric Scooter market.
The electric scooter is a battery electric vehicle with two or three wheels and is powered by batteries. In such type of scooters, battery supplies electric power to the motor, which further turns a gear and drives the wheels. These scooters provides considerable benefits including versatility, agility, eco-friendly, flexibility, and ease of operation in high-traffic congested areas. In recent years, such scooters have become a prominent alternative to petrol-powered scooters in the face of increasing fuel prices as they are easy to maintain and affordable.
The rising demand for affordable and sustainable transportation along with the need for reducing pollution and congestion in cities and towns has led to the emergence of regulations and policies that supports adoption of electric scooters. For instance, in November 2021, The UK government announced plans to introduce 145,000 new electric vehicle (EV) charge points to its grid network every year.
Vehicle type, battery type, distance covered, technology, voltage, vehicle class, usage, and regions
Regions Covered
North America, Europe, Asia-Pacific, South America and Middle-East and Africa
Major Players
Yadea Technology Group Co., Ltd., Jiangsu Xinri E-vehicle Co. Ltd., Hero Electric, Gogoro Inc., Vmoto Limited, BMW Motorrad International, Mahindra GenZe,Terra Motors Corporation, NIU International, and Silence Urban Ecomobility.
Segmentation Analysis
E-Scooter/Moped segment is expected to be the fastest growing segment in 2021.
The vehicle type segment includes E-Scooter/Moped and E-Motorcycle. E-Scooter/Moped segment is expected to witness highest growth rate during the forecast period. Growth of this segment is mainly driven by factors including surge in usage of e-scooters for e-commerce and courier delivery applications along with the government subsidies on these products. Furthermore, in March 2020, the UK Government has introduced a £90m funding package to be spent on e-scooters and delivery drones for making journeys easier, greener, and smarter. Such investments are opportunistic for growth of the E-Scooter/Moped segment.
Lithium-ion segment is expected to be the fastest growing segment in 2021.
The battery type segment includes sealed lead acid and lithium-ion. Lithium-ion segment is expected to witness highest CAGR during the forecast period. This is attributed to lucrative benefits of lithium-ion batteries. For instance, the Li-ion batteries have about 10X the energy density and it lasts about 45% longer than similarly rated lead-acid batteries. Moreover, the market players are developing high quality Li-ion batteries to enhance operations of electric scooters. For instance, in May 2021, Komaki, the electric two-wheeler maker launched new lithium-ion battery pack with the promising range of about 220 km on a single charge. The company has developed this battery pack in-house and is projected to be implemented into the company's electric scooter line-up including the Komaki XGT-KM, the XGT-X4, and the X-One.
72V segment is expected to witness considerable growth in 2021.
The voltage segment includes 36V, 48V, 60V, 72V, and above 72V. The 60V and 72V segments are expected to witness considerable CAGR during the forecast period. This is mainly attributed to the continuous research and development (R&D) activities to augment the speed and range of e-scooters. For instance, in March 2022, Okinawa Autotech launched Okhi 90, a new electric scooter. This scooter is empowered by a fast charging feature and a 72V 50 AH lithium-ion battery to offer a range of about 160 km.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Electric Scooter include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Asia-Pacific has registered highest value for the year 2021. Growth of the market in this region is mainly attributed to the upsurge in demand for energy-efficient commuting, increased environmental awareness, and rapid urbanization. North America region is projected to witness considerable growth rate during the forecast period. Growth of this region is mainly driven by significant focus of the government on reducing the air pollution, high investment in EV charging infrastructure, and rapid usage of shared e-scooters.
Country Analysis
Germany
Germany Electric Scooter market size was valued at USD 2.10 billion in 2021 and is expected to reach USD 3.53 billion by 2029, at a CAGR of 7.0% from 2022 to 2029. Germany is one of the leading nations in the mechanical engineering, manufacturing, automotive, and electrical industries. In April 2022, Trinity, the Germany-based electric scooter manufacturer launched a new version of its Uranus RS. This e-scooter is expected to compete with rival Yamaha's Aerox 155 scooter. Such product developments in the country are opportunistic for growth of the market. Furthermore, in May 2019, Germany has launched the first electric highway to recharge electric vehicles. This ehighway is about 6 miles long and is located on the A5 motorway south of Frankfurt, a central German city. Such innovations in this country are primarily fueling growth of the electric scooter market.
China
China Electric Scooter market size was valued at USD 5.47 billion in 2021 and is expected to reach USD 9.04 billion by 2029, at a CAGR of 6.8% from 2022 to 2029. China is leading automotive producer, consumer and exporter. The factors such as cost-effective production of bikes and notable preference towards two-wheelers in the country is mainly creating demand for electric scooters. In addition, the country is home to prominent market players such as AIMA Group, Zhejiang Luyuan, Yadea, Jiangsu Xinri Electric Vehicle Co., Ltd., and Niu International. On the other hand, most of the lead-based batteries used in electric scooters are mainly manufactured in China, further fueling growth of the market.
India
India Electric Scooter market size was valued at USD 1.05 billion in 2021 and is expected to reach USD 1.83 billion by 2029, at a CAGR of 7.5% from 2022 to 2029. India is one of the strongest growing economies in Asia. The transportation sector is accountable for over 14% of total greenhouse gas emissions in India. Hence, huge demand for reducing the greenhouse gas emissions is fueling growth of the electric scooter market in the country. In addition, the leading electric scooter manufacturers in this country including Bajaj Auto, Okinawa Autotech, and Ather actively introducing innovative electric scooters in the country. This is opportunistic for growth of the market. For instance, in January 2020, Bajaj Auto launched Chetak e-scooter to expand its electric vehicle range.
Covid-19 Impact
Covid-19 had a major impact on almost all of the industries such as construction, manufacturing, automobile, semiconductors, etc. The demand for Electric Scooter has decreased during the period owing to the regulations on social distancing and increasing focus on safety and hygiene. In most of the regions, the manufacturing facilities of Electric Scooter were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for Electric Scooter significantly decreased.
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