According to Fortune Business Insights, the global electric scooter market size is projected to grow from USD 14.28 billion in 2020 to USD 31.04 billion in 2028, at CAGR of 10.7% during forecast period. Vmoto Limited launches three new electric two-wheeled vehicles to mark progress.
Pune, India, Sept. 26, 2022 (GLOBE NEWSWIRE) -- The global electric scooter market size is expected to gain momentum by reaching USD 31.04 billion by 2028 while exhibiting a CAGR of 10.7% between 2021 to 2028. In its report titled “Electric Scooter Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 15.22 billion in 2021.
According to our analysts, the growing demand for fuel-effective vehicles, pooled with rising jeopardies over greenhouse gas and carbon releases, is anticipated to augment the implementation of e-scooters.
Industry Development
February 2021: Vmoto Limited made an announcement regarding the unveiling of three novel B2C electric two-wheeled vehicle models, the novel TS, the brand-new TC, and a CUmini, all of which were launched at Vmoto Soco World Première, held in 2021.
Battery Type, Voltage Type, and Region are studied for the Market
Growth Drivers
The region is anticipated to lead the global market in terms of being an automotive hub, with huge sales and production in based in China.
Low Operational and Maintenance Price Coupled with Growing Demand for EVs to Spur Growth
Regional Insights
Asia Pacific held the largest electric scooter market share and accounted for USD 12.39 billion in 2020. The region is anticipated to lead the global market in terms of being an automotive hub, with huge sales and production in based in China.
North America is estimated to grow at a CAGR of 17.1 % during the predicted period backed by expanding initiatives of building charging stations across this region.
Europe held a trivial portion of the total global market in 2020. The region is expected to observe the highest CAGR of 37.9% during the forecast period owing to consumer approval of electric as well as autonomous vehicles.
Low Operational and Maintenance Price Coupled with Growing Demand for EVs to Spur Growth
The rising price of petroleum products is among the most vital aspects fueling the electric scooter market growth. The surging cost of gasoline is currently impacting consumers in developing markets. Electric two-wheelers will substantially lower the running costs of these automobiles owing to being more fuel-effective in comparison with conventional scooters. Electric scooters with a wider range than the current generation of electric two-wheelers are projected to be presented by scooter manufacturers.
Inventive Product Launch Declarations by Important Players to Spur Market Growth
The fundamental players functioning in the market, implement numerous tactics to boost their position in the market as dominating companies. One such vital tactic is procuring companies to boost the brand value among users. Another fundamental tactic is intermittently presenting groundbreaking products with comprehensive study of the market and its target audience.
COVID-19 Impacts:
Decline in Novel Vehicles Sales Amid COVID-19 to Hinder Market Growth
The COVID-19 pandemic has led to a global fiscal halt. Lockdowns inflicted in numerous areas of the globe to avert the spread of the virus resulted in supply chains interruptions and momentary shut down of numerous production centers.
The pandemic had an adverse impact on the market for e-scooters. Owing to the global lockdown limitations, production and sales of novel automobiles, comprising e-scooters, have been terminated. The raw materials necessary to manufacture several scooters parts were also unobtainable on account of the supply chain commotion, resulting in manufacturing postponement.
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