The global Electric Scooters market size is expected to be worth around US$ 41.99 billion by 2028, according to a new report by Vision Research Reports.
The global Electric Scooters market size was valued at US$ 18.7 billion in 2020 and is anticipated to grow at a CAGR of xx% during forecast period 2021 to 2028.
Increasing adoption of e-scooters among the young population, the rising purchasing power of the middle-class community in developing countries, and rapid urbanization are expected to significantly drive product demand across the globe. Electric scooters offer affordable last-mile transportation as compared to on-demand transportation. Agility and ease of maneuver in densely populated areas with high traffic congestion are additional advantages these vehicles offer, which is expected to fuel E-scooters' market growth.
Consumer satisfaction is another essential factor for vendors trying to retain existing customers or looking to expand their customer base. It can be measured using various parameters such as durability, maintenance expense, performance, comfort and safety, and operating cost. Vendors are trying to focus on two critical factors to attract customers: design/style and specifications. In May 2019, Pure EV launched two electric scooters for the Indian market, EPLUTO, and ETRANCE, with the long-range of 120kms per charge. The ETRANCE scooter has a ground to handle height of about 3.5ft and weighs around 47kgs. These specifications were specifically designed with the women population in the country.
Based on products, the global electric scooters market can be categorized into standing/self-balancing, folding, and retro scooters. The retro segment dominated the market in 2019 owing to the shift toward green vehicles for commuting over short distances. This move has helped reduce overall commuting costs for consumers across the world. However, the scenario is changing in countries such as the U.S., as more and more millennials residing in cities have started opting for convenient, lightweight vehicles with less operational cost.
The folding variant is anticipated to exhibit a CAGR of 10.3% over the forecast period. The advent of next-generation smart electric scooters with and IoT technology and the need for product differentiation have driven demand for folding e-scooters. However, the control and convenience of standing/self-balancing e-scooters in commercial and residential applications for amalgamation of daily activities is expected to propel its demand from 2020 to 2030.
By battery, the E-scooters market is segmented into Lithium-Ion (Li-ion), Nickel Metal Hydride (NiMH), and Sealed Lead Acid (SLA). The SLA battery segment dominated the market in 2019 owing to benefits such as robustness, tolerance to abuse, and low cost. However, the adoption of SLA batteries is predicted to decline in the coming years as they are bulky in size and discharge rapidly, even without handling heavy loads.
The segment is estimated to register a CAGR of 10.7%. The price of lithium-ion batteries is expected to witness a declining trend over the coming years, with the price expected to fall by around 70 percent by 2030. Hence, this is expected to decrease the costs of electric scooters as well. More environmentally conducive batteries and growing demand for high-performance batteries such as Li-ion and NiMH are driving the need for battery operated e-scooters. Some of the benefits offered by these batteries are high charging-discharging efficiency, high charge density, and lightweight.
Based on voltage, electric scooters can be classified into 24V, 36V, 48V, and greater than 48V. The 36V segment accounted for 62.6% of the overall revenue in 2019. These batteries possess high compatibility with e-scooters and provide superior power output, which is projected to propel segment growth. However, the demand for 48V batteries is increasing since consumers prefer scooters with a long battery range to avoid the hassle of frequent battery charging.
The greater than 48 V segment is estimated to witness significant growth over the coming years, registering a CAGR of 11.5% from 2020 to 2030. E-scooters equipped with 60 V and 70 V batteries are predicted to witness substantial growth owing to constant R&D activities to enhance the overall range and speed of e-scooters. Moreover, high voltage batteries are being upgraded with recovery and start-stop features to reduce CO2 emissions in the environment.
Asia Pacific dominated the global E-scooters market and was valued at USD 13.9 billion in 2019. Most electric scooter manufacturers have emerged from China, Taiwan, and Japan, acquiring the largest share all over the world. China has emerged not only as a leading consumer of electric scooters but also as the leading producer and exporter.
North America is slated to witness the highest CAGR of 13.2% over the forecast period. Growing investment in and research support for innovative high-density batteries is anticipated to contribute to overall regional growth. For instance, Revel entered into the U.S. market with an investment of USD 27.6 million and rolled out 68 MUVI electric scooters manufactured by Spanish company Torrot.
Mahindra GenZe; BMW Motorrad International; Vmoto Limited; Terra Motors Corporation; Gogoro Inc.; Jiangsu Xinri Electric Vehicle Co. Ltd.
Sealed Lead Acid
Greater than 48V
Middle East & Africa
The Electric Scooters market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Electric Scooters market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Electric Scooters market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Electric Scooters market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Electric Scooters market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Electric Scooters capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Electric Scooters by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Electric Scooters market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Electric Scooters market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Electric Scooters market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Electric Scooters industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Electric Scooters market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Electric Scooters market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Electric Scooters market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Electric Scooters market. These factors have benefited the growth of the global market for Electric Scooters. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Electric Scooters. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Electric Scooters are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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