Electric Scooter Market is Projected To Grow Moderately at 7.6% CAGR through 2028: Grand View Research Inc.

 

Electric Scooters Market Growth & Trends

The global electric scooters market size is expected to reach USD 34.7 billion by 2028, expanding at a CAGR of 7.6% from 2021 to 2028, according to a study conducted by Grand View Research, Inc. Increasing adoption of electric scooters(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 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 a long range of 120kms per charge. The ETRANCE scooter has a ground to handle the height of about 3.5ft and weighs around 47kgs. These specifications were specifically designed with the women population in the country.

The year 2018 witnessed the introduction of various battery-operated two-wheelers, for instance, Vespa Electrica by Piaggio & C. SPA. The following year was highly promising for most electric scooter vendors owing to the various strategies adopted by them to expand their fleet to international markets. Besides this, well-established two-wheeler companies launched their electric scooters and invested in the installation of charging systems and infrastructure across various countries. For instance, Gogoro, Inc., and KYMCO expanded their reach in other regions to capture the benefit of the untapped market. GenZe By Mahindra, YAMAHA Motor Pvt. Ltd., VÄSSLA ELECTRIC SCOOTERS., and PURE EV are among other players that integrated swappable battery systems in their electric scooter variants. Moreover, the governments in several Asian and European countries have been offering subsidies to drive the sale of battery-powered two-wheelers. These initiatives are anticipated to become more robust with increasing gasoline prices.

The Asia Pacific dominated the global market in 2020 and is predicted to continue its dominance over the forecast period. The growth is accredited to the presence of an increasing number of e-scooter manufacturers and rising vehicle charging infrastructural investments in countries such as Taiwan, India, and China. In 2020, China acquired over 84% of the revenue in the Asia Pacific market. North America is poised to grow at a considerable pace from 2021 to 2028. The growth in the region is owing to the faster adoption of electric vehicles in the U.S. as an alternative to traditional fuel transportation.

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Electric Scooters Market Report Highlights

• By product, the retro segment is expected to dominate the e-scooters market owing to significant demand for the same among the youth and elderly population
• Based on battery, the sealed lead acid segment dominated the market with more than 60% revenue share in 2020 due to benefits such as low cost, and robustness. However, the share is anticipated to decline swiftly owing to a significant rise in demand for Li-Ion batteries
• The Asia Pacific is expected to be the largest regional market over the forecast period owing to significant investments in vehicle charging infrastructure and government subsidies for battery-powered scooters
• Prominent industry participants include Gogoro, Inc.; Mahindra GenZe; Gogoro, Inc.; Jiangsu Xinri E-vehicle Co. Ltd.; and Hero Electric

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Electric Scooters Market Segmentation

Grand View Research has segmented the global electric scooters market based on the product, battery, voltage, and region:

Electric Scooters Product Outlook (Revenue, USD Million, 2018 - 2028)

• Retro
• Standing/Self-Balancing
• Folding

Electric Scooters Battery Outlook (Revenue, USD Million, 2018 - 2028)

• Sealed Lead Acid
• NiMH
• Li-Ion

Electric Scooters Voltage Outlook (Revenue, USD Million, 2018 - 2028)

• 24V
• 36V
• 48V
• Greater than 48V

Electric Scooters Regional Outlook (Revenue, USD Million, 2018 - 2028)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa

List of Key Players of the Electric Scooters Market

• Mahindra GenZe
• BMW Motorrad International
• Vmoto Limited
• Terra Motors Corporation
• Gogoro Inc.
• Jiangsu Xinri Electric Vehicle Co. Ltd.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.