The global electric scooters (E-Scooters) market size was valued at US$ 18.5 billion in 2020 and expected to hit US$ 40.34 billion by 2030, anticipated to grow at a compound annual growth rate (CAGR) of 8.1% from 2021 to 2030.
Rising demand for fuel-efficient vehicles across the globe coupled with increasing concern for alarming rise in the global pollution are some of the major factors that drives the market growth of electric scooters over the upcoming years. As a result, governments of various regions have issued stringent emission norms to curb the rate of rising rate of carbon in the environment. For instance, Environmental Protection Agency (EPA) of USA proposed a rule in order to revise the existing national Greenhouse Gas (GHG) emission standards for light trucks and passenger cars.
Similarly, European Commission has also proposed strict measure on the passenger vehicle emission. This is majorly due to 70% out of the total emission is from transport sector and passenger cars are the major contributor among road transports in the rise the GHG gas.
Furthermore, rapid urbanization along with rising population density particularly in the developing nations contribute prominently for the significant rise in demand for electric scooters in these regions. Moreover, it is an affordable and environment-friendly mode of commutation that again propels the market growth during the forecast time frame.
Urban mobility trend such as shared bikes, electric scooters, and dockless bikes have gained significant momentum in the past few years. Electric scooters reduce the overall travelling time as well as is more convenient for short and long-distance commutation. Hence, the preference for electric scooters are rising rapidly even greater compared to electric cars during the upcoming years.
However, sudden outbreak of coronavirus in the year 2020 has impacted the automotive sales badly along with several other industries owing to disruption in the supply chain structure across the globe. Nonetheless, diversity in the e-scooter models and on-going research on electric scooters for improving its performance propels the market growth for electric scooters over the forthcoming period.
|Market Size||USD 40.34 Billion by 2030|
|Growth Rate||CAGR of 8.1% from 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Voltage, Battery, Product|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, MEAN|
|Companies Mentioned||Gogoro Inc., AllCell Technologies LLC, BMW Motorrad International, BOXX Corp., Green Energy Motors Corp., Honda Motor Co. Ltd., Greenwit Technologies Inc., Jiangsu Xinri E-Vehicle Co. Ltd., Mahindra GenZe, KTM AG, Peugeot Scooters|
Retro electric scooter product type led the global electric scooters market with more than half of the market revenue share in the year 2020 and anticipated to rise at a prominent rate over the forecast time frame. This is primarily attributed to the drastic shift in consumer preference for green mobility solutions mainly for commuting for short distances. This has also helped consumers to reduce the overall commutation cost across the world.
On the other side, folding e-scooter type exhibit accelerating growth of nearly 10% during the forecast period. Increasing penetration of next-generation technologies such as big data and Internet of Things (IoT)and rising need for product differentiation have triggered the demand for folding electric scooters. However, higher degree of convenience and control of standing/self-balancing electric scooters in residential and commercial application basically for the amalgamation of daily activities likely to prosper its demand over the forecast period.
The Asia Pacific region is the front-runner in the global electric scooters market accounting for a revenue share of approximately 70% in the year 2020 and predicted to witness significant growth over the upcoming years. This is primarily attributed to the increasing concentration of electric scooter manufacturers in Japan, China, and Taiwan that acquire significant share in electric scooters market across the world. Besides, China has projected itself not only as the largest consumer of electric scooters but also a leading exporter and producer across the globe. Some of the active electric scooter market players in China include Yadea, Jiangsu Xinri Electric Vehicle Co. Ltd., Zhejiang Luyuan, AIMA Group, and Niu International.
However, North America anticipated to witness the fastest growth of approximately 13% over the upcoming time frame owing to increasing investment from government bodies in the electric vehicle charging infrastructure coupled with research support for high-density batteries. For instance, Revel invested US$ 27.6 million in the USA market to introduce 68 MUVI electric scooters that were manufactured by a Spanish company Torrot.
Key Companies & Market Share Insights
Leading players in the global electric scooters market are largely focused on research & development activity along with product level strategies in order to expand their market reach across the globe. Industry participants adopt various strategies in different regions depending in the consumer preference and nature. For instance, in Taiwan Gogoro Inc. introduced swappable battery electric scooters that has revolutionized the market. In addition, several Asian vendors are affiliating with the company to integrate the swappable battery technology in their e-scooters.
Some of the prominent players in the Electric Scooters Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Precedence Research has segmented the global Electric Scooters Market report on the basis of product, battery, voltage, and region:
By Product Type
By Battery Type
By Voltage Type
By Regional Type
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