Electric Scooters Market Revenue To Hit USD 37.15 Billion In 2023

The global electric scooters market has captured revenue of USD 37.15 billion in 2023 and is expected to attain around USD 88.75 billion by 2032, poised to grow at a remarkable CAGR of 10.16% between 2023 and 2032.

Due to their cost-effective urban travel for end users in all established and emerging nations throughout the world, electric scooters are expected to dominate the worldwide market for scooters.

Market Overview:

One of the main reasons driving the market expansion of electric scooters over the following years is the rising demand for fuel-efficient automobiles worldwide along with growing concern over the alarming rise in global pollution. In order to slow the rate at which carbon levels are increasing in the environment, governments in various regions have established strict emission regulations. For instance, the Environmental Protection Agency (EPA) of the USA put up a regulation to update the current national GHG emission guidelines for light trucks and passenger automobiles. Electric scooter-sharing services are becoming more popular in nations like Spain, the United States, Germany, and France. a need for modern transportation infrastructure and environmentally friendly urban mobility. Electric scooter use among young people is growing. Electric scooters are more practical and reduce overall travel time for both short- and long-distance commuting.

The use of electric scooters is becoming more popular as a result of increased social distance awareness. Its agility and ease of mobility in areas with heavy traffic congestion are further advantages that these vehicles provide.

Regional Analysis:

In terms of revenue share, the Asia Pacific region leads the world market for electric scooters, accounting for almost 75% of it in 2022. It is also expected to have rapid expansion in the years to come. The rivalry in the Asian market has increased as a result of the release of e-scooter models by well-known Japanese businesses including Honda, Yamaha, Suzuki, and Kawasaki. Throughout the projection period, a sizable CAGR is anticipated for the European market. It is projected that increasing expenditures in electric vehicle charging infrastructure and research funding for cutting-edge high-density batteries would help regional growth overall.

The quick acceptance of electric cars as a practical substitute for conventional gasoline-powered vehicles has been a major factor in this region's rapid growth.

The use of electric cars has increased in the United States as a result of rising carbon footprints. People in this nation can also afford to purchase electric scooters because of the high per capita income. The stringent criteria established by regulatory agencies are largely to blame for this. Also, a sizable number of players are expected to have an impact on how electric scooter adoption trends develop in this country.

This trend is the result of greater expenditures being made in this state to provide infrastructure for electric vehicle charging. Research support for advanced high-density batteries and greater expenditures in electric vehicle charging infrastructure is expected to contribute to regional growth.

Electric Scooters Market Report Scope:

Report Coverage Details
Market Revenue in 2023 USD 37.15 Billion
Projected Forecast Revenue in 2032 USD 88.75 Billion
Growth Rate from 2023 to 2032 CAGR of 10.16%
Largest Market North America
Base Year 2022
Forecast Period  2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Market Dynamics:

Market Drivers: Lower initial expenses and a greater selection of models

Due to reduced upfront costs and the availability of more models on the market, which provide purchasers with a variety of alternatives, e-scooters sell more frequently than e-motorcycles. The popularity of the e-scooter is being fueled by its attraction as a toy and a possible mode of transportation for commuters. As a result, several firms are starting to inundate large cities with thousands of scooters that can be rented by the minute.

A number of pilot initiatives have been started to gradually introduce e-scooters in order to cut down on car pollution in urban areas. Also motivating traditional two-wheeler manufacturers to enter the market is the popularity of e-scooters. For e-scooters, India is becoming a viable market. As a result, a number of Indian two-wheeler producers are getting ready to introduce new models in the market.

Market Restraints: Covid-19 disruption and the initial cost of e-vehicles

Global economic growth has slowed as a result of the COVID-19 problem. Implementations of lockdowns to stop the virus' spread caused supply chains to break down and manufacturing operations to temporarily stop. The pandemic had an impact on the whole automobile sector, which in turn slowed the growth of the e-scooter market in the first half of 2020.

Due to their reliance on international procurement for the ingredients and components of batteries, e-scooters have become particularly vulnerable. The initial cost of e-vehicles is also higher than that of their gas-powered and hybrid counterparts, which has a negative influence on the industry's growth in rising nations throughout the world.

Market Opportunities: Shift in the consumer preferences

The tremendous growth of this industry is partly attributable to the shift in consumer preference toward more intelligent scooter use. The electric scooter wasn't all that tempting at first. What was previously a costly novelty tech item gained a huge niche market. It is necessary to create a low-cost, shared electric scooter model in order to spark demand and turn the expensive product into a practical emission-free commuting choice. The electric scooter boom and revolution started in 2018.

That was the perfect time due to price drops on GPS trackers and batteries. A lot of significant factors have impacted this sector's growth and population. The advancement of supporting technologies was what drove the market forward.

Product Insights:

Due to rising maintenance and fuel expenses, the retro electric scooter product group retained a revenue share of over 60% in 2022. This makes electric scooters an appealing mobility choice. With demand mounting to reduce carbon footprints, electric mobility is also emerging as a greener option. Nonetheless, during the past two years, the market for vintage electric scooters has grown slowly.

The dearth of parking spaces in major cities is one of the main causes driving up demand for these types of scooters. Because of their freedom from the early limitations of strength and weight, these scooters have become more popular in the United States.

Voltage Insights:

Based on battery type, the electric scooter market is segmented into lead-based, NiMH, and lithium-ion batteries. Li-Ion batteries are most likely to rule the market.

Due to Li-Ion batteries' greater performance over lead-based and NiMH batteries as well as the growing popularity of environmentally friendly batteries, demand for these batteries has surged. Li-Ion batteries' capacity for lengthy charge cycles and high energy compactness. These batteries are capable of quick charging and are highly durable.

Recent Development:

  • November 2022: The EM1 electric scooter was launched by Honda Motor Co. The scooter is powered by Honda Power Pack. The scooter, which will be introduced in Europe in early 2023, has a range of up to 40 kilometers on a single full charge. Honda's entry into the European market for electric two-wheelers is marked with this scooter.
  • November 2022: During EICMA 2022, the Italian maker of electric motorcycles Energica Motor Company SpA announced their 2023 portfolio, which included revised models of the Energica Experia, Energica Ego, and Energica EssEss9.
  • October 2022: The largest two-wheeler manufacturer in the world, Hero MotoCorp, made its debut in the electric two-wheeler market by introducing its own electric two-wheeler brand Vida and releasing its first electric scooter, the Hero Vida 1. The scooter is available in the V1 Plus and V1 Pro versions. The business also introduced Vida Services.

Major Key Players:

  • 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
  • Terra Motors Corporation
  • Suzuki Motor Corporation
  • Vmoto Limited
  • Yamaha Motor Company Limited
  • Yadea Technology Group Co. Ltd.
  • Xiaomi
  • Bird
  • Ninebot Limited
  • Lime
  • Spin

Market Segmentation:

By Product Type

  • Standing/Self-Balancing
  • Retro
  • Folding

By Battery Type

  • NiMH
  • Sealed Lead Acid
  • Li-ion

By Voltage Type

  • 24V
  • 36V
  • 48V
  • Greater than 48V

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