The global scooter market size was estimated at USD 71.17 billion in 2022 and it is projected to surpass around USD 132.97 billion by 2032, poised to grow at a CAGR of 6.5% during the forecast period 2023 to 2032.
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The global scooter market is associated with the worldwide industry that manufactures and distributes scooters. A scooter, one of the most prominent types of vehicle in the global automotive industry, is a two-wheeled vehicle typically designed with a small engine and powered by gasoline or electric power. Personal transportation, commuting, and leisure are a few of the primary and standard purposes of scooters.
The global scooter market is witnessing a significant shift due to rising environmental concerns across the globe. The market’s growth can be attributed to the development of electric scooters that are powered by rechargeable batteries; such scooters aim to produce zero emissions during operation by making them an effective eco-friendly option for transportation. Moreover, the overall development of the automotive industry across the globe, with the rising penetration of key players, will promote the growth of the scooter market.
Significant demand for transportation has been generated by the developing nations' fast urbanization rate and expanding road connections. Customers are influenced to buy personal autos since public transportation is scarce in distant areas. In many countries, renting out electric scooters is becoming an increasingly common form of transportation. Due to growing environmental consciousness and the desire for effective, economical transportation, the business has expanded quickly. Rising demand for effective and affordable transportation options with increasing population is held as a significant factor for the growth of the scooter market. Moreover, rising disposable income in developing countries will promote the growth of the scooter market.
Report Scope of the Scooter Market:
|Market Size in 2023
|USD 75.44 Billion
|Market Size by 2032
|USD 132.97 Billion
|Growth Rate from 2023 to 2032
|CAGR of 6.5%
|2023 to 2032
|By Product and By Electric Scooter Type
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
The rising development of electric scooters
The increasing consumer preferences for convenient traveling and rising interest in buying their own vehicle for transportation result in a higher demand for scooters in the global market. Increasing awareness among people of global warming and pollution shifts consumer preference towards electric scooters rather than fuel-based scooters. The growth of the electric scooter market increases due to the rise in the requirement for lightweight vehicles. Requirement for sustainable and contemporary transportation results in a higher demand for electric scooters. Lower maintenance cost and consumes only few watts for charging makes electric scooters more affordable. Thus, the rising development of electric scooters, especially in countries with well-established automotive sectors is observed to fuel the market’s growth in the upcoming years. For instance, China is the largest manufacture
The lower power capacity of electric scooters hampers the market from growth
Since there are many benefits of electric scooters as per environmental concerns. But there are some of limitations also added in it. Electric scooters had lower power capacity it does not goes as long as other fuel vehicles does. It is more costly than other fuel-based scooters. Charging of big electric scooters can take a longer time to charge. And the main problem of electric scooters is the charging stations, the limited availability of charging stations would be the main limiting factor for the electric scooter market.
Rising logistic business across the world emerging as the growth opportunity of the scooters market
Increasing disposable income among the people tends to the rising interest in shopping. An increasing number of online shopping apps directly dependent on the logistics company for their product delivery to the customer. Scooters are the best and most convenient transportation medium for the bulk amount of product delivery. It is lightweight, less fuel consumption and convenient amount of space for the delivery person and the product baggage thus more logistics company prefer scooters rather than other transportation medium. This is the most promising factor which emerges as a growth opportunity for the scooters market.
Product Type Insights:
The normal scooter segment held the highest market share revenue in 2022. The growth of the segment is attributed to the increasing disposable income and interest in buying own vehicle for transportation tends to the higher demand of the scooter market. The need for a vehicle that provides comfortable rides has gearless driving systems, and costs little to run is driving up the price of standard scooters. Regular scooters have a strong body that improves agility and offers good mileage, which contributes to the segment's large market share.
The electric scooter segment is expected to dominate the market with the largest market share in the forecast period. The increase in the segment is due to the increasing awareness among people for environmentally friendly alternatives in the transportation options. Electric scooters have various benefits, including being economical and ecologically benign, when used as a form of transportation for regular journeys. Due to their practicality and sustainability, electric scooters are becoming more and more popular among everyday commuters.
Electric Scooter Type Insights:
The conventional electric scooter segment dominated the market with the highest market share in 2022. The growth of the segment is attributed to their low maintenance cost, lightweight, lower initials expected to rise in the adaptability of the conventional electric scooter.
Conventional electric scooters are frequently used by customers since they are inexpensive to purchase, maintain, and operate compared to alternatives. Additionally, traditional electric scooter producers put a lot of effort into creating technologically cutting-edge traditional electric scooters at a competitive price, which helps them capture a large portion of the market.
The better swappable electric scooter segment is expected to increase in market share in the forecast period. The growth of the market is attributed to the increasing interest of the automobile industrialist to develop the technology of battery swappable for exchanging the depleted battery with fully charged batteries. The electric scooter's swappable battery is designed to make it simple for users to pull the battery out to charge, switch it out in the battery change station, or quickly remove and replace the battery pack to inspect the battery's condition. According to the kind of material used, the generally used electric scooter swappable battery is mostly separated into lead acid, ternary lithium, and lifepo4 batteries. Each of them has a different chemistry and varies in size and weight, with lead-acid batteries typically being big enough to contribute weight to the vehicle's structure.
Asia-Pacific held the largest market in terms of market revenue in 2022, the region is expected to maintain its dominance during the forecast period. Growth of the region is attributed to the changes in lifestyle preferences and disposable income, which tends to the higher demand of the scooters across region.
Compared to buying other modes of transportation such as cars, motorcycles, etc.; the scooter is more affordable to buy and convenient to maintain. The scooter has low operating and maintenance costs. The increasing adoption of electric vehicles in nations like India, China, Japan, etc. results in a higher demand for the scooter. The infrastructural developments in the automotive industry and the presence of leading key players in the region such as Bird, Xing Xing, Beam, and Lime accelerate the market’s growth in Asia Pacific.
China is the leading manufacturer of electric scooters; the country is prominent for its automotive production owing to the presence of major key players, availability of low-cost labor and easy accessibility to the raw materials required in the automotive industry. China manufactured 33.9 million electric two-wheelers in 2020.
Europe is expected to witness a significant market share during the forecast period. The growth of the market is due to the increasing awareness about environmentally friendly vehicle options in the region, which is expected to have a higher demand for electric scooters. Rising autonomous industrialization across the region results in an increase in the demand for scooters during the forecast period. With the presence of significant automotive manufacturers in the country, Germany will contribute the largest share of the market in Europe.
North America is anticipated to show a notable growth in the scooter market during the forecast period. Increasing preference towards electric scooters for a pollution-free environment is expected to grow in the demand for the scooter market. Moreover, the rapid adoption of advanced technology by almost every sector is expected to boost the growth of the scooter market in North America.
Kay Market Players:
Segments Covered in the Report:
By Electric Scooter Type
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