NEW YORK — Research Dive in its latest published report estimates that the global electric scooter market will generate $10,317.4 million and exhibit a CAGR of 7.9% from 2021 to 2028.
Electric Scooter Market Dynamics
The emphasis on energy efficient vehicles is growing along with the increasing environmental concerns across the globe. The demand for electric vehicles has increased worldwide. In addition, advanced technologies such as artificial intelligence (AI) are adopted in electric vehicles. All these factors are predicted to accelerate the growth of the global electric scooter market during the forecast period. Moreover, financial incentives and support programs by governments to promote electric vehicles are anticipated to create huge growth opportunities for the electric scooter market by 2028. However, the lack of availability of charging infrastructure in developed countries is expected to hamper the market growth during the estimated timeframe.
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Impact of COVID-19 Pandemic on the Electric Scooter Market
The COVID-19 pandemic has moderately impacted the global electric scooter market growth. This is majorly owing to the lockdown restrictions, closing of manufacturing industries, and disruption in supply chain across the globe. However, the rising adoption of new methods of operation by key market players, such as implementation of predictive analytics for accurately forecasting losses and virtual monitoring of the electric production scooters have helped the market recover during the pandemic period.
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Key Segment Findings of the Electric Scooter Market:
The research report segments the global electric scooter market into voltage, battery type, speed, and region.
- Based on voltage, the 48V sub-segment is estimated to surpass $3,295.7 million by 2028 and dominate in terms of market share during the forecast period. This sub-segment growth of the global electric scooter market is mainly due to the rising demand for high driving range along with high load capacities and reduced charging periods. Besides, the 48V is hugely used in self-balanced and conventional scooters with high capacity, which is another factor predicted to boost the sub-segment’s growth by 2028.
- Based on battery type, the lithium-ion sub-segment is estimated to generate a revenue of $3,291.8 million by 2028 and is predicted to observe the fastest growth over the forecast period. This is majorly owing to the advantages of using lithium-ion batteries, such as light weight, helps in maintaining the vehicle’s energy-to-weight ratio, and safe for environment.
- Based on speed, the low speed sub-segment valued for $2,953.4 million in 2020 and is estimated to hold the majority of market share over the forecast period. This is majorly owing to the increasing awareness about air quality, pollution, and environmental issues. Besides, the low-speed electric scooters are a good alternative to the conventional scooters and are most cost effective, which is driving the sub-segment’s growth in the global electric scooter market.
- Based on region, the Asia-Pacific electric scooter market is expected to surpass $3,794.7 million by 2028 and witness dominant growth in the global industry over the forecast period. This is mainly due to the growing demand for eco-friendly mobile solutions and rapid urbanization in the developing markets such as China and India. In addition, the rising per capita income of the increased population in the countries of the region are boosting the regional market growth.
Top 10 Prominent Electric Scooter Market Players
1. Alta Motors
2. GOVECS AG
3. Gogoro Inc.
4. Vmoto Limited
5. Greenwit Technologies Inc.
6. Terra Motors Corporation
7. Boxx Corp.
8. PIAGGIO & C. SPA
9. HONDA MOTOR CO., LTD.
10. Johammer e-mobility GmbH
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These players and various other companies in the market are focusing on product launches, technological advancements, and strategic collaborations to gain a competitive in the global market.
For instance, in May 2020, Ola Electric Mobility, an Indian electric two-wheeler manufacturer, completed the acquisition of Etergo BV, an Amsterdam-based electric scooter OEM, with an aim to leverage Etergo’s engineering capabilities and design to build its smart electric two-wheeler for both Indian as well as international markets.
