CHICAGO, June 18,
2024 /PRNewswire/ -- Electric Scooter Market is projected to grow from
USD 4.3 billion in 2024 to
USD 12.4 billion by 2030, registering
a CAGR of 18.9%, according to a new report by MarketsandMarkets.
The global market for electric scooters is experiencing significant
growth, driven by a combination of environmental, economic, and
technological factors. Increasing environmental awareness and
stringent government regulations to reduce emissions have prompted
consumers and manufacturers to adopt more sustainable
transportation options. Advances in battery technology have
enhanced the performance, range, and charging efficiency of
electric two-wheelers, making them more practical and appealing.
Additionally, integrating smart technologies, such as GPS and IoT
connectivity, has improved the user experience, while the rise of
shared mobility services has expanded their accessibility and
convenience in urban areas. These developments and substantial
investments from major automotive companies and startups propel the
widespread adoption and growth of electric scooters worldwide.
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Browse in-depth TOC on "Electric
Scooter Market"
385 - Tables
74 -
Figures
381 - Pages
Electric Scooter
Market Scope:
Report Coverage
|
Details
|
Market Revenue in
2024
|
USD 4.3
billion
|
Estimated Value by
2030
|
USD 12.4
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 18.9%
|
Market Size Available
for
|
2019–2030
|
Forecast
Period
|
2024-2030
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Vehicle type, Motor
Power, Motor type, Battery Type, Usage, Technology Type, Voltage
Type, Distance Covered, Vehicle Class and Region
|
Geographies
Covered
|
Asia Pacific, Europe,
and North America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Government bodies
backing electric two-wheelers
|
Key Market
Drivers
|
Advancement in Battery
Technology
|
The 1.5–3 kW segment to show a significant
growth rate during the forecast period.
The less than 100 kW market is projected to
register a CAGR of 19.2% during the forecast period. The power
output of medium-power electric scooters and motorcycles ranges
from 1.5 kW -3 kW. As these scooters and motorcycles run with a
motor that provides decent power output and efficient speed,
electric scooters and motorcycles with this motor usage are
expected to grow considerably during the forecast period. This
power range strikes a balance between performance and efficiency,
offering users enhanced capabilities without sacrificing energy
conservation or affordability. These scooters are well-suited for
navigating both city streets and suburban roads, providing users
with a reliable and convenient mode of transportation for various
daily needs. One of the key advantages of electric scooters in this
power range is their improved performance compared to lower-powered
models. With motor outputs between 1.5 kW and 3 kW, these scooters
offer faster acceleration and higher top speeds, making them more
suitable for longer commutes and handling diverse urban terrain.
This increased power allows riders to maintain higher speeds and
easily navigate inclines, enhancing overall ride comfort and
efficiency. Manufacturers worldwide offer different vehicle models
in a 1.5 kW – 3 kW motor power range. Gogoro (Taiwan) offer Gogoro CrossOver GX250 electric
scooter with a 2.5 kW direct drive motor that can reach speeds of
over 60 kmph and has a range of 111 km. Additionally, Greaves
Electric Mobility Private Limited (India), Yadea Technology Group Co., Ltd.
(China), and Niu International
(China) offer Ampere Magnus EX
with 2.1 kW, Yadea E8S with 2.0 kW, and NQiGT S with 3.5 kW motor
power, respectively.
"The commercial use of electric scooter is
expected to show significant growth during the forecast
period."
Fleet owners delivering goods and services to
their customers increasingly rely on electric scooters and
motorcycles. Electric two-wheelers often come equipped with
advanced telematics and fleet management systems. These
technologies enable real-time tracking, route optimization, and
efficient fleet management, improving delivery efficiency.
Businesses can monitor vehicle performance, schedule maintenance,
and analyze data to optimize operations. Using electric
scooters/mopeds and motorcycles can significantly reduce delivery
costs and improve profitability. Meal delivery companies across the
globe use electric scooters. For instance, in December 2023, Uber Eats (US) partnered with
Gogoro (Taiwan) for Green Delivery
Program. The partnership is word USD 30
million. Uber Eats delivery partners will receive discounts
on new Gogoro Smartscooters and battery swapping programs and be
given incentives for deliveries on Gogoro Smartscooters. Through
the program, Uber Eats expects EV deliveries in Taiwan to double from nearly 20% to 40% by the
end of 2025. Also increasing fuel prices, the need to rationalize
costs, favorable government policies, and rising awareness of
emission-free vehicles would boost the adoption of electric
scooters for commercial use in the forecasted period.
Europe is
expected to become second largest growing market for electric
scooter during the forecast period.
Europe is home
to many electric two-wheeler manufacturing companies, such as
Silence Urban Ecomobility (Spain),
Energica Motor Company (Italy),
GOVECS (Germany), and Piaggio
(Italy). The automotive industry
is one of the key contributors to Europe's economy. The increasing concerns over
carbon emissions by conventional ICE two-wheelers and efficiency in
this mode of travel have led European two-wheeler manufacturers to
develop electric scooters and motorcycles. Government initiatives
have encouraged the key players in the market to develop advanced
electric two-wheelers and the infrastructure for charging
facilities. The rising demand for electric two-wheelers has allowed
new players to increase their regional presence. In April 2024, British e-scooter manufacturer Swifty
Scooters launched the UK's first road-legal e-scooter – the GO
GT500. Honda Motor Co., Ltd. (Japan) launched its first electric two-wheeler
for Europe, the EM1 e, in
May 2023. The vehicle uses Honda's
Power Pack swappable battery technology. Ultraviolette Automotive's
(India) F77 electric motorcycle is
scheduled to be available in Europe in the second quarter of 2024.
Governments of various European countries are
subsidizing electric infrastructure, and the focus will continue to
be on electric vehicles in the long run. The EU's charging network
is growing faster than the EV fleet, and most countries already
have enough infrastructure to comply with the Alternative Fuels
Infrastructure Regulation (AFIR) in 2024. Eight countries are
expected to meet their 2025 targets, and many are close to meeting
their 2026 targets. However, the EU's charging network still needs
to quadruple by 2030. Hence, the electric scooter market in
Europe will grow in the
future.
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Electric Scooter
Market Dynamics:
Drivers:
1. Advancement in Battery Technology
Restraints:
1. Battery heating issues and long charging
time
Opportunities:
1. Government bodies backing electric
two-wheelers
Challenge:
1. Technological barriers related to battery
development
Key Market Players Electric Scooter
Industry:
Prominent players in the Electric Scooter Market
include Yadea Technology Group Co., Ltd. (China), Ola Electric (India), TVS Motor Company (India), Ather Energy (India), Gogoro (Taiwan) and others.
The break-down of primary participants is as
mentioned below:
- By Company Type: OEMs – 30%, Tier I – 30%, Tier II–
40%,
- By Designation: CXOs – 35%, Directors– 20%, Others–
45%
- By Region: North America– 15%, Europe – 15%, Asia Pacific– 70%
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Electric Scooter Industry Recent
Developments:
- In April 2024, Ola Electric
launched the S1 X scooter range, which includes 2 kWh, 3 kWh, and 4
kWh variants. The S1 X 4 kWh has a range of 190 km and can go from
0 to 14 km/h in 3.3 seconds.
- In April 2024, Ather Energy
introduced the Ather Rizta electric scooter with a 2.9 kWh battery,
offering a range of 123 km.
- In March 2024, Yadea Technology
Group Co., Ltd. announced its plan to invest 352.0 million yuan (USD
49.4 million) to acquire the entire shares of Wuxi Lingbo
Electronic Technology Co., Ltd., which specializes in the research,
development, manufacturing, and sales of intelligent control system
solutions. This acquisition will strengthen Yadea's technical
capability and supply chain vertical integration in the electric
two-wheeler industry, develop global markets, and lower production
costs.
Electric Scooter
Market Size - Key Benefits of Buying the
Report:
- The report will help market leaders/new entrants in this market
with information on the closest approximations of revenue numbers
for the overall electric scooter market and its subsegments.
- This report will help stakeholders understand the competitive
landscape and gain more insights to better position their
businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the
market and provides them information on key market drivers,
restraints, challenges, and opportunities.
This report provides insights on:
- Analysis of key drivers (Rising environmental concerns,
Government incentives and subsidies, Advancements in battery
technology, Implementation of battery swapping technology, Rapid
urbanization), restraints (Low number of charging stations in
emerging economies, Lack of power output and limited range, Battery
heating issues and long charging time), opportunities (Government
bodies backing electric two-wheelers, Decreasing prices of
batteries, New revenue pockets in Asia
Pacific and Europe, Use of
IoT and smart infrastructure in electric two-wheeler charging
stations for load management), and challenges (Initial investments
and high cost of electricity, Lack of compatibility,
interchangeability, and standardization, Technological barriers
related to battery development)
- Product Development/Innovation: Detailed insights on
upcoming technologies, research & development activities, and
new product & service launches in the electric scooter
market
- Market Development: Comprehensive information about
lucrative markets – the report analyses the electric scooter market
across varied regions
- Market Diversification: Exhaustive information about new
products & services, untapped geographies, recent developments,
and investments in the electric scooter market
- Competitive Assessment: In-depth assessment of market
shares, growth strategies and service offerings of leading players
like Yadea Technology Group Co., Ltd. (China), Ola Electric (India), TVS Motor Company (India), Ather Energy (India), Gogoro (Taiwan) and among others in the electric
scooter market.
- Strategies: The report also helps stakeholders
understand the pulse of the automotive airbags & seatbelts
market and provides them information on key market drivers,
restraints, challenges, and opportunities.
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2027
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