Electric Scooters Market Size to Grow at a CAGR of 7.7% in the Forecast Period of 2023-2028

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The ‘Global Electric Scooters Market Size, Share, Price, Growth, Trends, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global electric scooters market, assessing the market on the basis of its segments like battery, voltage, product, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

Electric Scooters Market Share, Size, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 7.7%

Electric scooters are pollution-free, noise-free, and cost-effective, which makes them ideal for traveling short distances. Electric scooters offer distinct advantages over conventional fuel-based scooters. These advantages include greater convenience and lower maintenance. In addition, the hassle-free ride offered by electric scooters is attracting more customers each year.

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The increasing use of scooters for professional and leisure activities is the major driving factor of the global electric scooter market. Electric scooters are also ideal for traffic congestion due to their superior mobility, flexibility, and lightweight structure, which also enables the driver to find parking space easily. In this regard, the increased footfall in shopping malls, restaurants, and hotels, is leading to a greater demand for electric scooters.

Over the forecast period, rapid urbanisation, escalating disposable income, growing standards of living, and increasing awareness pertaining to the low greenhouse emissions of electric scooters, are some of the crucial factors propelling their sale. The growing emergence of transport companies is further increasing the sale of electric scooters. Major transport companies such as Uber are inducting electric scooters in their service portfolio in select regions, leading to a heightened electric scooter market.

Electric Scooters Industry Definition and Major Segments

Electric scooters also referred to as e-bikes, are two or three-wheeled vehicles that are powered by electricity. The design of these scooters is simple and is powered by rechargeable batteries, with distance capacity depending upon the specific model and battery type. Electric scooters are highly advanced with built-in digital screens, charging ports, and hub motors, among other features.

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Based on battery, the market can be segmented into:

• Sealed Lead Acid
• Li-Ion
• NiMH

On the basis of voltage, the market has been divided into:

• 24V
• 36V
• 48V
• Above 48V

By product, the market can be classified into:

• Retro
• Standing/Self-Balancing
• Folding
• Others

On the basis of region, the market can be categorised into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Electric Scooters Market Trends

The key trends in the global electric scooter market include the various technical upgrades taking place in electric scooters, including digital speedometers and odometers, LED tail lights, Bluetooth connectivity, and charging points. These features make the ride more convenient, especially for the working population. Meanwhile, increasing prices of traditional fuels are a key trend that is fuelling the demand for electric scooters.

Favorable policies of various governments aimed at curbing the emission of greenhouse gases are expected to encourage the use of electric scooters in the forecast period. However, the shortage of lithium-ion batteries is likely to pose as a challenge in the global electric scooter market. Increasing investments in shared electric scooter start-ups are a crucial trend increasing the incorporation of electric scooters in the shared mobility industry. These start-ups are also providing electric scooters for rent.

In geographical terms, Asia Pacific accounts for a significant share of the market. The upward trajectory of the market for electric scooters in this region can be attributed to digitalisation strategies being adopted by various governments and private firms, encouraging the growth of electric mobilities. In addition, the increasing economic growth across countries such as India and China is further escalating market growth.

Key Market Players

The major players in the electric scooters market report include:

  • Gogoro Inc.
  • Greenwit Ltd.
  • Vmoto Limited
  • Terra Motors Corporation
  • Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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