The global electric scooters market is anticipated to grow at a CAGR of 9% during the forecast period. In 2021, the market valuation was US$ 8.8 billion. However, in 2022, the valuation jumped to US$ 9.59 billion, and by 2032, the market is expected to have a valuation of US$ 22.70 billion.
The electric scooters are believed to be one of the easiest modes of commutation. Therefore, they are being increasingly used by ridesharing companies. Moreover, the charges associated with the usage are also nominal.
Electric scooters are also popular amongst the investors, as they do not produce much noise while plying on roads, and this is something which the authorities across the world look out for. Additionally, they also do not emit greenhouse gases. Because of this reason, the governments and other governing authorities across the globe are putting huge amounts of money to promote the manufacturing of electric scooters. This is expected to increase the sales of electric scooters during the forecast period.
Moreover, the maintenance cost associated with electric scooters is much less as compared to conventional scooters or bikes. This as well might boost the electric scooters market during the forecast period.
It is a global news that the fuel prices at rising at a rate like never before. This presents a huge opportunity to the electric scooters and undoubtedly, the market is making the best use of this. As the name suggests, the electric scooters are operated using electricity.
Additionally, more and more players, be it local or global are entering into the electric scooters market because of the benefits associated. This might as well surge the demand for electric scooters.
Furthermore, rapid urbanisation is also one of the reasons which is fuelling the growth of electric scooters market. The reason being, because of construction and related activities, the pollution level tends to increase. To contain the rising pollution, the authorities encourage the usage of electric scooters.
Thus, the FMI researchers are of the view that rapid urbanisation, low cost of commutation and a number of factors are expected to drive the electric scooters market during the forecast period.
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- The electric scooters market had a value of US$ 8.8 billion in2021.
- The electric scooters market has a valuation of US$ 9.59 billion as on 2022.
- The electric scooters market is expected to be valued at US$ 22.70 billion by 2032.
- The market is projected to grow at a CAGR of 9% during the forecast period.
- Based on the battery type, Li-ion is expected to have the largest market share during the forecast period.
- Based on the product type, maxi electric scooters are projected to have the highest market share during the forecast period.
- Based on the technology, the battery technology is anticipated to be the most preferred during the forecast period.
- Asia Pacific is expected to be the largest market throughout the forecast period.
- USA market expected to grow at a CAGR of 8.4% during 2022–2032.
- UK electric scooters market projected to grow at a CAGR of 8.8% during the forecast period.
- China projected to be the largest market.
- India market expected to grow at a good rate.
With a lot of buzz generating around the electric scooters market, the key players are taking the necessary steps to develop consumer oriented electric scooters, like employing GPS in the electric scooters.
Some of the recent developments are:
- In July 2022, Ather Energy appointed Sanjeev Kumar Singh as the new Vice President of manufacturing and Harendra Saksena as the Chief Procurement Officer.
- In September 2022, Tech Mahindra and Tada Cognitive Solutions partnered to digitally transform the supply chain networks for enterprises in the US.
Key Companies Profiled
- Alta Motors
- Ather Energy
- Bajaj Auto
- BMW Motorrad International
- Energica Motor Company
- Evoke Motorcycles
- Hero Eco
- Johammer e-mobility GmbH
- KTM AG
- Mahindra GenZe
- Ninebot Limited
- Okinawa Autotech Pvt. Ltd.
- Piaggio & C. SpA
- ReVolt Electric Motorbikes
- Yamaha Motor Company Limited.
Key Segments Profiled in the Electric Scooters Market
By Product Type:
By Battery Type: