The global electric scooter market size stood at USD 14.28 billion in 2020. The market is expected to reach USD 15.22 billion in 2021 to USD 31.04 billion in 2028, at a CAGR of 10.7% in the forecast period. According to our analysts, the growing demand for fuel-effective vehicles, pooled with rising jeopardies over greenhouse gas and carbon releases, is anticipated to augment the implementation of e-scooters.
Decline in Novel Vehicles Sales Amid COVID-19 to Hinder Market Growth
The COVID-19 pandemic has led to a global fiscal halt. Lockdowns inflicted in numerous areas of the globe to avert the spread of the virus resulted in supply chains interruptions and momentary shut down of numerous production centers.
The pandemic had an adverse impact on the market for e-scooters. Owing to the global lockdown limitations, production and sales of novel automobiles, comprising e-scooters, have been terminated. The raw materials necessary to manufacture several scooters parts were also unobtainable on account of the supply chain commotion, resulting in manufacturing postponement.
The report delivers
insightful visions gained by detailed review conducted by our researchers. A
methodical research was initiated to offer the predicted size of the market. The
data utilized to put forth the shares for multiple segments at the national, domestic,
as well as international levels is gained from in-depth interviews with several
Battery Type, Voltage Type, and Region are studied for the Market
On the basis of battery type, the market is branched into lead acid batteries, Li-ion batteries. The lead-acid battery segment dominated the market with a revenue share of more than 60% in 2020.
In terms of voltage type, the market is segregated into 48-59 V, 60-72 V, 73-96V, and above 96V.
Geographically, the market is segregated into North America, Europe, Asia Pacific, and the rest of the world.
Drivers and Restraints:
Low Operational and Maintenance Price Coupled with Growing Demand for EVs to Spur Growth
The rising price of petroleum products is among the most vital aspects fueling the electric scooter market growth. The surging cost of gasoline is currently impacting consumers in developing markets. Electric two-wheelers will substantially lower the running costs of these automobiles owing to being more fuel-effective in comparison with conventional scooters. Electric scooters with a wider range than the current generation of electric two-wheelers are projected to be presented by scooter manufacturers.
Asia Pacific held the largest electric scooter market share and accounted for USD 12.39 billion in 2020. The region is anticipated to lead the global market in terms of being an automotive hub, with huge sales and production in based in China.
North America is estimated to grow at a CAGR of 17.1 % during the predicted period backed by expanding initiatives of building charging stations across this region.
Europe held a trivial portion of the total global market in 2020. The region is expected to observe the highest CAGR of 37.9% during the forecast period owing to consumer approval of electric as well as autonomous vehicles.
Inventive Product Launch Declarations by Important Players to Spur Market Growth
The fundamental players functioning in the market, implement numerous tactics to boost their position in the market as dominating companies. One such vital tactic is procuring companies to boost the brand value among users. Another fundamental tactic is intermittently presenting groundbreaking products with comprehensive study of the market and its target audience.
February 2021: Vmoto Limited made an announcement regarding the unveiling of three novel B2C electric two-wheeled vehicle models, the novel TS, the brand-new TC, and a CUmini, all of which were launched at Vmoto Soco World Première, held in 2021.
List of Key Players Mentioned in the Report:
· Yadea Technology Group Co. Ltd (China)
· Zhejiang Luyuan Electric Vehicle Co Ltd (China)
· Niu Technologies (China)
· Mahendra GenZe (U.S.)
· Hero Electric (India)
· Vmoto Limited (Australia)
· Amper Vehicles (India)
· Govecs Group (Germany)
· BMW Motorrad International (Germany)
· Gogoro Inc. (Taiwan)
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune - 411045, Maharashtra, India.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245