Propelled by Rising Demand for Sustainable Transport Alternatives, Electric Kick Scooter Market to reach US$ 6.5 Bn in 2031. The North America electric kick scooters market is set to register 11% CAGR through the end of 2031
NEWARK, Del., Aug. 3, 2022 /PRNewswire/ — The global electric kick scooter market is expected to reach US$ 6.5 Bn in 2031, exhibiting a stellar CAGR of 11.5% for the assessment period of 2021 to 2031. The electric kick scooter market is likely to be dominated by key market players, with the top ten businesses in the market accounting for over 30.5% of the market share. The growth as witnessed by the sector is likely due to benefits like reduction in carbon footprints, convenience, and ease of commute afforded by the use of an electric kick scooter.
Electric kick scooters are a convenient, easy, and eco-friendly mode of commute. Rising urbanization coupled with a heightened emphasis on sustainability is expected to fuel sales of electric kick scooters in the market. There is a considerable rise in the demand for these vehicles all over the world but especially in large cities where traffic congestion is relatively high.
Furthermore, electric kick scooters emit zero carbon emissions, making them a largely preferred alternative to conventional two-wheelers and passenger cars. All these factors are expected to foster a positive economic market environment for electric kick scooters.
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Moreover, manufacturers are keen on introducing feature upgrades in electric kick scooters such as ultra-bright headlights, a double-braking system with anti-lock braking as well as easy folding features. Other features of the vehicle like the use of both air-filled and airless tires enhance the quality of the ride and provide superior traction. These features of the electric kick scooter are likely to augment growth in the market.
“Rising adoption of sustainable transport alternatives along with the added advantage of convenience will likely boost the sales of electric kick scooters in the global market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Convenient and eco-friendly feature of electric kick scooter to boost market possibilities.
- Australia & New Zealand account for over 26% of sales in South Asia and Pacific countries.
- Demand for electric kick scooters in the U.S. is expected to exceed 11.2% CAGR.
- Electric kick scooter market in Germany is predicted to account for 23.3% of market share in Europe.
- South Africa will likely present lucrative market opportunities over the forecast period.
- China is expected to exhibit a CAGR of 12% over the assessment period.
- By product type, the two-wheeled segment is anticipated to lead market growth.
- By battery type, lithium-ion batteries to dominate the market over the forecast period.
Competitive Landscape
- Micro Mobility Systems AG,
- Golabs Inc.,
- Bird Rides Inc.,
- Segway Inc.,
- IconBIT Limited,
- GOVECS AG,
- Razor LLC,
- Xiaomi Corporation,
- YADEA Technology Group Co. Ltd,
- AKTIVO Scooter,
- VOI Technology,
- Spin, SWAGTRON, and
- Niu International
among others are some of the major players in the electric kick scooter market that are profiled in the full version of the report.
Major electric kick scooter market players are focused on product expansion and innovation. These businesses aim to provide a longer battery life along with other feature upgradation like regenerative braking system which will add to vehicle safety. Manufacturers are also engaging in strategic tactics like partnerships and collaborations to extend their business and global presence.
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More Insights into the Electric Kick Scooters Market Report
In its latest report, FMI offers an unbiased analysis of the global electric kick scooter market, providing historical data from 2016 to 2020 and forecast statistics for the period 2021 to 2031. To understand the global market potential, growth, and scope, the market is segmented based on product type (two-wheeled, three-wheeled), battery type (lead based, nickel based, lithium ion) price range (below US$ 200, US$ 200-375, US$ 375.1-750, US$750.1-1,100, above US$ 1,100) wheel size (<8″, 8-8.5″, 9-9.5″, 10-10.5″, >11″), end use (personal, rental/ sharing, law enforcement), and region.
According to the latest FMI reports, based on regional growth, Australia & New Zealand are anticipated to continue market domination during the forecast period. This region is expected to hold over 26% of the sales in the South Asia & Pacific countries. Market players operating in this region are concentrating on providing affordable electric kick scooters with sleek designs.
Many electric kick scooter companies like Ofo, Reddy Go and Lime offer rental electric kick scooters. Key manufacturers are looking into this market as an attractive market sales opportunity as these countries are highly suitable for electric mobility in terms of infrastructure and advanced technologies for these vehicles.
Demand for electric kick scooter in the U.S. market is anticipated to grow at nearly 11.2% CAGR over the assessment period. With the immense presence of various kick scooter manufacturers, the U.S. market has increased number of ride sharing services. The number of vehicle ownership of kick scooters has also increased in the U.S. This has induced the government to implement guidelines in terms of speed limits for electric scooters throughout the country.
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Market manufacturers in the U.S. are concentrating on research and development activities to create new micro mobility options for the global market. The growth in the adoption of electric kick scooters in the U.S. market will likely fuel the sales of electric kick scooters in the next ten years.
In Europe, Germany accounted for nearly 23.3% of the market share in 2021. Growing awareness about environment conservation and rising concerns about carbon emissions are expected to fuel market growth in this region. The government in Germany is also inviting the use of electric kick scooters to reduce traffic congestion as well as the country’s carbon footprint. Consumers in Germany are attracted towards electric kick scooters as they are fun, provide a new experience, and help avoid traffic congestion. The electric kick scooter market in Germany is expected to expand funded by the rise in electric share mobility in this region.
South Africa is anticipated to register high growth rates in the Middle East & Africa. Several businesses are opening up to rental electric kick scooters service in this region. Product releases undertaken by these companies will have a significant impact on kick scooter sales in South Africa.
China is the largest manufacturer and exporter of electric kick scooters in East Asia. The country is projected to exhibit a stellar CAGR of over 12% during the assessment period. China based manufacturing companies such as Niu Technologies have launched different types of kick scooters to expand their product portfolio.
Market manufacturers are concentrating on improving their production capacity for affordable electric mobility solutions to boost their sales. Manufacturers are also leveraging e-commerce platforms to sell electric kick scooters and replacement parts to further enhance the sales prospects. Moreover, manufacturers in China are partnering and collaborating with electric kick scooter companies in other regions to improve their global presence.
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According to the latest reports by FMI, based on product type, two wheeled electric kick scooters are the leading category in the global market. Two wheeled electric kick scooters are gaining prominence in countries such as the U.S., China, and Germany owing to advancing environmental concerns and associated technological advancements. These vehicles are foldable, portable, and reduce traffic congestion, too.
Rental two wheeled electric kick scooters are available for use through mobile apps in many central regions which is further accelerating the market for two wheeled electric kick scooters.
By battery type, lithium-ion batteries are being extensively integrated to electric kick scooters. These batteries have high energy density in comparison to lead acid batteries. Furthermore, lithium-ion batteries in electric kick scooters do not require frequent maintenance and has a charging capacity of up to 70W with minimum charging time. High efficiency and resistance to high temperature as well as durability and high storage capacity promote this segment’s growth through 2031.
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