REDDING, Calif., May 7, 2024 /PRNewswire/ — According to a new market research report titled, ‘Electric Scooters Market by Vehicle Type (Electric Motorcycles, E-Kick scooters & Bikes, Electric Mopeds), Power Output (Less Than 3.6kW, 3.6kW to 7.2kW), Battery Technology, Motor Type, Charging Type, End-user, and Geography—Forecast to 2031′, the electric scooters market is projected to reach $408.1 billion by 2031 from an estimated $103.5 billion in 2024, at a CAGR of 21.6% during the forecast period (2024–2031). By volume, this market is expected to reach 298.5 million units by 2031 from an estimated 93.4 million units in 2024, at a CAGR of 18.1% during the forecast period 2024 to 2031.
Download Sample Report: https://www.meticulousresearch.com/download-sample-report/cp_id=5191
The growth of the global electric scooters market is driven by the increasing localization of electric scooter manufacturing in emerging economies, the increasing consumer acceptance of electric two-wheelers compared to ICE two-wheelers, and the rising inclination of developed economies toward electric-powered two-wheelers. However, the growing reliability issues among consumers due to increasing incidents of accidents involving electric two-wheelers and inadequate investment by legacy two-wheeler manufacturers toward electric scooters restrain the growth of this market.
The rise in government initiatives to mitigate traffic congestion and pollution is expected to generate market growth opportunities. However, the lack of charging infrastructure poses a major challenge for the market’s growth.
The global electric scooters market is segmented by vehicle type, power output, battery technology, motor type, charging type, end user, and geography. The study also evaluates industry competitors and analyses the country and regional-level markets.
Increasing Localization of Electric Scooter Manufacturing in Emerging Economies Supporting the Growth of the Electric Scooters Market
The market for electric scooters is witnessing a surge in the localization of manufacturing operations within emerging economies, marking a crucial development for its sustained growth. Several manufacturers are strategically shifting their production hubs to key emerging economies, drawn by the prospect of capitalizing on cost-effective labor and abundant resources. For instance, in August 2023, an Indian electric scooter manufacturer, AVERA (India), announced its plan to expand with an investment of USD 12.1 million (INR 1.0 billion) to increase production from 25,000 units per annum to 1,00,000 per annum and cater to the emerging markets in Australia, Vietnam, Sri Lanka, and some other countries in the immediate future.
Similarly, in December 2023, Gogoro Inc. (Taiwan) expanded in India by introducing a new locally-produced electric scooter, the Gogoro CrossOver GX250, and announced the immediate availability of its battery-swapping ecosystem for e-scooters. The e-scooters initially were available for B2B customers in Delhi and Goa, the company plans to roll out in Mumbai and Pune in the first half of 2024, with ample consumer availability in the second quarter of 2024. Such developments not only enhance the affordability of electric scooters but also align with global sustainability goals set by local governments by promoting the adoption of eco-friendly transportation alternatives. This trend is particularly significant in emerging economies where urbanization and a growing middle-class population create a burgeoning demand for electric two-wheelers.
In some countries, the government’s push to strengthen the local electric two-wheeler market share is expected to encourage the E2Ws adoption in coming years. For instance, in February 2023, Indonesia Battery Corporation (IBC), a state-owned battery company, targets to achieve up to 30% share of the electric motorbikes market in Indonesia as the government is pushing the adoption of electric vehicles. The Government of Indonesia is aiming to reach 2 million sales of electric motorbikes by 2025 with a huge investment in processing its rich nickel reserves into battery materials. With such targets, companies aim to cater to the rising consumer demand more efficiently while fostering economic development in developing economies.
The electric scooters industry continues to embrace localization. It ensures the affordability and accessibility of these sustainable vehicles by establishing a foundation for a resilient and responsive electric mobility ecosystem in emerging economies.
Get a Glimpse Inside: Request Sample Pages- https://www.meticulousresearch.com/request-sample-report/cp_id=5191
Based on vehicle type, in 2024, the e-kick scooters & bikes segment is expected to account for the largest share of the global electric scooters market by value and by volume. In terms of sales volume, the e-kick scooters & bikes segment is estimated to hold the share of 85% of the total electric scooters market. The large market share of this segment is attributed to rising global awareness of environmental sustainability, the need for eco-friendly transportation, favorable government policies and initiatives, and growing investments by key players and key stakeholders. However, the electric motorcycles segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to increasing government policies for promoting electric mobility, growing awareness regarding the need to reduce greenhouse gas emissions and environmental pollution, rising demand for electric motorcycles among consumers, increasing gasoline prices, and stringent emission norms.
Based on power output, in 2024, the less than 3.6 kW segment is expected to account for the largest share of 68% of the electric scooters market. The large share of this segment is attributed to the increasing adoption of e-kick scooters & bikes for urban commute and recreational activities, rising initiatives by government authorities for increasing adoption of e-kick scooters & bikes, and increasing investments by ride-hailing companies for deploying e-kick scooters & bikes for micromobility. However, the 3.6 kW to 7.2 kW segment is expected to grow at the highest CAGR of 27.5% during the forecast period.
Based on battery technology, in 2024, the lithium-ion battery segment is expected to account for the largest share of 88% of the electric scooters market. The large share of this segment is attributed to the growing use of electric and hybrid electric vehicles and the rising adoption of battery technology in the renewable energy industry. However, the lithium-ion polymer battery segment is expected to grow at the highest CAGR during the forecast period. A steady increase in lithium-ion polymer batteries adoption is attributed to their superior performance characteristics. These batteries provide a higher power-to-weight ratio, faster charging capabilities, and increased cycle life compared to traditional lithium-ion batteries, contributing to enhanced efficiency and range for electric two-wheelers.
Based on motor type, in 2024, the hub motors segment is expected to account for the largest share of the global electric scooters market. The large market share of this segment is attributed to its high flexibility and stability. Additionally, government initiatives aimed at promoting the adoption of electric vehicles have spurred significant demand for hub motors.
Based on charging type, in 2024, the connector charging segment is expected to account for the largest share of the global electric scooters market. The large share of this segment is attributed to the increasing development and adoption of standardized connector types to ensure compatibility between charging stations and electric two-wheelers and the increasing need for faster charging connectors compatible with high-power DC fast charging.
Based on end user, in 2024, the business organizations segment is expected to account for the largest share of 43% of the electric scooters market. The large market share of this segment is attributed to government initiatives aimed at promoting EV adoption and reducing road congestion. This segment is also expected to grow at the highest CAGR of during the forecast period.
Based on geography, in 2024, Asia–Pacific is expected to command the largest share of 78% of the electric scooters by value. The Asia–Pacific electric scooters market is estimated to be worth USD 80.7 billion in 2024. Asia-Pacific’s significant market share can be attributed to several factors, including rising incomes in developing countries, rising fuel prices, traffic congestion, and pollution. These factors are driving the demand for economical and environmentally friendly modes of transportation, such as electric scooters. Governments across various countries in the region are taking initiatives to promote electric vehicles, while market players are establishing charging infrastructures and launching e-scooters to meet the growing demand. Additionally, growing consumer interest in purchasing EVs to benefit from tax incentives contributes to the market growth in this region.
However, North America electric scooters market is expected to grow with the highest CAGR of 28-30% during the forecast period. The growth in this region is propelled by the growing urbanization, environmental consciousness, and the need for flexible and sustainable transportation options. Cities across the U.S. and Canada have embraced electric scooters as a viable solution to address the challenges of traffic congestion and the last-mile commute. The compact nature and emission-free operation of electric scooters align with North America’s commitment to reducing carbon footprints and creating greener urban environments.
The key players operating in the electric scooters market are Fuji-Ta Bicycle Co., Ltd. (China), Trek Bicycle Corporation (U.S.), Yamaha Motor Co., Ltd. (Japan), Yadea Group Holdings Ltd. (China), Riese & Müller GmbH (Germany), Leon Cycles (Germany), Niu Technologies (China), Walberg Urban Electrics GmbH (Germany), myStromer AG (Switzerland), Magnum Bikes (U.S.), Pedego Electric Bikes (U.S.), Aventon Bikes (U.S.), Govecs AG (Germany), Zhejiang Minimotors Bike Co Ltd (China), Zero Motorcycle Inc. (U.S.), Gogoro Inc. (Taiwan), Ather Energy Pvt. Ltd (India), Energica Motor Company (Italy), Revolt Motors (India), Hero MotoCorp Ltd. (India), and Rad Power Bikes Inc. (U.S.).
Have Specific Research Needs? Request a Customized Report- https://www.meticulousresearch.com/request-customization/cp_id=5191
Scope of the Report
Electric Scooters Market—by Vehicle Type
- E-Kick Scooters & Bikes
- Electric Motorcycles
- Electric Mopeds
Electric Scooters Market—by Power Output
- Less Than 3.6 kW
- 3.6 Kw to 7.2 kW
- 20 Kw to 100 kW
Electric Scooters Market—by Battery Technology
- Lithium-Ion Battery
- Sealed Lead-Acid Battery
- Lithium-Ion Polymer Battery
Electric Scooters Market—by Motor Type
- Hub Motors
- Gearless Hub Motors
- Geared Hub Motors
- Mid-Drive Motors
Electric Scooters Market—by Charging Type
- Connector Charging
- Wireless Charging
Electric Scooters Market—by End User
- Business Organizations
- Micromobility Service Providers
- Individuals
- Academic Institutes/Universities
- Government Institutions
- Other End Users
Electric Scooters Market Assessment—by Geography
-
- Asia-Pacific
- China
- India
- Thailand
- Japan
- South Korea
- Singapore
- Rest of Asia-Pacific
- Europe
- Germany
- France
- Netherlands
- Italy
- Spain
- U.K.
- Switzerland
- Sweden
- Norway
- Denmark
- Rest of Europe
- North America
- U.S.
- Canada
- Latin America
- Middle East & Africa
Unlock Opportunities: Buy Now- https://www.meticulousresearch.com/Checkout/29752709
Related Reports:
Electric Car Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography — Global Forecast to 2028
Wireless Electric Vehicle (EV) Charging Systems Market by Type (DWCS, SWCS), Component (Base Pads, Vehicle Pads), Technology (CWEVCS, PMWEVCS, IWEVCS, RIWEVCS), Power Supply (<11, 11–50kW), Application (Commercial, Residential), Propulsion, and End User—Global Forecast to 2027
Electric Vehicle (EV) Market by Vehicle Type (Passenger Vehicles, LCVs, HCVs, Two-wheelers, e-Scooters & Bikes), Propulsion Type (BEV, FCEV, PHEV, HEV), End Use (Private, Commercial, Industrial), Power Output, Charging Standard, and Geography – Global Forecast to 2027
Electric Vehicle Charging Stations Market by Charging Type (Level 1, Level 2, DCFC), Connection Type (Pantograph, Connector, Wireless), Component (Hardware, Software, Services), Mounting Type (Wall, Pedestal, and Ceiling), Vehicle Type, End User, and Geography – Global Forecast to 2028
E-bikes Market by Propulsion Type (Throttle-assisted and Dual Mode), Class, Power Output, E-bike Type, Battery Type, Motor Type (Hub Motors and Mid-drive Motors), Structure, Charging Type, Charging Mode, and End User – Global Forecast to 2030
Electric Commercial Vehicle Market by Vehicle Type (Light Commercial Vehicles and Heavy Commercial Vehicles), Propulsion Type (BEV and HEV), Power Output, End User (Public Transport and Logistics), and Geography – Global Forecast to 2031
Electric Vehicle Traction Motor Market by Type (PMSM, Induction Motor, BLDC), Power Output (Less than 100 kW, 100 kW to 250 kW, More Than 250kW), Propulsion Type, Application, and Geography – Global Forecast to 2030
EV Battery Recycling Market by Type (Li-ion, Ni-MH, SLA), Source (Commercial, Passenger, E-bikes), Process (Direct, Pyro, Hydro), Model (Contractual Services, Direct-to-Market), Material (Graphite, Lithium), and Geography – Global Forecast to 2030
Second-life EV Batteries Market by Application (Power Backup, Grid Connection, EV Charging, Renewable Energy Storage, Other Applications), End Use (Commercial, Residential, Industrial), Geography – Global Forecast to 2030
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 7
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Content Source: https://www.meticulousresearch.com/pressrelease/410/electric-scooter-market-2031
Logo: https://mma.prnewswire.com/media/1757980/Meticulous_Research_Logo_1.jpg
