Electric Scooters Market Outlook:
An online release by Forbes estimated that 46% of car traffic in the U.S. is caused by vehicles that operate on less than 3 miles, and that micro-mobility solution could aid in alleviating a substantial percentage of this last-mile gridlock. Increasing necessity for efficient transportation structure and ecological urban mobility are the prime factors motivating the evolution from conventional to electric modes of transport. Due to these factors, the electric scooters market is projected to grow at a global compound annual growth rate (CAGR) of 8.26% during the forecast period of 2020-2025.
Plug-in electric vehicles with rechargeable batteries are inducing profits globally, but a regional viewpoint of the electric scooters market foresees APAC as the most lucrative region in terms of demand. This region, with densely populated economies of India, China and Japan along with the strong presence of Original Equipment Manufacturers (OEMs) accounted for 37.36% share of the electric scooters market. As per the IBEF, India is the largest two-wheeler market in terms of sales with light vehicles ranging between 75cc to 110 cc gripping the maximum sales.[2] This data very well resonates with the demand for lighter vehicles in the region and hence depicts huge opportunities to be capitalized on by the electric scooters market. Electric vehicle in China represents the first mass-adopted and mass-produced unconventional-energy transportation with nearly 20 million units being sold per year.[3] Subsidies and concessions, infrastructure for battery charging, and increasing ecological consciousness amongst the consumers are boosting the sales of electric two-wheelers in China.
Battery, a device where electrical energy is stored to run the vehicle’s mechanism, is the fuel for electric scooters. Some of the most common batteries employed by the manufacturers include sealed lead acid (SLA), NiMH, and Li-Ion. A critical scrutiny of the battery type segment indicates Li-Ion and SLA to be the dominant segment. The segment is poised to grow at a CAGR of 7.16% through 2025. The sheer affluence of the SLA segment can be attributed to its economical rate, heavy-usage, and sturdiness, while extraordinary-performance, greater charge density, light-weight, as well as charging-discharging efficacy are the factors driving the growth of the Li-Ion segment.
Electric Scooters Market Trends and Growth Drivers:
- Avan Motors, an electric two-wheeler company in India, launched its Trend E electric scooter in 2020. Following its successors Xero and Xero +, Trend E is the manufacturer’s third segment of brand extension. All its e-scooters are power-driven by lithium ion batteries as these iare comparatively lighter than lead acid batteries and sustains more charge as well.
- Scooters sharing services being capitalized by commuting giants such as Uber and Lyft is a major trend disrupting the market. Electronic scooters are the first choice for scooter ride-sharing service companies as they are economical in terms of fuel and maintenance. This commercial aspect viewed by commuting giants towards e-scooters is all set to boost the demand in the market.
- Growth in food-delivery services is also driving the electronic scooters market. This F&B virtual retail section, to cut down its expenses, employ the inexpensive mode of transport, thus augmenting the market for electronic scooters.
- Standing/self-balancing scooters are being heavily adopted by female citizens, diverting the male-centric two-wheelers market towards a unisex forum.
Electric Scooters Market Challenges:
Lack of charging facilities is a prime factor hindering the market growth as it is not convenient to keep changing the battery on transit and charging a vehicle takes more time than refueling a tank, thus making the e-vehicles less flexible from their fossil-fuel counterparts. However, the influx of investments in charging facilities and R&D to produce fast-charging batteries are pushing the market towards mass commercialization.
Electric Scooters Market Players Perspective:
Some of the key players that hold a significant share of the electronic scooters market are Suzuki Motor Corporation, BOXX Corp., Green Energy Motors Corp., Gogoro, Inc., Honda Motor Co. Ltd., Mahindra GenZe, KTM AG, Terra Motors Corporation, Greenwit Technology Inc, and Bmw Motorrad International. These manufacturers have enough opportunities to capitalize on by going forward with the strategy and expansion of charging stations to expand the perspectives of complete green automotive transportation.
Electric Scooters Market Research Scope:
The base year of the study is 2020, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the electric scooters market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of applications in global electric scooters market, and their specific advantages.
The Electric Scooters Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions.
The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Electric Scooters Market Report
- Is the market for electric scooters growing? How long will it continue to grow and at what rate?
- Which type of systems presents the major growth opportunities?
- Is there a possibility for change in the market structure over time?
- Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
- Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
- What are the short-term, long-term, and medium-term growth drivers for the market?
- What are the short-term, medium-term, and long-term challenges for the market?
- What are the short-term, medium-term, and long-term opportunities for the market
- Who are the top players/companies of the market?
- What are the recent innovations in the market?
- How many patents have been filed by the leading players?
- What are the types of patents filed by the leading players?
- What is our Vision 2030 for the electric scooters market?
A few focus points of this Research are given below:
- Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
- Provide an overview of the product portfolio, including product planning, development, and positioning
- Discuss the role of technology companies in partnerships
- Explore the regional sales activities
- Analyze the market size and giving the forecast for current and future electric scooters Market during the forecast 2020–2025
- Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures.
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