ESOMAR-certified consulting firm Future Market Insights’ (FMI) – From 2022 to 2032, The electric scooters market growth is anticipated to grow at a CAGR of 9%. Sales of electric scooters are expected to rise from US$ 9.59 billion in 2022 to US$ 22.7 billion by 2032, according to the report.
Growing environmental concerns, coupled with demand for reduced costs of commute, easy commutation, and emission control are primary factors encouraging the adoption of electronic vehicles across the world. These factors also will enable the electric scooters sales to total US$ 8.8 Bn in 2021.
Growth forecasts remain positive for the market. While hindrances were likely amid COVID-19 induced restrictions, sales will recover at an impressive pace. FMI also forecasts the market to exhibit 5.5% year on year growth in 2021.
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Increasing government-backed subsidies and rising concerns regarding decarbonization will spur demand for electric scooters in the upcoming years. Rapid urbanization, coupled with growing population across the globe is fueling sales of electric scooters.
Growth prospects remains positive for upcoming years, with leading manufacturers launching hybrid and technologically advanced models of electric scooters, catering to rising consumer demand. As per FMI, the top players in the market will account for 55% of sales in 2021.
Increasing efforts to curb carbon emissions and to reduce high congestion in roads in developing countries such as the U.S. and the U.K. are boosting adoption of three-wheeled electric scooters. Convenience, stability and easy mobility offered by electric scooters is augmenting adoption in university campuses and neighborhoods increasingly.
Additionally, in emerging economies, growing preference for two-wheeler and three-wheeled electric scooters is gaining immense traction. Easy accessibility, low-costs and increased navigational abilities offered by electric scooters will keep demand for electric scooters afloat in countries including China, India and Mexico.
“Rising concerns pertaining to carbon emission and rapid urbanization will spur demand for electric scooters through the assessment period. Government initiatives to encourage the adoption of electric vehicles across the globe will emerge as chief driving factor,” says an FMI analyst.
Key Takeaways from Electric Scooters Market Analysis
- Lithium-ion batteries will dominate the battery type segment throughout the forecast period.
- Maxi electric scooter sales will witness high demand, owing to features such as stability and durability.
- Based on technology, battery-equipped electric scooters will account for maximum sales in the market.
- The U.S is anticipated to experience increasing demand for three-wheeled electric scooters in the upcoming years.
- Sales outlook in the U.K. appears to be positive with increasing adoption in tourist mobility.
- India will provide lucrative opportunities for market expansion to global players, owing to government subsidies prompting adoption of electric scooters.
- Japan and South Korea will collectively account for 8.7% of the market share.
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Competitive Landscape
Alta Motors, Ather Energy, Bajaj Auto, BMW Motorrad International, Cezeta, 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, Xiaomi, and Yamaha Motor Company Limited are among the top manufacturers of electric scooters, as profiled by FMI.
Top electric scooter manufactures are emphasizing research and development to incorporate technological advancements in electric scooters to establish themselves as prominent players in the market. Facility expansions and new vehicle launches will remain key strategies leveraged by manufacturers in the market. For instance:
- In June 2021, Piaggio revealed technical specifications for its latest electric scooter known as ‘One’. The e-scooter will be launched in three variants, One, One+, and One Active, with a digital instrument panel and removable battery system.
- In July 2021, Xiaomi launched new Ninebot C30 electric scooter in China for teenagers and young adults looking for affordable and light-weight vehicles for easy navigation in Chinese suburbs.
Electric scooters Market by Category
By Product Type:
- Standard
- Folding
- Self-Balancing
- Maxi
- Three-Wheeled
By Battery Type:
- Li-Ion
- NiMH
- Lead-Based
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By Technology:
- Plug-In
- Battery
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
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