The global electric scooters market is valued at US$ 9.59 billion as of 2022. The market is expected to grow at a CAGR of 9% during the forecast period, and by 2032, the market is expected to reach an estimated US$ 22.7 billion.
Electric scooters, the stylish and eco-friendly urban transport solution, have been zipping through city streets worldwide. As more people seek efficient and sustainable alternatives to conventional transportation, the electric scooter market has experienced rapid growth. In this blog, we’ll take a closer look at the global electric scooter market and delve into the regional demand trends that are shaping its future.
Region-Wise Demand for Electric Scooters:
- North America: North America has witnessed a surge in electric scooter adoption, especially in major cities such as Los Angeles, San Francisco, and New York. These urban centers have embraced e-scooters as a practical last-mile transportation solution. The demand is expected to remain strong as more cities across the continent integrate electric scooters into their transit ecosystems.
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- Europe: European cities have been early adopters of electric scooters, promoting them as part of their sustainable urban mobility plans. Countries like France, Germany, and Spain have seen significant growth in e-scooter use, particularly in tourist-friendly areas and city centers.
- Asia-Pacific: The Asia-Pacific region, home to some of the world’s most congested cities, has experienced a boom in electric scooter demand. Countries like India, China, and Southeast Asian nations have embraced e-scooters as a cost-effective solution for navigating through traffic-choked streets.
- Middle East and Africa: Cities in the Middle East, such as Dubai, Abu Dhabi, and Tel Aviv, have witnessed a surge in e-scooter services, often catering to both residents and tourists. Africa is also embracing this eco-friendly trend in cities like Lagos and Cape Town.
However, insufficient charging stations pose a concern over the growth of the electric scooter market. But, with the anticipated increase in the adoption of these electric scooters, it is expected that the problem related to insufficient charge stations would soon be addressed, and we might get to see a lot more charging stations in the future.
Thus, from the insights provided by FMI analysts, it can be inferred that “an increase in the fuel price, coupled with increased initiatives from ruling authorities to curb air pollution, is expected to surge the growth of electric scooters market during the forecast period.”
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Key Takeaways:
- China electric scooters market is expected to hold a market share of nearly 80% in the Asia Pacific region during the forecast period.
- China is also expected to be one of the fastest-growing markets during the forecast period.
- Based on the product type, the maxi electric scooters are expected to have the highest share in the electric scooters market. Based on the battery type, the lead-based battery type is expected to have the highest electric scooters market share during the period 2022-2032.
- Based on the technology, battery technology is expected to have the highest market share during the forecast period.
Competitive Landscape:
The key players are currently investing in strategic partnerships. The reason is that they want to implement the state-of-the-art technology that has been developed by players from other industries like the semiconductor sector, electronics sector, etc. This would certainly enable them to leverage the technology in the electric scooters and assist them in delivering a seamless user experience.
Some of the recent developments in the electric scooters market are:
- In July 2022, Ather announced that it planned to boost electric scooters production tenfold.
- In September 2022, Yamaha opened ‘Blue Square’ premium outlet in Bhubaneswar. The outlet would offer engaging customer experience, and showcase Yamaha’s entire range of two wheelers, apparels and accessories.
Key Companies Profiled
Alta Motors, Ather Energy, BMW Motorrad International, Cezeta, Energica Motor Company, Hero Eco, Johammer e-mobility GmbH, KTM AG, Mahindra GenZe, Ninebot Limited, Okinawa Autotech Pvt. Ltd, ReVolt Electric Motorbikes, Xiaomi, Yamaha Motor Company Limited.
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Key Segments in the Electric Scooter Market
By Product Type:
- Standard
- Folding
- Self-Balancing
- Maxi
- Three-Wheeled
By Battery Type:
- Li-Ion
- NiMH
- Lead-Based
By Technology:
- Plug-In
- Battery
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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