The global electric scooter market is projected to grow from USD 10.4 billion in 2023 to USD 24.8 billion by 2033, at a CAGR of 9.1% over the forecast period. This growth is primarily driven by government policies encouraging the use of electric vehicles, along with increasing consumer demand for eco-friendly commuting solutions.
The rising adoption of lightweight electric scooters with improved battery life is expected to contribute significantly to market revenue. Consumer awareness of environmental issues and the demand for sustainable transportation options are also major factors propelling market expansion.
Heightened concerns about air pollution and carbon emissions have spurred the shift towards electric vehicles, with electric scooters emerging as a zero-emission alternative to traditional gasoline-powered vehicles. Innovations in battery technology, especially lithium-ion batteries, have enhanced the performance, range, and affordability of electric scooters. These batteries offer longer-lasting power and faster charging times, making electric scooters more efficient and accessible to a broader market.
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Key Takeaways from the Electric Scooter Market Report:
- From 2018 to 2022, the electric scooter market demand expanded at a CAGR of 7.1%
- Based on product type, the maxi electric scooter segment is expected to account for a CAGR of 9.0% during the forecast period.
- Global electric scooter demand in the United Kingdom is predicted to account for a CAGR of 8.9% through 2033.
- In the United States, the market is expected to account for a CAGR of 0 % between 2023 and 2033.
- China is projected to expand by a value CAGR of 8.7% between 2023 and 2033.
- By 2033, the electric scooter market in India is anticipated to record a CAGR of 8.5% during the forecast period.
Competitive Landscape:
Leading electric scooter manufacturers increasingly focus on expanding their product offerings to strengthen their customer base. They are adopting growth strategies such as new product launches, partnerships, acquisitions, mergers, collaborations, etc. They expand their global footprint and gain a competitive edge in the market by following these strategies.
Several industry participants in the global electric scooter market also concentrate on providing their customers with interchangeable battery technologies for a more extended range.
In December 2021, with an investment of Rs 300 crore, Bajaj Auto Ltd. revealed that it will establish an electric vehicle production facility in Akurdi, Pune. The factory, on which work has already started, will be able to produce 5,000 EVs annually and will serve both domestic and international markets.
In August 2021, in India, Ola introduced the Ola S1 series, the company’s first e-scooter. The Ola S1 and Ola S1 Pro models of the electric scooter were released.
In August 2020, with a top speed of 25 km/h, Okinawa Autotech unveiled the R30, a new electric scooter that falls into the low-speed category.
Leading Key Players:
- 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.
Electric Scooter Market Segmentation:
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
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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