Global Electric Scooters Market – Overview

The global electric scooter market size was valued at USD 19.16 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.9% from 2023 to 2033. An e-scooter is an electric powered vehicle, two-axle, with a steering wheel, without a seat and without pedals, designed to be driven only by the rider on that vehicle. Classified as a form of micro-mobility, they are generally designed with a large center deck on which the rider stands.

Report Scope

Global Electric Scooters Market – Growth Factors

The rising prices of the petrol is one of the major factors on the part of the population to opt for electric scooters and this factor has been fostering the growth of the market at a tremendous rate during the forecast period. Apart from this, the rising air pollution across the globe due to the use of petrol vehicles is forcing the governments of various countries to promote the use of electric scooters and this factor has also been boosting the growth of the market during the forecast period. Also, the attractive scheme offered by manufacturers of these vehicles to attract the customers is also bearing fruit and thus is growing the market during the forecast period. However, the lower awareness among the customers about the use of the electric scooters is estimated to hamper the growth of the market during the forecast period.

Global Electric Scooters Market – Market Trends

• The rising prices of the petrol is one of the major factors on the part of the population to opt for electric scooters and this factor has been fostering the growth of the market at a tremendous rate during the forecast period.

• Apart from this, the rising air pollution across the globe due to the use of petrol vehicles is forcing the governments of various countries to promote the use of electric scooters and this factor has also been boosting the growth of the market during the forecast period.

• However, the lower awareness among the customers about the use of the electric scooters is estimated to hamper the growth of the market during the forecast period.

Global Electric Scooters Market – Segmentation

The global electric scooters market is segmented on the basis of product type, battery type and voltage type.

Electric scooter demand has been on the rise in recent years, driven by a variety of factors. Here are some of the key trends and drivers of electric scooter demand:

Sustainable and eco-friendly transportation: Electric scooters are seen as a more sustainable and environmentally friendly mode of transportation compared to traditional gasoline-powered vehicles. As concerns about climate change and air pollution continue to grow, many people are turning to electric scooters as a way to reduce their carbon footprint.

Urbanization: As more people move to cities, there is growing demand for efficient and cost-effective transportation options. Electric scooters are seen as a convenient and affordable way to navigate city streets and avoid traffic congestion.

Advancements in technology: Electric scooter technology has improved significantly in recent years, with longer battery life, faster charging times, and more powerful motors. This has made electric scooters more reliable and user-friendly, which has helped to drive demand.

Sharing economy: The rise of the sharing economy has also played a role in the growing demand for electric scooters. Companies like Lime and Bird have introduced dockless electric scooter sharing services in cities around the world, making it easy and affordable for people to use electric scooters for short trips.

COVID-19 pandemic: The pandemic has accelerated the adoption of electric scooters, as people look for alternative modes of transportation that allow for social distancing. Electric scooters are seen as a way to avoid crowded public transportation and reduce the risk of exposure to the virus.

Overall, the demand for electric scooters is expected to continue to grow in the coming years, driven by a combination of these factors. However, regulatory challenges and safety concerns will need to be addressed in order to ensure the long-term sustainability of the market.

Global Electric Scooters Market – Regional Analysis

It is estimated for the region of US to drive the growth of the market during the forecast period. The growing in the technological advancements in the food sector in the region is estimated to foster the growth of the market during the forecast period. The region of Europe is estimated to witness growth at a healthy rate during the forecast period. The Asia Pacific region is also estimated to witness a notable growth rate in the market.

India's electric scooter demand has been increasing in recent years due to several factors such as rising fuel costs, air pollution concerns, and government incentives for electric vehicles. Here are some trends related to the demand for electric scooters in India:

Increasing Sales: The sales of electric scooters in India have been steadily increasing. According to the Society of Manufacturers of Electric Vehicles (SMEV), electric scooter sales in India increased by 21% in FY 2020-21 compared to the previous year.

Government Support: The Indian government has been promoting the adoption of electric vehicles, including electric scooters, through various incentives and schemes. For example, the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme provides subsidies for electric vehicle buyers.

New Entrants: Several new companies have entered the Indian electric scooter market in recent years, including Ola Electric, Simple Energy, and Ather Energy. These companies are offering innovative electric scooter models with features such as long-range, fast charging, and connected technology.

Charging Infrastructure: The availability of charging infrastructure is a key factor in the adoption of electric scooters. In India, several companies and startups are working on setting up electric vehicle charging stations across the country. This is expected to further boost the demand for electric scooters in India.

Overall, the demand for electric scooters in India is expected to continue growing in the coming years, driven by factors such as government support, rising fuel costs, and increasing environmental awareness.

Global Electric Scooters Market – Key Market players

The electric scooter industry has seen the emergence of several players in recent years, including established companies as well as startups. Here are some strategies of top electric scooter companies:

Ather Energy: Ather Energy is an Indian electric scooter startup that focuses on innovation and technology. The company's strategy is to provide customers with high-performance electric scooters with advanced features such as touchscreens, cloud connectivity, and over-the-air updates. Ather Energy has also invested heavily in setting up its own charging infrastructure to provide a seamless charging experience to its customers.

Ola Electric: Ola Electric is a subsidiary of Ola, a leading ride-hailing company in India. Ola Electric's strategy is to leverage the existing network of Ola to provide a complete mobility solution to its customers. The company plans to launch a range of electric two-wheelers, including scooters and motorcycles, and also set up a network of charging stations across the country.

Hero Electric: Hero Electric is an established player in the Indian electric scooter market. The company's strategy is to provide affordable electric scooters to customers with a focus on reliability and efficiency. Hero Electric has a wide range of electric scooters in its portfolio, catering to different segments of the market.

TVS Motor Company: TVS Motor Company is another established player in the Indian electric scooter market. The company's strategy is to provide customers with electric scooters that are stylish, reliable, and efficient. TVS Motor Company has also invested in setting up a network of charging stations in partnership with various service providers.

Xiaomi: Xiaomi is a Chinese electronics company that entered the Indian electric scooter market with the launch of its Mi Electric Scooter. The company's strategy is to offer high-quality electric scooters with advanced features at an affordable price point. Xiaomi has also partnered with various service providers to provide a seamless charging experience to its customers.

Why to buy this Report?

The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.

The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.

The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:

§  Business Model

§  Production Capacity, Revenue, Sales, Gross Margin

§  Key Business Strategy

§  SWOT Analysis

In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:

§  Company Share Analysis from 2018-2022

§  Company Analysis by Revenue and Sales

§  Company Production Capacity, Gross Margin

§  Company Share Analysis by Application/End Use

§  Company Share Analysis by Product/Specification

Based on the product type, the market is segmented into

• Retro

• Standing/Self-Balancing

• Folding

Based on the battery type, the market is segmented into

• Sealed Lead Acid

• NiMH

• Li-Ion

Based on the voltage type, the market is segmented into

• 24V

• 36V

• 48V

• Greater than 48V

Companies

·        Mahindra GenZe;

·        BMW Motorrad International;

·        Vmoto Limited;

·        Terra Motors Corporation;

·        Gogoro Inc.; and

·        Jiangsu Xinri Electric Vehicle Co. Ltd.

·        Ola

·         Ather

By Region

·         North America

o   U.S.

o   Canada

o   Mexico

·         Europe

o   Germany

o   France

o   UK

o   Italy

o   Spain

o   Russia

o   Rest of Europe

·         Asia Pacific

o   China

o   Japan

o   India

o   Australia

o   South Korea

o   ASEAN

o   Rest of APAC

·         South America

o   Brazil

o   Argentina

o   Chile

o   Rest of South America

·         Middle East and Africa

o   Saudi Arabia

o   UAE

o   South  Africa

o   Rest of MEA