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Nov 05, 2024

Electric Scooter Market to Reach $408.1 Billion by 2031 - Driven by Growing Localization of Electric Scooter Production in Emerging Economies and Increasing Consumer Preference for Electric Two-Wheelers - Exclusive Report by Meticulous Research®

Oct 01, 2024, 10:02 ET Share this article REDDING, Calif., Oct. 1, 2024 /PRNewswire/ -- According to a new market research report titled, 'Electric Scooter Market by Vehicle Type (Electric

Oct 01, 2024, 10:02 ET

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REDDING, Calif., Oct. 1, 2024 /PRNewswire/ -- According to a new market research report titled, 'Electric Scooter Market by Vehicle Type (Electric Motorcycles, E-Kick scooters & Bikes, Electric Mopeds), Power Output (Less Than 3.6kW, 3.6kW to 7.2kW), Battery Technology, Motor Type, Charging Type, End-user, and Geography—Global Forecast to 2031.

The electric scooter market is projected to reach $408.1 billion by 2031, at a CAGR of 21.6% from 2024 to 2031. By volume, this market is expected to reach 298.5 million units by 2031 at a CAGR of 18.1% during the forecast period from 2024 to 2031.

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The growth of the electric scooter market is driven by the growing localization of electric scooter production in emerging economies, increasing consumer preference for electric two-wheelers over internal combustion engine (ICE) models, and the rising shift in developed economies toward electric-powered two-wheelers. However, increasing reliability concerns among consumers, stemming from a rise in accidents involving electric two-wheelers and insufficient investment by traditional two-wheeler manufacturers in electric scooter development, restrain the growth of this market.

The rise in government initiatives to mitigate traffic congestion and pollution is expected to generate market growth opportunities. On the other hand, a lack of charging infrastructure poses a major challenge for the market's growth.

INCREASING LOCALIZATION OF ELECTRIC SCOOTER MANUFACTURING IN EMERGING ECONOMIES

The increasing traffic congestion and long commutes are driving commuters to seek more convenient, time-efficient, and cost-effective transportation options. Micro-mobility solutions, which are ideal for short distances and specific speed ranges, include bicycles, skateboards, e-bikes, scooters, skates, and small electric vehicles powered by rechargeable batteries. As micro-mobility gains traction, the industry has introduced vehicle-sharing alternatives. The scooter-sharing system, launched in 2018, allows users to access electric scooters for short-term use without the need for ownership. These dockless scooters, which do not have designated parking spots, can be located via an e-scooter application.

These scooters, which are now available in more than 100 cities worldwide, have been flooding streets since the introduction in recent years of sharing schemes similar to the cycle hire projects. There are, for example, more than 15,000 scooters available for hire on the streets of Paris. The vehicles are also growing in popularity due to their low environmental impact compared with other modes of transport. By 2023, electric two-wheelers will make up 8% of all two-wheelers on the road. Currently, this number stands at 2.5%. The monthly installs of e-scooter sharing apps like Bird and Lime increased by 580% during 2018-2019. This number will continue to increase as e-scooter-sharing services continue to gain popularity. The e-scooter revenue is anticipated to rise by 21% By 2023, as major developments and surges are expected in North America, Europe, and Latin America. Europe was quick to grab the e-scooter trend.

Electric Scooter Market Analysis: Key Findings

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Geographic Analysis:

By geography, the electric scooter market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In terms of value, in 2024, Asia-Pacific is expected to account for the largest share of 81.5% of the market.

Asia-Pacific's dominant position in the electric scooter market is attributed to several factors, including rising incomes in developing countries, rising fuel prices, traffic congestion, and pollution. These factors are fueling the demand for cost-effective and eco-friendly transportation options, such as electric scooters. Governments across various countries in the region are implementing initiatives to encourage the adoption of electric vehicles, while industry players are investing in charging infrastructure and introducing e-scooters to cater to the increasing demand. Moreover, rising consumer interest in electric vehicles, driven by tax incentives, further supports market growth in this region.

Asia-Pacific is a leading market for electric scooters, driven by technological advancements, rising demand for electric vehicles, government initiatives aimed at reducing carbon emissions, and the development of charging infrastructure. Companies are innovating with new product offerings and expanding charging networks. Moreover, increasing consumer interest in EVs, fueled by tax incentives, is further stimulating market growth in this region. Developing economies have established targets to boost EV sales, prompting manufacturers, vendors, and other stakeholders to refine their marketing strategies and enhance sales efforts.

North America: The Fastest-growing Regional Market

The electric scooter market in North America is projected to register the highest CAGR of 50.1 % during the forecast period. In terms of value, in 2024, the U.S. is expected to account for the major share of 53.0% of the electric scooter market in North America. The growth of this regional market can be attributed to several factors, including accelerated urbanization, increased environmental awareness, and the growing demand for adaptable and sustainable transportation solutions. Urban centers across the U.S. and Canada have adopted electric scooters as an effective remedy for traffic congestion and last-mile transportation challenges. In the U.S., the automotive sector is focused on innovation, technological advancement, and the development of sophisticated electric vehicles. The rising imperative to cut carbon emissions, the demand for advanced and rapid-charging infrastructure, and the growing shift of mass-premium consumers from gasoline and internal-combustion-engine vehicles to electric vehicles are anticipated to drive the growth of the electric vehicle market.

Italy Continues to Dominate the Electric Scooter Market in Europe

In 2024, Italy is expected to account for the largest share of the electric scooter market in Europe. Leading players in Italy are increasingly investing in electric scooter development. For instance, in March 2020, Helbiz introduced the country's inaugural fleet of electric scooters in Rome. This initiative added 1,000 e-scooters to Helbiz's existing fleet of 2,500 e-bikes, enhancing sustainable transportation options. Additionally, to support this shift, ElectReon Wireless, an Israeli company, has developed technology enabling electric vehicle batteries to recharge while in motion via a specialized electrified road. The company is implementing this technology by embedding copper coils under asphalt to facilitate wireless energy transfer.

Furthermore, the Italian government is actively promoting the adoption of electric scooters. In July 2020, Italy announced a goal to have 1 million electric vehicles on the roads by 2022, with a transition cost estimated at approximately EUR 10 billion. To support this shift, government incentives are offered at around USD 10,000 per vehicle. In addition, Italy has committed to banning diesel vehicles by 2024. Despite the challenges posed by the COVID-19 pandemic, 32,000 fully electric cars were sold in Italy in 2020, with the Renault Zoe leading in registrations at 5,470 units, driven by various incentive programs and subsidies. These measures have significantly boosted the electric vehicle market in Italy.

Electric Scooter Market: Competition Analysis

This report offers a competitive analysis based on an extensive assessment of the leading players' product portfolios, geographic presence, and key growth strategies adopted over the past three to four years. Major companies in the electric scooter market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by most companies in the electric scooter market were product launches, expansions, mergers & acquisitions, agreements, collaborations, and partnerships. The key players operating in the electric scooter market include Fuji-Ta Bicycle Co., Ltd. (China), Trek Bicycle Corporation (U.S.), Yamaha Motor Co., Ltd. (Japan), Yadea Group Holdings Ltd. (China), Riese & Müller GmbH (Germany), Leon Cycles (Germany), Niu Technologies (China), Walberg Urban Electrics GmbH (Germany), myStromer AG (Switzerland), Magnum Bikes (U.S.), Pedego Electric Bikes (U.S.), Aventon Bikes (U.S.), Govecs AG (Germany), Zhejiang Minimotors Bike Co Ltd (China), Zero Motorcycle Inc. (U.S.), Gogoro Inc. (Taiwan), Ather Energy Pvt. Ltd (India), Energica Motor Company (Italy), Revolt Motors (India), Hero MotoCorp Ltd. (India), and Rad Power Bikes Inc. (U.S.).

Electric Scooter Industry Overview: Latest Developments from Key Industry Players

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Scope of the Report:

Electric Scooter Market Assessment—by Vehicle Type

Electric Scooter Market Assessment—by Power Output

Electric Scooter Market Assessment—by Battery Technology

Electric Scooter Market Assessment—by Motor Type

Electric Scooter Market Assessment—by Charging Type

Electric Scooter Market Assessment—by End User

Electric Scooter Market Assessment—by Geography

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Electric Scooter Market Report Summary -

Particular

Details

Number of Pages

262

Format

PDF

Forecast Period

2024–2031

Base Year

2023

CAGR (Value)

21.6 %

Estimated Market Size (Value)

$408.1 billion by 2031

Segments Covered

By Vehicle Type

By Power Output

By Battery Technology

By Motor Type

By Charging Type

By End User

By Geography

Countries Covered

North America (U.S., Canada), Europe (Germany, France, Netherlands, Italy, Spain, U.K., Switzerland, Sweden, Norway, Denmark, Rest of Europe), Asia-Pacific (China, India, Thailand, Japan, South Korea, Singapore, Rest of Asia-Pacific), Latin America, and Middle East & Africa

Key Companies

Fuji-Ta Bicycle Co., Ltd. (China), Trek Bicycle Corporation (U.S.), Yamaha Motor Co., Ltd. (Japan), Yadea Group Holdings Ltd. (China), Riese & Müller GmbH (Germany), Leon Cycles (Germany), Niu Technologies (China), Walberg Urban Electrics GmbH (Germany), myStromer AG (Switzerland), Magnum Bikes (U.S.), Pedego Electric Bikes (U.S.), Aventon Bikes (U.S.), Govecs AG (Germany), Zhejiang Minimotors Bike Co Ltd (China), Zero Motorcycle Inc. (U.S.), Gogoro Inc. (Taiwan), Ather Energy Pvt. Ltd (India), Energica Motor Company (Italy), Revolt Motors (India), Hero MotoCorp Ltd. (India), and Rad Power Bikes Inc. (U.S.)

Contact:Mr. Khushal BombeMeticulous Market Research Pvt.Ltd.1267 Willis St, Ste 200 Redding,California, 96001, U.S.USA: +1-646-781-8004Europe: +44-203-868-8738APAC: +91 744-7780008Email- [email protected] Visit Our Website: https://www.meticulousresearch.com/ Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Content Source: https://www.meticulousresearch.com/pressrelease/410/electric-scooter-market

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SOURCE Meticulous Market Research Pvt. Ltd.