Electric Scooters Industry Overview
The global electric scooters market size is expected to reach USD 40.6 billion by 2030, expanding at a CAGR of 7.8% during the forecast period, according to a study conducted by Grand View Research, Inc. The increasing adoption of electric scooters (e-scooters) among the young population, the rising purchasing power of the middle-class community in developing countries, and rapid urbanization are expected to significantly drive product demand across the globe.
Electric scooters offer affordable last-mile transportation as compared to on-demand transportation. Agility and ease of maneuver in densely populated areas with high traffic congestion are additional advantages these vehicles offer, which are expected to fuel E-scooters market growth.
Consumer satisfaction is another essential factor for vendors trying to retain existing customers or looking to expand their customer base. It can be measured using various parameters such as durability, maintenance expense, performance, comfort and safety, and operating cost. Vendors are trying to focus on two critical factors to attract customers: design/style and specifications.
Electric Scooters Market Segmentation
Grand View Research has segmented the global electric scooters market based on the product, battery, voltage, and region:
Based on the Product Insights, the market is segmented into Retro, Standing/Self-Balancing, and Folding.
- The retro segment dominated the market in 2021 with more than 51% revenue share, owing to increasing maintenance and fuel costs that have made electric scooters an attractive transportation alternative. Based on products, the global electric scooters market can be categorized into folding, standing/self-balancing, and retro scooters.
- The folding variant is anticipated to exhibit a CAGR of 10.2% during the forecast period. The introduction of next-generation smart electric scooters with big data and IoT and the need for product differentiation have propelled the growth of the folding scooters market.
Based on the Battery Insights, the market is segmented into Sealed Lead Acid, NiMH, and Li-Ion.
- The sealed lead-acid battery segment dominated the market in 2021 with almost 62% revenue share, due to its robustness and low-cost benefits. These are rechargeable batteries consisting of 300 complete charge cycles before battery replacement. They have the shortest lifetime and are heavier than NiMH and Li-Ion batteries.
- The adoption of these batteries is projected to decline in the coming years, as the raw materials used for manufacturing these batteries include high toxic substances that release millions of tons of lead into the environment. The negative environmental impact has directed manufacturers to adopt other batteries.
- The e-scooters market is segmented into Nickel Metal Hydride (NiMH), Lithium-Ion (Li-ion), and Sealed Lead Acid (SLA). The lithium-ion battery segment is expected to expand at a substantial CAGR of 10.4% over the forecast period. The growing awareness for the increasing adoption of eco-friendly batteries and their better performance over sealed-lead acid and NiMH batteries has escalated the demand for Li-Ion batteries.
Based on the Voltage Insights, the market is segmented into 24V, 36V, 48V, and Greater than 48V.
- The 36V segment led the market, accounting for 61.7% of the overall revenue share in 2021. These batteries offer high compatibility with e-scooters and deliver superior power output, which is expected to propel the segment growth. The demand for batteries used in 36V systems is mainly catered through Li-Ion and NiMH batteries, as they are much compact in design, offer better charging time, and do not release harmful chemicals like sealed lead-acid batteries.
- The greater than 48V segment is estimated to witness significant growth over the coming years, registering a CAGR of 11.6% from 2021 to 2030. E-scooters equipped with 60V and 70V batteries are projected to witness significant growth, owing to constant research and development activities to enhance the range and speed of e-scooters. High voltage batteries are being upgraded with recovery and start-stop features to reduce CO2 emissions into the environment.
Electric Scooters Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
Prominent market players are focusing on various growth strategies such as research and development activities, mergers and acquisitions, and the launch of new products to expand their market share.
Some prominent players in the global electric scooters market include:
- Yadea Technology Group Co., Ltd.
- Jiangsu Xinri E-vehicle Co. Ltd.
- Hero Electric
- Gogoro Inc.
- Vmoto Limited
- BMW Motorrad International
- Mahindra GenZe
- Terra Motors Corporation
Order a free sample PDF of the Electric Scooters Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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