Product ID: SQMIG25C2095
Report ID: SQMIG25C2095 | Region: Global | Published Date: September, 2022 | Pages: 222 | Tables: 94 | Figures: 76
Electric Scooter Market size was valued at USD 30.18 billion in 2021 and is poised to grow from USD 33.18 billion in 2022 to USD 14.66 billion by 2030, growing at a CAGR of 9.9% in the forecast period (2023-2030).
Electric motorcycles and scooters are plug-in electric vehicles with two or three wheels. Power is supplied by a rechargeable battery which drives one or more electric motors. Electric scooters are distinguished from motorcycles by having a step-through frame, instead of being straddled. Electric bicycles are similar vehicles, distinguished by retaining the ability to be propelled by the rider pedalling in addition to battery propulsion. The increasing demand for fuel-efficient vehicles, coupled with growing concerns over greenhouse gas and carbon emissions, is anticipated to drive the adoption of electric scooters (e-scooters) during the forecast period. Increasing adoption of electric motorcycles and e-bikes for short commutes, rising environmental concerns, and increasing investments by ride-hailing companies in the micro mobility space are the major factors boosting growth of the market. Increasing efforts by OEMs to produce lightweight bikes and increasing trend towards connected e-Bikes provide significant growth opportunities for market players. Electric lightweight vehicles, such as electric motorcycles, electric bicycles, and e-kicks, offer a very convenient solution to the specific requirements of urban mobility. As micro-mobility has been picking up, players in the industry have come up with vehicle-sharing alternatives enabling people to avoid buying their micro-mobility vehicles. Commuters can now rent a vehicle through mobile applications.
In 2020, Ola Electric Mobility, a division of Ola Cabs, planned to construct world's largest electric scooter factory near Bangalore, Karnataka, India. The company aims to produce 10 million vehicles annually. Two major factors driving the demand for electronic vehicles are that solar has become the cheapest form of power in human history, and lighter lithium-ion batteries have become massively cheaper. These outstanding inventions have permitted electric vehicle manufacturers to become competitive. Cheap solar power funnels into the battery of the rechargeable vehicles and offers running costs that are lesser than those of fossil fuel engines. The maintenance cost lowered vastly by these engines is contributing to the industry growth. Electronic systems are more systematic and resistant when compared to mechanical models as there is less wear and tear due to friction. The result of this is that two-wheeler vehicles are more durable and are easy on the environment, accelerating the market growth.
US Electric Scooter Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global electric scooter market has been segmented based on battery technology, voltage, end use, and region. On the basis of battery technology, global electric scooter market is segmented into sealed lead acid, lithium-ion, and lithium-ion polymer. Based on voltage, global electric scooter market is segmented into 24V, 36V, 48V, and more than 48V. Based on end use, global electric scooter market is segmented into government intuitions, academic institutes/universities, business organizations, micro mobility service providers, individuals, other. Based on region, the market is segmented into Asia Pacific, Europe, and North America, and MEA.
Electric Scooter Market Analysis by Battery Technology
The sealed lead-acid battery segment dominated the global electric scooter market in 2021 on account of its benefits like strength and low cost. These are rechargeable batteries that consist of 300 complete charge cycles before the replacement of the battery. The adoption of SLA batteries is expected to decline in the coming years as they are large and drain quickly, even not carrying significant load. China leads the world in lead-acid battery production, export, and consumption. China's lead-acid market is primarily driven by the world's largest electric vehicle manufacturer.
The lithium-ion polymer segment is also expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to low-cost manufacturing, simple cell construction, high energy density, lightweight batteries, high resistance to physical damage, and lower chances of leaking electrolytes. Again, China dominated the world's lithium-ion manufacturing market in 2021. In the same year, China produced some 79 percent of all lithium-ion batteries that entered the global market. The growing consciousness for the increasing adoption of batteries that are eco-friendly, and their sustained performance over sealed lead acid and NiMH batteries have shot up the demand for lithium-ion batteries. As these batteries are costly as contrasted to the other two, therefore its adoption has raised the prices of electric vehicles in the developing markets. These batteries include high discharge cycles preventing them from any kind of harm.
Electric Scooter Market Analysis by Voltage
The 36V segment led the market, accounting for 61.7% of the overall revenue share in 2021. High compatibility with e-scooters and deliver superior power output are the benefits offered by 36V batteries 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. E-scooters equipped with more than 48V i.e. 60-70V batteries are projected to witness significant growth. The 48V segment registered a CAGR of 11.6% from 2021 onwards. 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. The Flash e-Bike has a maximum speed of 28 miles/hr. from its 36 volt battery pack with maximum distance of 50 miles. The e-scooters equipped with 60-70 batteries capable of hitting 15 mph in a brutal 1.9 seconds.
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Asia Pacific is projected to experience steady growth owing to the high demand for energy-efficient and emission-free electric two-wheelers. Asia Pacific dominated the global electric scooter market and was valued at USD 15.0 billion in 2021. Most electric scooter manufacturers have emerged from China, Japan, and Taiwan, acquiring the largest share globally. China has emerged as a leading consumer and the leading producer and exporter of electric scooters. China is also home to some major players operating in the market, such as AIMA Group, Yadea, Jiangsu Xinri Electric Vehicle Co., Ltd., Zhejiang Luyuan, and Niu International. The Indian government is taking initiatives such as FAME-II, offering subsidies and tax exemptions to buyers to promote electric two-wheelers in the country. The government has also extended the FAME II scheme for 2 years, applicable till March 31, 2024.
North America is expected to witness the fastest growth by value and volume during the forecast period. Factors attributed to the high growth of the region are high growth in sales of electric bicycles in the U.S. during the pandemic, increasing investments by shared mobility players in electric scooter companies, decreasing prices of batteries in the U.S., and increasing initiatives by large two-wheeler companies in the U.S. to launch electric motorcycles. North America is expected to witness the highest CAGR of 12.8% during the forecast period. Growing investment in electric vehicle charging infrastructure and research support for innovative high-density batteries is projected to contribute to overall regional growth. For instance, Revel entered into the U.S. market with an investment of USD 27.6 million and rolled out 68 MUVI electric scooters manufactured by Spanish company Torrot.
Multiple ride sharing platforms have also partnered in various countries across Europe such as the e-Cooltra sharing service. The company offers rental services in several European cities, as well as a food and document delivery service. The e-Cooltra company is currently one of the largest players in the electric scooter sharing service in Europe, operating in eight cities. Another important player is the German Coup-e Scooter Sharing.
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Electric Scooter Market Drivers
Electric Scooter Market Restraints
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The market is consolidated because of its strong product portfolio and noteworthy distribution network of major companies in developed and developing countries. The key market players are concentrating on R&D efforts and product-level strategies. For instance, Gogoro’s swappable reusable battery e-scooter revolutionized the market in Taiwan. Many Asian vendors are collaborating with the company to integrate the swappable models. This type of scooters from major Japanese companies, such as Honda, Yamaha, Suzuki, and Kawasaki, have competition in the Asian market.
Top Players in the Global Electric Scooter Market
Electric Scooter Market Recent Developments
As per the pricing analysis of current electric scooters & motorcycles, batteries account for around 60%–70% of the total cost of an electric two-wheeler. Apart from this, the majority of the vehicles require the replacement of batteries after every 4 to 5 years of usage. Thus, battery cost is the most important factor in making electric scooters and motorcycles affordable in terms of maintenance and initial cost. As majority of the OEMs are using lithium family batteries in their electric two-wheelers, the continuous fall in the lithium battery prices would make electric scooters and motorcycles much more affordable. The price of these batteries has drastically reduced from USD 684 in 2013 to USD 132 in 2021. As per the industry experts, the price of the lithium-ion battery is likely to fall below USD 100 per kWh. A fall in battery price is critical for larger adoption in the market that would create a huge opportunity for the OEMs, as more customers would be able to afford electric scooters & motorcycles. 60%–70% of the total cost of an electric two-wheeler. Apart from this, the majority of the vehicles require the replacement of batteries after every 4 to 5 years of usage. Thus, battery cost is the most important factor in making electric scooters and motorcycles affordable in terms of maintenance and initial cost. As the majority of the OEMs are using lithium family batteries in their electric two-wheelers, the continuous fall in the lithium battery prices would make electric scooters and motorcycles much more affordable. The price of these batteries has drastically reduced from USD 684 in 2013 to USD 132 in 2021. As per the industry experts, the price of the lithium-ion battery is likely to fall below USD 100 per kWh.
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According to our global electric scooter market analysis, rising adoption of electric scooter sharing and rental services in developed economies such as the United States, France, Spain, and Germany is positively impacting global electric scooter demand. A growing number of players, including Lime, Jump, Razor, Spin, and Bird, are providing rental services in the global electric scooter market. Furthermore, the growing number of non-monetary as well as monetary incentives encouraging people to choose battery-powered two-wheelers, i.e. electric scooters, is driving sales in the global electric scooter market.
|Market size value in 2021||USD 30.18 billion|
|Market size value in 2030||USD 14.66 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Electric Scooter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Electric Scooter Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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