USD 30.18 billion
Global Electric Scooter Market Size, Share, Growth Analysis, By Battery Technology(Sealed Lead Acid, Lithium-ion), By Voltage(24V, 36V), By End use(Government intuitions, Academic institutes/Universities) - Industry Forecast 2024-2031
Report ID:
SQMIG25C2095 |
Region:
Global |
Published Date: February, 2024
Pages:
222
|
Tables:
94 |
Figures:
76
Global Electric Scooter Market Insights
Electric Scooter Market size was valued at USD 30.18 billion in 2019 and is poised to grow from USD 33.18 billion in 2023 to USD 14.66 billion by 2031, growing at a CAGR of 9.9% in the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
lead-acid
Fastest Growth
lithium-ion
Growth Rate
9.9% CAGR
Global Electric Scooter Market, 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
Global Electric Scooter Market Size By Battery technology 2021-2028 ($ Bn)
Global Electric Scooter Market Size By Battery technology 2021-2028 (%)
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Global Electric Scooter Market Segmental Analysis
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.
Global Electric Scooter Market Size By Battery technology 2021-2028 (%), 2023 (%)
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Global Electric Scooter Market Regional Insights
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.
Global Electric Scooter Market By Geography, 2021-2028, 2024-2031
- Largest
- Fastest
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Global Electric Scooter Market Dynamics
Electric Scooter Market Drivers
- Ever-increasing traffic and rising trend of long travel are encouraging consumers to opt for time-efficient, convenient, and cost-effective modes of transportation to reach their destination, which in turn is projected to drive the growth of the market. In addition, with the surge in micro-mobility, players in the industry have devised vehicle-sharing alternatives allowing people to circumvent purchasing their micro-mobility vehicles. Public transport vehicles involving taxis and buses cause greenhouse gas emissions. Since people are moving towards the adoption of rechargeable vehicles, the demand for the market is anticipated to grow over the forecast period. Moreover, growing anxieties over the conservation of the environment inspire commuters to opt for individual transit options such as motor vehicles and cars over public transport vehicles. Therefore, the inclination toward eco-friendly modes of transport is propelling the electric scooter market.
Electric Scooter Market Restraints
- Lack of charging infrastructure is the biggest hurdle in the growth of the electric scooter market. Unlike developed countries, most of the emerging countries lack the necessary charging facilities. Manufacturers have started providing charging facilities of their own; however, they are not enough to make the charging process hassle-free. Manufacturers across the globe offer charging infrastructure solutions. For instance, ChargePoint (US) designs and builds all the technology for the charging network, including charging station hardware and power management software for a mobile application. ChargePoint also has charging stations for each type of electric vehicle, customizable according to demand. Similarly, iONEX Commercial (Taiwan) offers a range of charging solutions, including standard, fast, and battery switching A widespread and extensive charging infrastructure network is needed for users for the growth of the electric two-wheeler market and covers long distances without bothering about locating a charging station.
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Global Electric Scooter Market Competitive Landscape
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
- Hero Electric
- BMW Motorrad International
- Gogoro Inc.
- Xiaomi Corporation
- Vmoto Limited
- Niu Technologies
- Mahindra GenZe
- Terra Motors Corporation
- Honda Motor Co., Ltd.
- Yadea Group Holdings Ltd.
- Zero Motorcycles, Inc.
- Askoll EVA Srl
- Suzuki Motor Corporation
- Etergo BV
- Emflux Motors
- Ather Energy Pvt. Ltd.
- TVS Motor Company Ltd.
- Bajaj Auto Ltd.
- Energica Motor Company S.p.A.
- Ola Electric Mobility Pvt. Ltd.
Electric Scooter Market Recent Developments
- In January 2022, Yadea Group (China) adopted a newly developed in-wheel motor manufactured by Nidec Corporation (Japan). Nidec developed in-wheel motor for electric motorcycles for the first time. The new in-wheel motor offers low-speed torque 18% higher and high-speed torque 5% higher than that of other motors in the same category. The small precision motor & solutions business unit has developed the in-wheel motor by utilizing the company’s technology for hard disc drive spindle motors. Nidec manufactures the new product in Pinghu, Zhejiang Province, China.
- In May 2021, Gogoro (Taiwan) announced a partnership with Dachangjiang Group (DCJ) and Yadea Group (China) to build a battery-swapping network in China. The DCJ and Yadea developed a range of two-wheel vehicles built for the Gogoro network battery swapping platform. Vehicles produced under this partnership used the Gogoro network program that gives vehicle maker partners the capability to merge their vehicle technology with Gogoro's intelligent drivetrains and controllers, components, and smart systems.
- In November 2021, The Yadea Group (China) launched Y1S, an all-around smart lithium e-moped for commercial use. The Y1S can be modified for bike-sharing, takeaway operations, logistics, and other applications.
Global Electric Scooter Key Market Trends
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.
Global Electric Scooter Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 30.18 billion |
| Market size value in 2031 | USD 14.66 billion |
| Growth Rate | 9.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Electric Scooter Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Electric Scooter Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Electric Scooter Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Electric Scooter Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Electric Scooter Market Report Snapshots
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