Report ID:
SQMIG25C2143 |
Region:
Global |
Published Date: November, 2024
Pages:
179
|Tables:
0
|Figures:
0
Global Scooter Market size was valued at USD 75.90 Billion in 2022 and is poised to grow from USD 80.84 Billion in 2023 to USD 125.62 Billion by 2031, growing at a CAGR of 6.50% in the forecast period (2024-2031).
Rapid urbanization and improving road connectivity in the emerging economies led to high transportation demand. The absence of public vehicles in far-flung places encourages buyers to buy individual automobiles. Scooters are the most popular because consumers want lightweight, easy-to-drive & operate, and economical vehicles. This can be attributed to the wide availability of battery electric scooters, which do not require any fuel and are pollution-free vehicles, thus accelerating the growth of this market.
Road connectivity is vital for the economic development of a country. Emerging nations are also spending on developing secure and safe roads. The investment made towards supporting road construction also opened up a new window of growth for the transportation and logistics sector. Logistics open the doors in the market and many of the people doing business now started setting up their firms or connecting with already existing such firms. Thus, they want things to be delivered at minimum time and cost and for this scooter is one of the vehicles which are preferred by them. Scooters can easily pass through the traffic and consume lesser fuel than bikes, mopeds, and cars. Also, manufacturing companies are mainly focusing on the new technology of vehicles where they want to use the maximum speed using minimal power and making it budget-friendly for customers. In addition, electric scooter OEMS has launched multiple scooters in developing nations.
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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The global scooter market is segmented into product, sales channel, and region. Based on product, the market is segmented into electric scooter and normal scooter. Based on sales channel, the market is segmented into online sales and offline sales. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Analysis by Product
According to scooter market analysis, in 2023, the normal scooter segment had the greatest market share revenue. Rising disposable income and interest towards purchasing of personal transport vehicles are expected to determine the higher demand of the scooter segment Such a vehicle must also ensure an extremely comfortable ride, be equipped with gearless (hence easy-to-use) driving systems, and cost very little to run, all of which is increasing the price of standard scooters. Also, a regular scooter has a body that is robust and enhances agility and provides decent mileage which makes this segment lead the market with high share.
By the forecast period, the electric scooter segment will witness the fastest growth with maximum scooter market share. The growth of the segment is attributed to the growing consciousness among individuals for eco-friendly substitutes in the choice of rides. When used as a vehicle to meet your daily transportation needs, electric scooters achieve many benefits because they cost-effective and environmentally friendly means of transport. Electric scooters are becoming increasingly popular as a means of transport specifically for the daily commute due to their practical and environmentally friendly natures.
Analysis by Sales Channel
According to scooter market analysis, the offline sales segment is dominating the market with the largest market share. This is because there is certain advantage to in-person sales, leading to the growth of this segment. While purchasing a scooter in shops customers want to take a closer look at the scooters, take test rides and get advice from knowledgeable employees about the features of the scooter. Furthermore, conventional dealers and retail places still provide on-the spot financing options, after-sales support, and an atmosphere that encourages the belief of customers about the value of the scooter. Such a hands-on method attracts people who have never purchased a scooter before and prefer the tangible experience of picking a scooter up in person. These factors reinstate the dominance of the market, leading to the growth of the scoot market size.
According to scooter market forecast, the online sales have become the most popular because of the comfort and flexible mode that it offers. It is the fastest growing segment in the market, leading to the growth of the scooter market share. This increased with a boom in e-commerce technology where customers can view various models, compare and then buy them from the comfort of their homes. With the help of virtual showrooms, AR, and detailed product information, people can make better decisions without physical visits. Also, many of the online platforms offer competitive pricing and discounts and flexible delivery options, further appealing to urban consumers that are tech-savvy in particular the younger generation looking for a seamless digital purchase experience. The fast-paced digital transformation puts online sales as one of the prominent growth boosters in scooter market.
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In 2023, Asia Pacific dominated the market with the largest scooter market share. Such significant market share is being capitalized due to the increasing discretionary income of the consumers in the region. Instead of public buses, users go for independent vehicles to save time and hustle. Not to mention the electric scooter is cheap both in terms of initial purchase price, and operational costs when contrasting them with electric motorcycles and electric mopeds. Electric vehicles are powered by batteries and so, ease consumers from the surge in oil prices in the region.
According to the scooter market forecast, North America will witness a substantial growth in the market. The rising preference for electric scooters which are pollution-free is projected to lead the demand for scooter market. In addition, the increased use of advanced technology by nearly all industries is likely to drive demand for scooter market in North America. The change in consumers preference to rent electric scooters instead of two-wheeler has been one of the major contributors that are helping in the expansion of North America scooter market growth.
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Drivers
Favorable Government Initiatives Boosting Demand for Electric Scooters
Growing Funding of Scooter Research Projects
Restraints
Poor Charging Infrastructure
Low Power Capacity of Scooters, Especially for Electric Scooters
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Diversified product portfolio and significant distribution network of large companies with a strong hold on developed as well as developing countries has led to the consolidated nature of the scooter industry. On the product level, the key market players are focusing on R&D efforts. Strategic initiatives are being noted among the market players which include regional expansion, merger & acquisition, partnership and collaboration in order to maintain their place in the industry. For the vast majority of the incumbent players within the market, organic growth is still the primary strategy. In developing nations, the manufacturers dealing in electric scooters emphasize product launching activities.
Top Player’s Company Profile
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the trend of micromobility worldwide will continue to drive growth in scooter industry going forward. Micromobility is a form of transportation that consists of small, low-speed, and lightweight vehicles. Usually, it works for short-distance travel within cities or dense urban environments. By associating two-wheeled transport with environmental motives the micromobility sector stimulates an even wider take up of eScooters, particularly in urban areas. Road Development is pushing the scooter market. Road construction is the process of repairing, maintaining and constructing new roads for transportation purposes. Better roads help vehicles, especially two-wheelers move efficiently without a jerk and hindrances.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 75.90 Billion |
Market size value in 2031 | USD 125.62 Billion |
Growth Rate | 6.50% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the 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 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Scooter Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the 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.
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Report ID: SQMIG25C2143
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