The global electric scooter market size to be valued at $10,317.4 million by 2028, surging from $5686.0 million in 2020, at a noteworthy CAGR of 7.9%.
Analysis of Covid-19 Impact on Electric Scooter Market
The Covid-19 impact on electric scooter market share has been moderate. The restrain in the global industrial production due to imposed lockdowns across the globe has disturbed supply chain manufacturing industry, hindering the growth of electric scooter market. The major companies in this sector such as HONDA MOTOR CO., LTD., Terra Motors Corporation, and others have experienced a reduction in demand in the electric scooter market. These factors are expected to negatively impact the market growth.
The coronavirus pandemic has enforced the companies in the electric scooter industry for the adoption of new methods of operation such as implementation of predictive analytics to forecast losses accurately and virtual monitoring of the production of electric scooters. These developments are anticipated to aid in mitigating the impact of COVID-19 pandemic on the global electric scooter market demand.
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Global Electric Scooter Market Analysis
Increasing traffic congestion that leads to long journeys paves the way for commuters to find convenient, time-efficient, and affordable transportation to reach their destinations. Light vehicles such as electric scooters and bicycles provide a very comfortable solution to the specific requirements of urban mobility. These factors are expected to aid the growth of electric scooter market. As micro mobility is gaining momentum, industry players have developed car-sharing alternatives that allow people to refrain from purchasing micro mobility vehicles. Commuters can now rent vehicles via mobile speeds. These factors are expected to aid the growth of this market.
However, the complex nature of technology involved in the electric battery development, which requires highly skilled workforce with majority of its manufacturers in the developed countries, can act as a barrier in the transfer of technology in the developing and underdeveloped regions. These factors are expected to hamper the growth of this market.
The electric scooter market trends such as new innovations in the field of battery technology are expected to propel the market growth. For instance, in October 2021, Mahle Powertrain and UK-based Allotrope Energy, launched in partnership, a new battery technology that can revolutionize EV charging. It is lithium-carbon technology, it offers ultra-fast recharging with good power density. It would suit a wide range of small EVs, including e-scooters. Lithium-carbon technology has been created by combining the benefits of supercapacitors and traditional lithium-ion batteries. The final development is a battery cell that can be recharged quickly and still retain good energy density. It is also stable at high temperatures and thus, permits high current delivery and fast recharging. Developments like these are expected to open new scope of opportunities for the electric scooter market in the forecast period.
Global Electric Scooter Market, Segmentation
The global electric scooter market is segmented based on voltage, battery type, speed, and region.
Voltage:
The voltage segment is further classified into 36, 48V, 60V, and 72V. Among these, the 72V sub-segment is expected to be the fastest and surpass $2,521.5 million by 2028, with an increase from $1,357.9 million in 2020.
Battery type:
The battery type segment is further classified into sealed lead acid, lithium-ion, and others. Among these, lithium-ion sub-segment is anticipated to be the fastest growing sub-segment in the forecast period and surpass $3,291.8 million by 2028, with an increase from $1,762.2 million in 2020.
Speed:
Based on speed, the market has been sub-segmented into low speed and high speed. The high-speed sub-segment is projected to be the fastest growing in the global market and register a revenue of $4,712.1 million during the forecast timeframe of 2021-2028.
Region:
The electric scooter market for the Asia-Pacific region generated a revenue of $2,027.1 million in 2020 and is further projected to reach up to $3,794.7 million by 2028. The Asia-Pacific region is expected to be the fastest growing as well as dominating region for the electric scooter market in the forecast period
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Key Players in the Global Electric Scooter Market
Some of the leading global electric scooter market players are
- Greenwit Technologies Inc
- Alta Motors
- Terra Motors Corporation
- Vmoto Limited
- GOVECS AG
- Gogoro Inc.
- Boxx Corp.
- PIAGGIO & C. SPA
- HONDA MOTOR CO., LTD.
- Johammer e-mobility GmbH.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
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