Electric Scooter Market to Surpass US$ 35.07 Billion by 2027- CMI

The global electric scooter market was valued at US$ 19.30 Billion in 2019, and is projected to reach US$ 35.07 Billion by 2027, exhibiting a CAGR of 8.10% during the forecast period, according to global electric scooter market report, by Battery Type (Lead based, Li-ion, and NiMH), by Product Type (Folding, Maxi, Self-balancing, Standard, and Three-wheeled), by Technology (Battery and Plug In), by Voltage Level (24V, 36V, 48V, and above 48V), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.

Electric scooters are plug-in or battery-based electric scooters that can be charged through an external electricity source. In an electric scooter, a rechargeable battery supplies current to one or more motors of the vehicle. Electric scooters have less operating and maintenance cost compared to conventional gasoline operated scooters. Nowadays, electric scooters have become eco-friendly alternatives to conventional vehicles in order to reduce pollution caused by vehicles.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/electric-scooter-market-1717

Browse 60 market data tables* and 40 figures* on "Global Electric Scooter Market” - Global forecast to 2027

Key Trends and Analysis of the Global Electric Scooter Market:

Among voltage levels, the 48 V segment is expected to exhibit a considerable growth rate during the forecast period owing to the increasing adoption of a 48 V batteries in electric scooters, due to its superior power delivery. Furthermore, the adoption of a 48 V battery is increasing due to its longer traveling range capacity which is cost effective. Moreover, manufacturers of electric scooters are focusing on launching electric scooters with 48 V battery, which is expected to boost demand for 48 V battery during the forecast period. For instance, in August 2019, Hero Electric, an Indian electric scooter manufacturer, launched the Hero Dash Electric scooter. This electric scooter is powered by 48V 28 Ah lithium-ion battery. This lithium-ion battery has a range of 60 km per charge.
Among product type, the folding segment is expected to witness significant growth rate during the forecast period. There is higher preference for foldable electric scooters due to their compactness. Transportation of foldable electric scooters is easy through cars or any public transportation. Folding electric scooters are generally made of light aluminum alloy, so it weighs less, which is expected to boost demand for foldable electric scooter during the forecast period. Moreover, manufacturers of electric scooters are launching foldable electric scooters. For instance, in July 2020, Segway Ninebot launched Ninebot ES1L, a folding electric scooter. The ES1L has a maximum speed of 20km/h and it has a range of 20km, per charge.

Key Takeaways of the Market:

According to Coherent Market Insights’ analysis, the market in Asia Pacific is expected to witness considerable growth during the forecast period. The growth of the electric scooter market is attributed to increasing disposable income, high spending capacity of consumers, and presence of major electric scooter manufacturers such as VECTRIX, Zapp Scooters Limited. Furthermore, companies are investing in the electric scooter market to strengthen their share. For instance, in May 2020, Uber invested US$ 170 Billion in Lime, an electric scooter and bike rental company.
Some of the major players operating in the global electric scooter market are Amego Electric Vehicles Inc., Ampere Vehicles Pvt. Ltd, BMW Motorrad, ECCITY Motocycles, GenZe, Gogoro Inc., GOVECS GmbH, Hero Eco (Hero Electric), Honda Motor Co. Ltd., Jiangsu Xinri E-Vehicle Co., Ltd., Kumpan Electric, Piaggio & C. SpA, Sanyang Motor Co. Ltd., Silence Urban Ecomobility, Terra Motors Corp., TORROT ELECTRIC EUROPA S.A, TVS Motor Company, Vmoto Limited, and Yadea Group Holdings Ltd.

Market Segmentation: