The “Global Electric Scooters Market, 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), and by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027”,
is expected to be valued at US$ 11,905.7 million by 2027, witnessing a CAGR of 4.0% during the forecast period (2019-2027), as highlighted in a report published by .
The electric scooters are typically evolved from conventional scooters except electric scooters utilize electric power or combination of fossil fuel and electric power to propel the vehicle. Electric scooters create less air pollution, offer excellent fuel efficiency, and are expected to replace conventional scooters in future. On the basis of technology, the market is segmented into battery electric scooters and plug-in electric scooters. In this, plug-in electric scooters have witnessed the fastest growth in the recent past. On the basis of battery type, Li-ion battery and NiMH batteries segments are expected to hold dominant position the market over the forecast period.
The global electric scooters market is estimated to account for US$ 8,722.6 Mn
in terms of value and 4,354.5 Mn Units
in terms of volume by the end of 2019.
Attractive incentives and tax-benefits offered various government authorities worldwide is expected to drive the global electric scooters market during the forecast period
In order to boost sales of electric scooters and curb carbon emissions due to conventional scooters, governments of numerous countries are offer lucrative incentives, subsidies, and tax-benefits to consumers. For instance, in China, the government offers a subsidy of US$ 600 to US$ 1,000 to consumers on every purchase of an electric or hybrid electric scooter, depending upon the size of the battery pack. Moreover, major cities such as Shanghai and Beijing offer free registration plates to electric scooter consumers. The U.S. Government has assigned grants of around US$ 2.4 billion for the development of electric and hybrid electric scooters and high density scooters. Furthermore, the government offers tax credits of around US$ 7,500, based on the type of battery vehicles uses.
Enhancements in public charging infrastructure are expected to pose significant growth opportunities for market players
Robust public charging stations across the country is the major factor that boosts the sales of electric scooters. Electric scooters require quick and reliable charging stations. A conventional vehicle takes a few minutes to refuel the vehicle completely, while hybrid or electric vehicles take at least a couple of hours to get charged fully for the same driving range. This recharge time can be reduced by providing direct current to recharge batteries. Adequate public charging stations can fulfill this requirement, which in turn, is expected to pose lucrative growth opportunities for market players in the near future.
Limited range and lack of power output offered by electric scooters are expected to hamper the global electric scooters market growth over the forecast period
One of the major disadvantages of electric scooters is limited range. For instance, an electric scooter can travel for around 10-80 miles with one full charge, which is less as compared to its conventional counterparts. They are typically used for short distance communizing before they are fully charged again. Moreover, for performance-focused consumers, conventional scooters offer better alternatives and wide range of models as compared to electric scooters. Conventional bikes can be used for cruising, racing, off-roading, and commuting, which in turn is hindering the sales of electric scooters in the near future.
Global lead based electric scooters market was valued at US$ 7,240.6 Mn market in 2017 and is forecast to reach a value of US$ 10,510.0 Mn by 2027 at a CAGR of 3.8% between 2019 and 2027. This growth is attributed to due to several benefits such as robustness, low cost and reduced carbon emissions.
Standard segment dominated the global electric scooters market in 2017, accounting for 64.7% share in terms of value, followed by maxi, three-wheeled, folding, and self-balancing, respectively. As standard electric scooters are inexpensive and convenient as compared to others.
Battery segment dominated the global electric scooters market in 2017, accounting for 82.1% share in terms of value, followed by plug in, respectively. This growth is attributed to increase in demand for battery technology as it offers mobility and longer battery life.
- Increasing demand for hybrid electric as compared to other models
Hybrid electric scooters offer benefits of both conventional fuel as well as electric motor. These scooters are comprised of rechargeable batteries and internal combustion engine, wherein either of them can behave as backup source of energy in case of emergency. Furthermore, major automobile manufacturers such as Honda Motors Co. Ltd., Heroelectric, and Bayerische Motoren Werke AG are capitalizing on this trend by offering high-performing hybrid scooters.
- Unequal preference of electric shooters in different regions
Adoption of electric scooters has been uneven across the world. Developed regions such as Western Europe and North America have increasingly adapted electric scooters due to robust public charging stations and general awareness regarding green vehicles. However, emerging economies such as Middle East, Western Europe, Asia Pacific, and Latin America have shown moderate adoption of electric scooters. This is owing to inadequate public charging stations, high availability of petroleum-based fuels, and lack of awareness in certain countries.
Key companies operating in the global electric scooters market are ECCITY Motocycles, Sanyang Motor Co. Ltd., Hero Eco (Hero Electric), Jiangsu Xinri E-Vehicle Co., Ltd., Gogoro Inc., BMW Motorrad, GOVECS GmbH, Piaggio & C. SpA, Vmoto Limited, Terra Motors Corp., and Honda Motor Co. Ltd.
- Key companies in the market are focused on product launch, in order to gain competitive edge in the market. For instance. In January 2017, Jiangsu Xinri E-Vehicle Co. Ltd. introduced an electric scooter with different versions under the brand name SUNRA.
- Key players in the market are focused on product launch, in order to enhance their market presence. For instance, in September 2019, Gogoro, Inc., a Taiwan-based electric scooter manufacturer, launched new electric scooter named Viva with swappable batteries that can run at for 85 kilometers.
- By Product Type
- By Technology
- By Battery Type
- By Region
- North America
- Latin America
- Asia Pacific