ESOMAR-certified consulting firm Future Market Insights’ (FMI) recent market survey forecasts sales of electric scooters to continue increasing between 2021 and 2031. As per the report, the market will reach US$ 8.8 Bn in 2021, leading to expansion at a healthy 9% CAGR.
Increasing government-backed subsidies and rising concerns regarding decarbonization will spur demand for electric scooters in the upcoming years. Rapid urbanization, coupled with growing population across the globe is fueling sales of electric scooters.
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Growth prospects remains positive for upcoming years, with leading manufacturers launching hybrid and technologically advanced models of electric scooters, catering to rising consumer demand. As per FMI, the top players in the market will account for 55% of sales in 2021.
Increasing efforts to curb carbon emissions and to reduce high congestion in roads in developing countries such as the U.S. and the U.K. are boosting adoption of three-wheeled electric scooters. Convenience, stability and easy mobility offered by electric scooters is augmenting adoption in university campuses and neighborhoods increasingly.
Additionally, in emerging economies, growing preference for two-wheeler and three-wheeled electric scooters is gaining immense traction. Easy accessibility, low-costs and increased navigational abilities offered by electric scooters will keep demand for electric scooters afloat in countries including China, India and Mexico.
“Rising concerns pertaining to carbon emission and rapid urbanization will spur demand for electric scooters through the assessment period. Government initiatives to encourage the adoption of electric vehicles across the globe will emerge as chief driving factor,” says an FMI analyst.
Key Takeaways from Electric Scooters Market Analysis
- Lithium-ion batteries will dominate the battery type segment throughout the forecast period.
- Maxi electric scooter sales will witness high demand, owing to features such as stability and durability.
- Based on technology, battery-equipped electric scooters will account for maximum sales in the market.
- The U.S is anticipated to experience increasing demand for three-wheeled electric scooters in the upcoming years.
- Sales outlook in the U.K. appears to be positive with increasing adoption in tourist mobility.
- India will provide lucrative opportunities for market expansion to global players, owing to government subsidies prompting adoption of electric scooters.
- Japan and South Korea will collectively account for 8.7% of the market share.
Alta Motors, Ather Energy, Bajaj Auto, BMW Motorrad International, Cezeta, Energica Motor Company, Evoke Motorcycles, Hero Eco, Johammer e-mobility GmbH, KTM AG, Mahindra GenZe, Ninebot Limited, Okinawa Autotech Pvt. Ltd., Piaggio & C. SpA, ReVolt Electric Motorbikes, Xiaomi, and Yamaha Motor Company Limited are among the top manufacturers of electric scooters, as profiled by FMI.
Top electric scooter manufactures are emphasizing research and development to incorporate technological advancements in electric scooters to establish themselves as prominent players in the market. Facility expansions and new vehicle launches will remain key strategies leveraged by manufacturers in the market. For instance:
- In June 2021, Piaggio revealed technical specifications for its latest electric scooter known as ‘One’. The e-scooter will be launched in three variants, One, One+, and One Active, with a digital instrument panel and removable battery system.
- In July 2021, Xiaomi launched new Ninebot C30 electric scooter in China for teenagers and young adults looking for affordable and light-weight vehicles for easy navigation in Chinese suburbs.
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More Insights on the Electric Scooters Market
In its latest report, FMI offers an unbiased analysis of the global electric scooters market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (standard, folding, self-balancing, maxi and three-wheeled), battery type (li-ion, NiMH, lead-based), technology type (plug-in, battery), and across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
Scope of Report
|Historical Data Available for||2016-2020|
|Market Analysis||USD Million for Value|
|Key Regions Covered||North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa|
|Key Countries Covered||US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa|
|Key Segments Covered||Product Type, Battery Type, Technology Type, and Regions|
|Key Companies Profiled||Alta Motors Ather Energy Bajaj Auto BMW Motorrad International Cezeta Energica Motor Company Evoke Motorcycles Hero Eco Johammer e-mobility GmbH KTM AG Mahindra GenZe Ninebot Limited Okinawa Autotech Pvt. Ltd. Piaggio & C. SpA ReVolt Electric Motorbikes Xiaomi Yamaha Motor Company Limited.|
|Report Coverage||Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives|
|Customization & Pricing||Available upon Request|
Key Questions Answered in the Report
- What is the current electric scooters market value? The electric scooters market totaled US$ 8.8 Bn in 2021.
- At what rate did the electric scooters market grow between 2016 and 2020? The electric scooters market experienced sluggish growth at 1.1% CAGR between 2016 and 2020.
- What are the key trends driving electric scooters sales? Increasing penetration of electric scooter sharing services, along with rising awareness of electric mobility are key trends driving electric scooters sales.
- Who are the leading players in the electric scooters market? Leading players operating in the electric scooters market are Jiangsu Xinri E-Vehicle Co. Ltd., Sanyang Motor Co. Ltd., Vmoto Limited, Terra Motors Corp. and GOVECS GmbH.
- What will be the demand outlook for North America electric scooters market? North America electric scooters market is anticipated to expand at a robust 8.4% CAGR through 2031.
- At what rate will electric scooters demand rise in Europe? The electric scooters market in Europe will experience healthy growth, exhibiting 8.8% CAGR.