According to a recent industry survey conducted by Future Market Insights (FMI), sales of electric scooters will continue to rise between 2021 and 2031. According to the analysis, the market will reach US$ 8.8 billion in 2021, growing at a robust 9 percent CAGR.
Growing environmental concerns, combined with desire for lower commuting expenses, convenience, and pollution control, are driving the adoption of electronic vehicles around the world. These reasons will also help electric scooter sales reach US$ 8.8 billion in 2021.
Growth forecasts remain positive for the market. While hindrances were likely amid COVID-19 induced restrictions, sales will recover at an impressive pace. FMI also forecasts the market to exhibit 5.5% year on year growth in 2021.
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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.
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.
Competitive Landscape
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.
Electric scooters Market by Category
By Product Type:
StandardFoldingSelf-BalancingMaxiThree-Wheeled
By Battery Type:
Li-IonNiMHLead-Based
By Technology:
Plug-InBattery
By Region:
North America,
Latin America,
Europe,
South Asia,
East Asia,
Oceania,
The Middle East and Africa
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Key Points Covered in Electric Scooters Market Survey
Market estimates and forecast 2021-2031Key drivers and restraints impacting market growthSegment-wise, Country-wise, and Region-wise AnalysisCompetition Mapping and BenchmarkingBrand share and Market Share AnalysisKey Product Innovations and Regulatory ClimateCOVID-19 Impact on Electric Scooters Market and how to NavigateRecommendation on Key Winning Strategies
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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