The electric scooter market is estimated to be worth US$ 10.4 billion in 2023 and is projected to be valued at US$ 24.8 billion by 2033. Between 2023 and 2033, the market is expected to register a CAGR of 9.1%.
The Electric Scooter Market refers to the industry involved in the manufacturing, distribution, and sale of electrically powered scooters designed for personal transportation. These electric scooters, also known as e-scooters, are becoming increasingly popular due to their convenience, eco-friendliness, and cost-effectiveness as urban mobility solutions. Here’s an overview of the Electric Scooter Market:
Market Overview:
Scope: The market includes a wide range of electric scooter models designed for urban commuting, short-distance travel, recreational riding, and last-mile transportation solutions.
Key Players: Major players in the market include manufacturers such as Xiaomi, Segway-Ninebot, Lime, Bird, Voi, and other brands producing electric scooter models, as well as rental companies, sharing platforms, and retailers.
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Market Dynamics: Factors such as urbanization, traffic congestion, environmental concerns, government regulations, technological advancements, and consumer preferences drive the growth of the electric scooter market globally.
Market Trends:
Micro-Mobility Solutions: The rise of micro-mobility solutions, including electric scooters, bicycles, and electric bikes, addresses the need for convenient, affordable, and sustainable transportation options for short-distance travel and last-mile connectivity.
Urbanization and Congestion Relief: Electric scooters offer a solution to urban congestion, providing an efficient, flexible, and eco-friendly alternative to cars, reducing traffic congestion, parking shortages, and greenhouse gas emissions in densely populated cities.
Shared Mobility Services: Electric scooter sharing programs and dockless rental services provide convenient, on-demand access to electric scooters for short trips, first-mile/last-mile connectivity, and urban transportation solutions, catering to commuters, tourists, and residents.
Regulatory Frameworks and Policy Support: Governments and municipalities are implementing regulations, guidelines, and pilot programs to manage electric scooter usage, address safety concerns, enforce parking regulations, and integrate micro-mobility solutions into urban transportation networks.
Integration with Public Transit: Electric scooters complement public transit systems by providing seamless integration, multi-modal transportation options, and enhanced connectivity for commuters traveling between transit stations, workplaces, residential areas, and commercial districts.
Customization and Personalization: Riders seek customization options, accessories, and aftermarket upgrades such as handlebar grips, lights, fenders, phone mounts, and carrying racks to personalize their electric scooters, enhance functionality, and express their individual style preferences.
Safety Education and Awareness: Industry stakeholders, advocacy groups, and safety organizations promote rider education, safety campaigns, helmet use, and responsible riding practices to minimize accidents, injuries, and conflicts between electric scooter riders, pedestrians, and motorists.
Electric Scooter Racing and Competitions: The emergence of electric scooter racing events, time trials, and competitive leagues showcases the performance, agility, and speed capabilities of electric scooters, attracting enthusiasts, athletes, and spectators to the sport.
Market Drivers:
Urban Mobility Needs: The growing urban population, increasing traffic congestion, and limited parking options drive demand for electric scooters as convenient, efficient, and eco-friendly alternatives for urban commuting and short-distance travel.
Environmental Awareness: Concerns about air pollution, carbon emissions, and environmental sustainability motivate consumers to adopt electric scooters as clean, green transportation options that reduce reliance on fossil fuels and mitigate environmental impact.
Last-Mile Connectivity: Electric scooters address the last-mile connectivity challenge by providing accessible, affordable, and flexible transportation solutions for commuters traveling between transit stops, workplaces, residential areas, and commercial hubs.
Affordability and Cost Savings: Electric scooters offer cost-effective transportation solutions compared to owning and operating a car, with lower upfront costs, minimal maintenance requirements, and reduced fuel expenses, appealing to budget-conscious consumers seeking economical mobility options.
Technology Advancements: Technological advancements in battery technology, electric motors, lightweight materials, and connectivity features enhance electric scooter performance, range, reliability, and user experience, driving market adoption and acceptance.
Micro-Mobility Industry Growth: The expansion of the micro-mobility industry, including electric scooters, bicycles, and e-bikes, creates opportunities for shared mobility services, rental platforms, and transportation startups to innovate and expand their offerings in urban markets.
Youth and Millennial Preferences: Younger demographics, including millennials and Generation Z, embrace electric scooters as trendy, tech-savvy, and eco-conscious transportation options that align with their urban lifestyle, sustainability values, and digital connectivity preferences.
Tourism and Leisure Activities: Electric scooters attract tourists, travelers, and leisure riders seeking fun, convenient, and memorable sightseeing experiences, guided tours, and recreational rides in urban tourist destinations, waterfront promenades, and scenic routes.
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Key Takeaways
- From 2018 to 2022, the electric scooter market demand expanded at a CAGR of 7.1%
- Based on product type, the maxi electric scooter segment is expected to account for a CAGR of 9.0% during the forecast period.
- Global electric scooter demand in the United Kingdom is predicted to account for a CAGR of 8.9% through 2033.
- In the United States, the market is expected to account for a CAGR of 0 % between 2023 and 2033.
- China is projected to expand by a value CAGR of 8.7% between 2023 and 2033.
- By 2033, the electric scooter market in India is anticipated to record a CAGR of 8.5% during the forecast period.
Competitive Landscape
Some of the key companies identified are
- Alta Motors
- Ather Energy
- BMW Motorrad International
- Cezeta
- Energica Motor Company
- Hero Eco
- Johammer e-mobility GmbH
- KTM AG
- Mahindra GenZe
- Ninebot Limited
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Key Segments in the Electric Scooter Market
By Product Type:
- Standard
- Folding
- Self-Balancing
- Maxi
- Three-Wheeled
By Battery Type:
- Li-Ion
- NiMH
- Lead-Based
By Technology:
- Plug-In
- Battery
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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