The global three-wheel e-scooter market is expected to reach USD 1,074 million by 2024 and grow at a CAGR of 2.4%, reaching around USD 1,361.4 million by 2034.
Three-wheel e-scooters are gaining popularity worldwide due to their user-friendly design and added stability from the extra wheel compared to traditional two-wheel models. These scooters offer greater balance, making them appealing to adults, children, and beginners who may otherwise struggle with two-wheelers. They also reduce the risk of tipping, especially on uneven terrain or during sharp turns.
Manufacturers are increasingly focusing on producing three-wheel e-scooters with lithium-ion batteries to attract more customers. The price of these batteries has significantly dropped, from over USD 1100 in 2010 to around USD 156 in 2020, with expectations for further reduction to USD 100 by 2023. This decline is driven by rising demand for electric vehicles and ongoing research to improve battery life. In contrast, lead-acid batteries have a shorter lifespan and lower energy density, leading consumers to prefer the more cost-effective lithium-ion alternatives.
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KEY TAKEAWAYS:
- The European three-wheel e-scooter market will command the largest portion of the market. The rapid development of infrastructure and the industrialisation of new technologies are boosting the growth of the European demand for three-wheel e-scooter.
- In 2019, the 36V segment accounted for more than 60% of the three-wheel e-scooter market’s The 36V battery segment’s supremacy can be ascribed to its strong power output and compatibility with electric scooters.
- Retro is predicted to be the most profitable area based on application. This is related to a move toward green vehicles for short-distance travel.
- Due to its durability and low cost, sealed lead-acid batteries dominated the industry in 2021, accounting for about 62 percent of total sales of three-wheel e-scooter.
Key Players
- Invacare
- Afikim Electric Vehicle
- Hoveround Corporation
- Pride Mobility Products
- Sunrise Medical Inc.
- VAN OS Medical UK Ltd
- Energica Motor Company S.p.A.
- EV Rider LLC
- UK Mobility Group Ltd
- Golden Technologies
- MERITS Co. Ltd
- Hero Moto Corp
RECENT DEVELOPMENT:
- Due to increased demand, Hero Electric (India) increased the capacity of its new production facility in Ludhiana (India) in September 2021. By Q2 2022, the company has increased production capacity from 1 lakh to over 5 lakh automobiles.
- In August 2020, Okinawa Autotech introduced the R30, a low-speed electric scooter with a top speed of 25 kilometres per hour.
Key Segmentations
Battery Type:
- Li-Ion
- Ni-Mh
- Lead Based
- Others
Technology:
- Plugin
- Battery
Price Range:
- Below USD 200
- USD 200 – 375
- USD 375.1 – 750
- USD 750.1 – 1100
- Above USD 1,100
Distribution:
- OEM
- E-Commerce
- Others
End Use:
- Personal
- Rental
- Law Enforcement
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