The rapid growth of this region has been fueled by the widespread adoption of electric vehicles as a viable alternative to traditional gasoline-powered automobiles. With rising carbon footprints, the United Kingdom has increased the use of electric vehicles. During the forecast period, the electric scooter market in the United Kingdom is expected to rise at an 8.9% CAGR.
Sweden, on the other hand, is predicted to achieve the highest CAGR over the forecast timeline. This market in Sweden is assumed to expand as a consequence of rising customer involvement in electric vehicles over conventional vehicles, an increment in the number of projects undertaken by businesses involved in the electric mobility business, and government support for increased E.V. sales.
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The growing use of electric motorcycles and e-bikes for commuting, enhanced implementation of electric scooters for ride-sharing facilities in Europe, and stringent emissions standards all add value to the market’s development. Because of millennials’ growing conscience, there is remunerative growth potential in this market. However, the inflated costs of electric two-wheelers, e-scooters, and bikes, as well as the short battery life, are predicted to stifle the industry’s growth to some extent. Furthermore, there are no regulations in the electric two-wheeler and micro-mobility businesses, stifling growth.
Furthermore, the UK government announced plans for making bicycles a major part of transportation systems. For example, the United Kingdom’s transport secretary announced that cycling would be included in a GBP 2 billion active travel campaign. This would encompass e-bikes as a mode of transportation rather than just for fun.
Numerous organizations from different industries actively collaborated with key electric scooter manufacturers to launch various products in the market. For example, Italy’s Generali, a Trieste-based insurance company, purchased a stake in Ridemovi, which provides bicycle and electric scooter-sharing services, to enable its widening in Italy, Spain, and other nations.
To maintain their dominance in this volatile market, two-wheeler producers are increasingly concentrating on creating greener and more eco-friendly vehicles. Increasing environmental impacts about vehicular emissions, depletion of fossil fuel reserves, and increased government efforts to encourage electric mobility are cruising motorcycle OEMs to develop electric motorcycles. As a result, electric motorcycles are becoming extremely prevalent among European consumers.
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Key Takeaways
- The lithium-ion battery segment held the largest portion of the Europe electric scooters market in 2021, based on battery technology.
- According to the country, Italy had the largest share of the European electric scooter industry in 2021.
- The Italian government has allocated aside US $11.4 Million to provide subsidies for the purchase of electric scooters.
- In regards to revenue, electric scooter sales are anticipated to increase the fastest in Spain.
Competitive Landscape
Industry players intend to invest in technological advancements, mergers and acquisitions, product innovations, and studies and development. Furthermore, they are likely to place a greater emphasis on investing in new developments and products in order to grow their size and scope.
Key Companies Profiled
Alta Motors, Ather Energy, BMW Motorrad International, Cezeta, Energica Motor Company, Hero Eco, Johammer e-mobility GmbH, KTM AG, Mahindra GenZe, Ninebot Limited, Okinawa Autotech Pvt. Ltd, ReVolt Electric Motorbikes, Xiaomi, Yamaha Motor Company Limited.
Recent Developments
- The Italian government launched an initiative in May 2020 to incentivize bicycles and electric micro mobility vehicles until December 31, 2020.
- Tünkers Maschinenbau GmbH, a German company that specializes in e-mobility and logistic e-vehicles such as airport electric scooters, logistic scooters, automated guided vehicles (AGVs), and electric trikes (MoVis), developed a mini electric transporter for in-house transportation.
- In July 2022, Aike launched the new European-made Aike T, which may be the best-designed electric scooter. Ike’s new electric scooter is built to last and has environmentally sustainable features.
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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
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.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
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