( MENAFN - GlobeNewsWire - Nasdaq O)ttawa, Sept. 15, 2021 (GLOBE NEWSWIRE) -- The global electric scooters (E-Scooters) market size was valued at US$ 18.5 billion in 2020. Electric scooter is a device that weighs less than one hundred pounds and consists of handlebars that is powered by an electric motor. The e-scooter has a maximum speed of twenty miles per hour. The device is gaining significant popularity in the developing markets owing to low cost and high usability while traveling short distance. Further, middle-class population prefers such vehicles in order to adopt an environment-friendly mode of commutation in lower cost compared to other electric mobility solutions.
Increasing rate of deterioration of old form of energy that include coal, petroleum, and natural gas have prominently propelled the era of electrically charged alternatives. Further, increasing necessity for eco-friendly vehicles because of alarming rise in the carbon footprint and ozone layer depletion are some of the major factors that drive the global market for electric scooters.
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Moreover, increasing adoption of sharing services for electric scooters in countries such as USA, Spain, France, and Germany are likely to again spur the adoption rate of electric scooters in the near future. Various companies procure electric scooters from their manufacturers to offer e-scooter sharing services such as Lime, Razor, Bird, Spin, and Jump procure e-scooters from Gogoro,Xiaomi, and Ninebot-Segway to offer such services across USA and other countries. As the penetration of ride sharing services is rising exponentially, this in turn prospers the market growth for electric scooters over the upcoming period.
Increasing non-monetary and monetary incentives encourage the adoption of battery-powered two-wheelers. Furthermore, the need for modern transportation infrastructure along with sustainable urban mobility drives the switch from conventional to electric alternatives of transport. E-scooters are predicted to have a significant positive influence on air quality and energy security.
Governments across the world have formulated various policies to spur the penetration of e-scooters by offering different benefits to the consumers along with the manufacturers in form of subsidies and tax benefits. The global market for electric scooters is also supported by the research & development initiatives. For instance, the Corporate Average Fuel Economy (CAFÉ) standards in the USA estimated to rise the adoption rate of energy-efficient vehicles by framing regulations to enhance the demand for alternative fuel powered vehicles as well as reduce the consumption of fossil fuel.
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- The Asia Pacific dominated the global electric scooters market with a revenue share of more than 70% in the year 2020 owing to large production and consumption capacity of electric scooters in the region
- North America witnessed the highest growth over the upcoming time frame because of rising investment for building supportive infrastructure for electric scooters
- Based on product, retro electric scooters captured the majority of revenue share in the year 2020 because of rapid transition in the consumer demand for green mobility solutions
- The Sealed Lead Acid (SLA) dominated the global electric scooters market in the year 2020 and accounted for a revenue share of more than 60% because of various benefits offered by the battery such as tolerance, robustness, and low cost
- 36V type in voltage segment held majority of revenue share of over 63% in the year 2020 owing to its high compatibility with electric scooters
The Asia Pacific is the front-runner in the global electric scooters market accounting for a revenue share of over 70% in the year 2019 and estimated register significant growth over the forecast period. This is mainly because of prominent market concentration in the region as major manufacturers have emerged from China, Taiwan, and Japan. China capture a leading share in the total market for e-scooters in terms of both production, consumption, and export. Several government policies to transform the mobility into green and eco-friendly by the year 2030 have also empowered the significant growth of e-scooters in China. On the contrary, North America and Europe witness prominent growth in the global electric scooters market owing to rapid infrastructure development for supporting e-mobility solutions.
- Electric Vehicle Market - The global market surpassed $165 billion in 2020, and is expected to hit around $802.81 billion by 2027, growing at a CAGR of 40.7% over forecast period 2020 to 2027.
- Electric Vehicle Charging Station Market - The global market size is expected to surpass over USD 39.2 billion by the end of 2027 and witness a compound annual growth rate (CAGR) of 40.7% from 2020 to 2027.
- Electric Mobility Market - The global market size was valued at USD 151.90 billion in 2020 and projected to hit around US$ 718 billion by 2030, expected to grow at a compound annual growth rate (CAGR) of 22% from 2021 to 2030.
Key Players & Strategies
The prominent market participants focus intensely on the research & development activities as well as various other product development strategies to gain a competitive edge in the global market. Further, these companies also focus towards collaborating or partnering with ride sharing service provider companies to impel the future growth of electric scooters sharing services. In addition, rising concern for environment protection also drives the trend for ride sharing that offers lucrative opportunity for the market players to tap the significant market penetration in ride sharing for e-scooters.
Some of the key players in the global electric scooters market are Gogoro Inc., AllCell Technologies LLC, BMW Motorrad International, BOXX Corp., Green Energy Motors Corp., Honda Motor Co. Ltd., Greenwit Technologies Inc., Jiangsu Xinri E-Vehicle Co. Ltd., Mahindra GenZe, KTM AG, Peugeot Scooters, Terra Motors Corporation, Suzuki Motor Corporation, Vmoto Limited, Yamaha Motor Company Limited, Yadea Technology Group Co. Ltd., Xiaomi, Bird, Ninebot Limited, Lime, and Spin among others.
By Product Type
By Battery Type
- Sealed Lead Acid
By Voltage Type
- Greater than 48V
By Regional Type
- North America
- Asia Pacific
- South Korea
- Rest of the World
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