The global electric scooters market size is expected to reach USD 41.98 billion by 2030 registering a CAGR of 8.5% over the forecast period, according to a study conducted by Grand View Research, Inc. Rising consumer awareness about eco-friendly transportation, increasing adoption of electric scooter sharing services, and declining raw material prices are expected to fuel the demand. Growing focus on sustainable transportation infrastructure is also projected to augment the market growth. Manufacturers are adopting various strategies, such as collaborations, mergers, and product launches, to enter the continuously evolving electric scooters industry.
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Moreover, continuous product innovations within the industry and vehicle charging infrastructure, such as home charging solutions, are projected to bolster the market revenue over the next 13 years. Growing number of registrations of electric scooters are supporting governments in meeting the standards for the adoption of zero-emission vehicles, thus plummeting the emission gap by 2020. Furthermore, energy-efficiency of these vehicles can be achieved with smart vehicle charging infrastructure, which is further lessened by progressing technologies, such as solar power and vehicle-to-grid technologies. Asia Pacific is anticipated to lead the market over the forecast period due to factors, such as collaboration of charging equipment manufacturers with researchers and automakers.
For instance, in 2016, Honda Motor Company and Yamaha Motor Corporation allied to manufacture electric scooters in Japan. Similar factors are responsible for the dominance of China in the Asia Pacific market. North America is anticipated to witness the highest CAGR over the forecast period. U.S. is expected to emerge as the leading economy, in terms of demand for electric scooters, due to new product developments. Moreover, various large-scale manufacturers, such as Mahindra GenZe, are entering the U.S. market. The regional market is, however, observing some challenges owing to new traffic laws being outlined by regulatory bodies to ensure public safety.
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Further key findings from the study suggest:
• Retro scooters is anticipated to be the dominant segment over the forecast years owing to significant demand for electric scooters fitted with docks
• Based on battery, the sealed lead acid segment accounted for the largest share of 64.7% of the global electric scooters market in 2018
• However, stringent laws and regulations to reduce the amount of lead released into the environment are compelling manufacturers to incorporate NiMH and Li-Ion batteries into the scooters
• Asia Pacific is expected to be the largest regional market reaching USD 26.25 billion by 2030 on account of heavy investments in the vehicle charging infrastructure
• Some of the prominent industry participants include Gogoro, Inc.; Terra Motors Corporation; Mahindra GenZe; Vmoto Limited; Xinri Electric Vehicle Co. Ltd.; and BMW Motorrad International
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