Electric Scooter Market – 2019 Global Industry Forecast To 2023 is latest report on Electric Scooter Industry published by Market Research Future. According to report Global Electric Scooter Market is expected to rise at 17.93% CAGR during forecast period of 2019 to 2023. The Market for Electric Scooter is segmented by Type (Plug-in and Battery-based), Product (Retro, Self-Balancing and Folding), Voltage (24V, 36V, 48V and more than 48V), Travel Range (up to 20 km, 20 km–40 km and more than 40 km) and Region.
Key Companies in Electric Scooter Industry analyzed in report at:
Jiangsu Xinri E-Vehicle Co., Ltd (SUNRA) (China), Terra Motors Corporation (Japan), Mahindra & Mahindra Ltd (India), Wuxi YADEA Export-Import Co. LTD. (China), Yamaha Motor Co. Ltd. (US), BOXX Corp. (US), Gogoro Inc.(Taiwan), Greenwit Technologies (Canada), Honda Motor Co., Ltd. (Japan), BMW AG (Germany), PIAGGIO & C.SPA (Italy), ZNEN MOTOR (China), TAIZHOU UGBEST EV CO., LTD (China), GOVECS AG (Germany), Vmoto Limited (Australia), and others.
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Electric Scooter Market Highlights:
The Electric Scooter market is seeing strong growth owing to the presence of Original Equipment Manufacturers (OEMs) who are striving to expand their product portfolio. Decreasing costs of batteries are also projected to give rise to favorable opportunities for vendors in the market. Soaring need for fuel-efficient vehicles on account of rising concerns over carbon and Greenhouse Gas (GHG) emissions could boost the demand for electric scooters (e-scooters) and battery in the coming years. In addition, increasing use of regenerative braking, relatively economical maintenance costs, high mechanical efficiency, and low noise levels are also elevating product demand.
Surging financial and non-financial incentives also invigorate product demand. Mounting need for modernized transportation infrastructure along with sustainable urban mobility is resulting in adoption of electric modes of transport over the conventional one. Electric scooters are noted to have positive influence on air quality as well as energy security, which has led the renewable energy segment to gain traction in the power sector. Various government bodies across the globe are focusing on elevating product penetration backed by several programs like research and development (R&D) initiatives.
To illustrate, the Canadian government is strategizing to bring down the country’s GHG emission count and boost the number of zero-emission vehicles. Likewise, the United States (U.S.) has come up with the Corporate Average Fuel Economy (CAFÉ) standards which promote the adoption of energy-efficient automobiles by developing regulations that aim at reducing fossil fuel consumption. Such regulations also help enhance the use of alternative fuel vehicles. Thanks to these factors, a highly conducive environment has been noted, which could work in favor of the market.
Market Segmentation:
The worldwide Electric Scooter market has been categorized depending on type, product, voltage, and travel range.
In terms of type, the global electric scooter market includes into- plug-in and battery-based. In 2018, the battery-based electric scooter segment covered the largest share of the market, given the surging sales of electric scooters in the past few years. Its position is expected to remain the same throughout the review period.
With respect to product, the global electric scooter market comprises retro, self-balancing, and folding. The retro segment has the largest market coverage since retro electric scooters offer riders a longer driving range. A self-balancing electric scooter finds residential as well as commercial applications. Both geriatric and young individuals can make use of self-balancing scooters. On this basis, self-balancing electric scooter is presumed to expand at the highest CAGR in the following years.
Voltage-wise, the global electric scooter market is considered for 24V, 36V, 48V, and more than 48V. In 2018, the more than 48V segment accounted for the biggest share as a result of strong demand for a higher driving range with less charging periods coupled with a higher weight carrying capacity. The 48V battery is extensively used in self-balancing electric scooters.
With context to travel range, the global electric scooter market is split into up to 20 km, 20 km–40 km as well as more than 40 km. The more than 40 km segment’s coverage was maximum in the market in 2018, with the reason being the robust demand for a higher driving range with less charging combined with the rising demand for retro type electric scooters. The more than 40 km or more than 25 miles segment is growing backed by its increasing use in retro type electric scooters. Retro type electric scooters find use in long-run outdoor applications, including workplace commute and downtown trips.
Regional Insight:
The Electric Scooter market is spread across the primary regions of Europe, Asia Pacific (APAC), North America, as well as the rest of the world (RoW).
In 2018, Asia Pacific accounted for 51.2% of the total share, making it the leading market for Electric Scooter. Europe and North America held a share of 23.1% and 18.8%, respectively.
Ever-increasing urbanization in APAC helps augment the sales of Electric Scooter. Developing countries like India and China lead the regional market owing to rapid urbanization observed by them. Generally, the population in these economies make short and frequent rides, which stimulates growth of APAC electric scooters and battery market. Government bodies of several countries in the region are endeavoring to elevate awareness among people to about eco-friendly means to travel, which accelerates the demand for electric, and hybrid-electric scooter as well as battery.
The North America electric scooter market could note significant growth, given the rising number of initiatives by government striving to boost adoption of all-electric vehicles for mobility. The US government’s official source for fuel economy information states that the government has come up with a regulation that provides federal income tax credit to those who own electric vehicles purchased after 2010, depending on the battery capacity used for powering the vehicle. In addition, the presence of many premium and emerging electric scooter manufacturers like Unagi Scooters and BOXX Corp., ZEV benefits the regional market to a great extent.
RoW includes South America as well as Middle East & Africa. Surge in partnerships between global start-up companies and domestic start-ups strengthen their product portfolio, which works in favor of the market. Furthermore, technological innovations have led to introduction of ride-hailing services within the region, which gives rise to a host of opportunities for the manufacturers.
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