Between 2021 and 2028, the global electric scooter market will generate $ 10,317.4 million and exhibit a CAGR of 7.9%. This growth will be primarily led by the emphasis on energy efficient vehicles, in addition to the increasing environmental concerns across the globe, a latest published report by Research Dive has estimated.
The increased worldwide demand for electric vehicles, along with growing adoption of advanced technologies such as artificial intelligence (AI) in EVs are predicted to accelerate the growth of the global electric scooter market during the forecast period.
Moreover, financial incentives and support programmes by governments to promote electric vehicles are anticipated to create huge growth opportunities for the electric scooter market by 2028. However, the lack of availability of charging infrastructure in developed countries is expected to hamper the market growth during the estimated timeframe.
The report noted a moderate impact of the COVID-19 pandemic on the growth of global electric scooter market. This is majorly owing to the lockdown restrictions, closing of manufacturing industries, and disruption in supply chain across the globe.
However, the rising adoption of new methods of operation by key market players, such as implementation of predictive analytics for accurately forecasting losses and virtual monitoring of the electric production scooters have helped the market recover during the pandemic period.
Key Findings
The report by Research Dive segmented the global electric scooter market into voltage, battery type, speed, and region.
Voltage: the 48 V sub-segment is estimated to surpass $ 3,295.7 million by 2028 and dominate in terms of market share during the forecast period. This growth is mainly due to the rising demand for high driving range along with high load capacities and reduced charging periods, said the report. Besides, the 48V is hugely used in self-balanced and conventional scooters with high capacity, which is another factor predicted to boost the sub-segment's growth by 2028.
Battery type: by 2028, the lithium-ion sub-segment is estimated to generate a revenue of $3,291.8 million, and is predicted to grow the fastest over the forecast period. Advantages of using lithium-ion batteries, such as light weight, helps in maintaining the vehicle's energy-to-weight ratio, and safe for environment.
Speed: over the forecast period, the low speed sub-segment, valued for $ 2,953.4 million in 2020, is estimated to hold the majority of market share, primarily due to the increasing awareness about air quality, pollution, and environmental issues. Besides, the low-speed electric scooters are a good alternative to the conventional scooters and are most cost effective, which is driving the sub-segment's growth in the global electric scooter market.
Region: The growing demand for eco-friendly mobile solutions and rapid urbanisation in developing markets such as China and India is driving the Asia-Pacific electric scooter market, which is expected to surpass $ 3,794.7 million by 2028. This region will dominate growth in the global industry over the forecast period, the report said. In addition, the rising per capita income of the increased population in the countries of the region are boosting the regional market growth.
Top EV Makers
The report also noted the top 10 prominent electric scooter market players – Alta Motors, GOVECS AG, Gogoro Inc, Vmoto Limited, Greenwit Technologies Inc, Terra Motors Corporation, Boxx Corp, PIAGGIO & C. SPA, HONDA MOTOR CO., LTD and Johammer e-mobility GmbH.
These players and various other companies in the market are focusing on product launches, technological advancements, and strategic collaborations to gain a competitive in the global market, Research Dive said.
The report further highlighted Ola Electric Mobility’s acquisition of Dutch electric scooter OEM, Etergo BV in May 2020. This acquisition was made with an aim to leverage Etergo's engineering capabilities and design to build its smart electric two-wheeler for both Indian as well as international markets.