Electric scooters are environment friendly personal transport vehicles that are powered by rechargeable batteries. The advantages of electric scooters include zero direct tailpipe emissions, lower operating costs compared to gasoline vehicles, and portability. Electric scooters provide affordable options for short-distance daily commutes and last-mile connectivity.
Market key trends:
One of the key trends in the electric scooter market is the increasing adoption of lithium-ion battery technology. Lithium-ion batteries offer higher power density, longer charge cycles, and faster charging compared to lead-acid and nickel metal hydride batteries. Moreover, continual decline in lithium-ion battery prices is increasing the affordability of electric scooters. Several companies are focusing on developing advanced lithium-ion batteries with higher range to drive the demand for electric scooters. Furthermore, growing consumer preference for eco-friendly personal vehicles coupled with supportive government policies and subsidies for electric vehicles adoption are fueling the growth of the electric scooter market.
The global Electric Scooter Market Growth is estimated to be valued at US$ 26.35 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The global electric scooter market is dominated by the lithium-ion battery segment. Lithium-ion batteries offer higher energy density, longer charging cycles, and lower self-discharging rates compared to other battery technologies like lead-acid and nickel-metal hydride batteries. These advantages have increased the preference for lithium-ion batteries among electric scooter manufacturers.
The global electric scooter market is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing adoption of electric vehicles to reduce vehicular emissions.
Asia Pacific dominates the global electric scooter market and is expected to continue its dominance over the forecast period. Countries like China, India, and Japan have witnessed high demand for electric scooters due to growing environmental concerns and supportive government policies for electric vehicles.
Key players operating in the electric scooter market are Amego Electric Vehicles Inc., Ampere Vehicles Pvt. Ltd, BMW Motorrad, ECCITY Motocycles, GenZe, Gogoro Inc., GOVECS GmbH, Hero Eco, Honda Motor Co. Ltd., Jiangsu Xinri E-Vehicle Co., Ltd., Kumpan Electric, Piaggio & C. SpA, Sanyang Motor Co. Ltd., Silence Urban Ecomobility, Terra Motors Corp., TORROT ELECTRIC EUROPA S.A, TVS Motor Company, Vmoto Limited, and Yadea Group Holdings Ltd.