Market Overview:
The global Electric Scooter Market is estimated to be valued at US$ 19.30 billion in 2023 and is projected to reach US$ (incorporate given market value for 2023) billion by 2023, growing at a CAGR of (incorporate given CAGR) over the forecast period. Electric scooters offer numerous advantages including zero emissions, quiet operation, and cost-effectiveness. The growing concerns regarding environmental pollution and the need for sustainable transportation are driving the demand for electric scooters in the market.
Market Key Trends:
One of the key trends influencing the global Electric Scooter Market is the increasing adoption of electric scooters for last-mile transportation. With rapid urbanization, the need for convenient and eco-friendly modes of transportation for short distances has become crucial. Electric scooters provide a convenient way to cover short distances and are also cost-effective. The last-mile transportation sector has witnessed significant growth in recent years, especially in densely populated cities. Electric scooters are gaining popularity among commuters due to their compact size, ease of use, and zero emissions. This trend is expected to continue growing over the forecast period, driving the market for electric scooters.
Segment Analysis:
The electric scooter market can be segmented based on product type, battery type, technology, and voltage range. Among these segments, the battery type segment is expected to dominate the market during the forecast period. Lithium-ion batteries are the most commonly used type of batteries in electric scooters due to their high energy density, longer lifespan, and lighter weight compared to other battery types. They also offer fast charging capabilities, which is a key requirement for electric scooter users.
Key Takeaways:
The Global Electric Scooter Market Demand is expected to witness high growth, exhibiting a CAGR of 8.10% over the forecast period. The increasing adoption of electric vehicles as a sustainable mode of transportation is a major driver for the market. Electric scooters are being preferred by urban commuters due to their cost-effectiveness and zero emissions. Governments across the world are also promoting the use of electric vehicles through various incentives and subsidies, further boosting market growth.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the electric scooter market. This can be attributed to the rapidly growing population, increasing urbanization, and rising concerns about environmental pollution in countries like China and India. These countries are also witnessing a surge in demand for affordable and efficient modes of transportation, driving the market growth.
Key players operating in the electric scooter market include Amego Electric Vehicles Inc., Ampere Vehicles Pvt. Ltd, BMW Motorrad, ECCITY Motocycles, GenZe, Gogoro Inc., GOVECS GmbH, Hero Eco (Hero Electric), 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. These key players are focusing on strategic initiatives such as product launches, partnerships, and acquisitions to strengthen their market presence and gain a competitive edge.
Overall, the electric scooter market is poised for significant growth in the coming years, driven by increasing environmental concerns, government initiatives, and advancements in battery technology. The domination of lithium-ion batteries in the market and the strong presence of key players further contribute to the market's growth potential.
