Electric Scooters Market Size, E-scooters Market Research and Industry Forecast Report, 2030 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Electric Scooters Market


The global electric scooters market size was estimated at USD 18.6 billion in 2019. Rising need for fuel-efficient vehicles, backed by increasing concerns over carbon and greenhouse gas emissions, is expected to drive the adoption of electric scooters (e-scooters) over the forecast period. Easy incorporation of regenerative braking, high mechanical efficiency, relatively economical maintenance costs, and low noise levels are among crucial factors providing battery-powered vehicles an edge over traditional variants with internal combustion engines (ICE).

Increasing adoption of electric scooter sharing services in countries such as Spain, U.S., Germany, and France has spurred the demand for battery-powered two-wheelers. Companies such as Razor, Lime, Bird, Jump, and Spin offering e-scooter sharing services are procuring these vehicles mainly from manufacturers such as Xiaomi; Gogoro, Inc.; and Ninebot-Segway. The penetration of these sharing services is witnessing an exponential adoption rate since 2016. Currently, more than 90 cities and various universities across the globe use this service, with around 95 percent of scooters having an electric drivetrain.

Increasing monetary and non-monetary incentives are encouraging the adoption of battery-operated two-wheelers. Moreover, the need for sustainable urban mobility and modern transportation infrastructure are driving the transition from conventional to electric modes of transport. E-scooters are anticipated to have a positive influence on energy security and air quality.

Participation of vehicle manufacturers and governments in meeting the standards for zero-emissions is significantly contributing to reduce the carbon emission gap significantly by 2020. Furthermore, the consumption of electricity in these vehicles can be managed with proper energy and power infrastructure planning. This is further mitigated using renewable energy and technological advancements such as solar-powered vehicles and vehicle-to-grid technologies.
Governments across the globe have formulated several policies to increase the penetration of electric scooters by offering various benefits to consumers as well as manufacturers in the form of subsidies. Support in the form of research and development initiatives is also a prominent growth factor. For instance, in the U.S., the Corporate Average Fuel Economy (CAFí‰) standards are increasing the adoption of energy-efficient automobiles by framing regulations for enhancing the utilization of alternative fuel vehicles and reduction of fossil fuel consumption. Similarly, the Canadian government is developing a strategy to reduce the countrys greenhouse gas emissions and increase the number of zero-emission vehicles. Besides this, the swift adoption of scooter-sharing services has triggered the demand for battery-powered two-wheelers. This, in turn, creates a highly conducive environment for growth.

Product Insights of Electric Scooters Market

Based on product, the global electric scooters market can be categorized into standing/self-balancing, folding, and retro scooters. The retro segment dominated the market in 2019 owing to the shift toward green vehicles for commuting over short distances. This move has helped reduce overall commuting costs for consumers across the world. However, the scenario is changing in countries such as the U.S., as more and more millennials residing in cities have started opting for convenient, lightweight vehicles with less operational cost.

The folding variant is anticipated to exhibit a CAGR of 10.1% over the forecast period. The advent of next-generation smart electric scooters with big data and IoT technology and the need for product differentiation have driven demand for folding e-scooters. However, the control and convenience of standing/self-balancing e-scooters in commercial and residential applications for amalgamation of daily activities is expected to propel its demand from 2020 to 2030.

Battery Insights

By battery, the E-scooters market is segmented into Lithium-Ion (Li-ion), Nickel Metal Hydride (NiMH), and Sealed Lead Acid (SLA). The SLA battery segment dominated the market in 2019 owing to benefits such as robustness, tolerant to abuse, and low cost. However, the adoption of SLA batteries is predicted to decline in the coming years as they are bulky in size and discharge rapidly, even without handling heavy loads.

The lithium-ion battery segment is estimated to register a CAGR of 10.4%. The price of lithium-ion batteries is expected to witness a declining trend over the coming years, with the price expected to fall by around 70 percent by 2030. Hence, this is expected to decrease the costs of electric scooters as well. More environmentally conducive batteries and growing demand for high-performance batteries such as Li-ion and NiMH are driving the need for battery operated e-scooters. Some of the benefits offered by these batteries are high charging-discharging efficiency, high charge density, and lightweight.

Voltage Insights

Based on voltage, electric scooters can be classified into 24V, 36V, 48V, and greater than 48V. The 36V segment accounted for 62.4% of the overall revenue in 2019. These batteries possess high compatibility with e-scooters and provide superior power output, which is projected to propel segment growth. However, the demand for 48V batteries is increasing since consumers prefer scooters with a long battery range to avoid the hassle of frequent battery charging.

The greater than 48 V segment is estimated to witness significant growth over the coming years, registering a CAGR of 11.5% from 2020 to 2030. E-scooters equipped with 60 V and 70 V batteries are predicted to witness substantial growth owing to constant R&D activities to enhance the overall range and speed of e-scooters. Moreover, high voltage batteries are being upgraded with recovery and start-stop features to reduce CO2 emissions in the environment.

Regional Insights of Electric Scooters Market

Asia Pacific dominated the global E-scooters market and was valued at USD 13.9 billion in 2019. Most electric scooter manufacturers have emerged from China, Taiwan, and Japan, acquiring the largest share all over the world. China has emerged not only as the leading consumer of electric scooters but also as the leading producer and exporter. Vendors active in the China market include Jiangsu Xinri Electric Vehicle Co., Ltd., Yadea, AIMA Group, Zhejiang Luyuan, and Niu International. In addition to this, the regional market is fueled by growing awareness among consumers to adopt clean energy transportation to curb vehicular emissions, rapid urbanization, and increasing affordability of e-scooters. Additionally, research and development activities will continue to give this market a significant boost over the next decade.

North America is slated to witness the highest CAGR of 13.1% over the forecast period. Growing investment in electric vehicle charging infrastructure and research support for innovative high-density batteries is anticipated to contribute to overall regional growth. For instance, Revel entered into the U.S. market with an investment of USD 27.6 million and rolled out 68 MUVI electric scooters manufactured by Spanish company Torrot.

Moreover, witnessing a steep growth in the entry of international electric scooter manufacturers, vendors active in the North American region are focusing on launching multiple variants of electric scooters to attract the young population. Such strategies adopted by companies operating in the region are expected to fuel the overall growth of the North America market.

Market Share Insights of Electric Scooters Market

Prominent industry participants include Mahindra GenZe; BMW Motorrad International; Vmoto Limited; Terra Motors Corporation; Gogoro Inc.; and Jiangsu Xinri Electric Vehicle Co. Ltd. Players such as Lime; Bird Rides, Inc.; and Govecs AG are focused on launching last-mile e-scooter rental services in different countries and cities with a joint venture strategy to expand their industry footprint across the world.

In China, prominent market players are focused on research and development activities and product level strategies to expand their market share. In Taiwan, Gogoros swappable battery electric scooter has revolutionized the market, and many Asian vendors are affiliating with Gogoro to integrate the swappable battery technology in their electric scooters. Prominent Japanese companies such as Honda, Yamaha, Suzuki, and Kawasaki have rolled out their variants of electric scooters, further intensifying the competition in the Asian market.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Electric Scooters Market Research Report

This report forecasts revenue growth at global, regional, and country levels and analyzes latest industry trends in each of the sub-segments from 2016 to 2030. For this study, this market research report has segmented the global electric scooters market report based on product, battery, voltage, and region:

Product Type (Revenue, USD Million, 2015 - 2030)

  
Retro
  
Standing/Self-Balancing
  
Folding

Battery Type (Revenue, USD Million, 2015 - 2030)

  
Sealed Lead Acid
  
NiMH
  
Li-Ion

Voltage Type (Revenue, USD Million, 2015 - 2030)

  
24V
  
36V
  
48V
  
Greater than 48V