Electric Scooters Market Size & Share, Sector / Industry Report & Analysis 2020, Forecast 2021 - 2026(Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Electric Scooters Market


The global Electric Scooters market size is projected to reach US$ 33.48 billion by 2026, from US$ 20.52 billion in 2020, at a CAGR of 8.5% during 2021-2026. The market is driven by a strong presence of Original Equipment Manufacturers (OEMs) enhancing their product portfolio. Declining costs of batteries are also expected to create favorable opportunities for companies. Increasing need for fuel-efficient vehicles due to growing concerns over carbon and Greenhouse Gas (GHG) emissions is anticipated to drive the demand for electric scooters (e-scooters) in the years to come. Incorporation of regenerative braking, low noise levels, relatively economical maintenance costs, and high mechanical efficiency are also propelling the product demand.

Moreover, e-scooters are fuel-efficient, eco-friendly, easy to handle, and compact in size, which is also boosting their demand. Growing adoption of e-scooter sharing service in countries, such as France, Germany, U.S., and Spain, has also spurred the demand for e-scooters. The companies such as Bird, Lime, Spin, Jump, and Razor offering such services are procuring e-scooters mainly from the manufacturers, such as Ninebot-Segway, Gogoro, Inc., and Xiaomi. Currently, more than 90 cities and various universities across the globe use these services.

Rising financial and non-financial incentives are also encouraging the product adoption. Rising need for modernized transportation infrastructure and sustainable urban mobility are driving the transition from conventional to electric modes of transport. Electric scooters are expected to have positive implications on air quality and energy security, giving the renewable energy segment more prominence in the power sector. Governments around the world are focusing on increasing the product penetration through various programs, such R&D initiatives.

For instance, the Canadian government is developing a strategy to reduce the countrys GHG emission effects and increase the number of zero-emission vehicles. Similarly in U.S., the Corporate Average Fuel Economy (CAFí‰) standards are propagating the adoption of energy-efficient automobiles by formulating regulations for reduction of fossil fuel consumption and enhancing utilization of alternative fuel vehicles. This, in turn, creates a highly conducive environment for market growth.

Market Segmentation, Outlook & Viewpoint: Global Electric Scooters Market

Product Type (Revenue, USD Million, 2014 - 2030)

  
Retro
  
Standing/Self-Balancing
  
Folding

Battery Type (Revenue, USD Million, 2014 - 2030)

  
Sealed Lead Acid
  
NiMH
  
Li-Ion

Voltage Type (Revenue, USD Million, 2014 - 2030)

  
24V
  
36V
  
48V
  
Greater than 48V

Key Players, Recent Developments & Regional Insights: Global Electric Scooters Market

Based on product, the global market can be categorized into retro, standing/self-balancing, and folding scooters. The retro scooters segment led the market in 2018 owing to high demand for green vehicles for travelling shorter distances, which helps reduce overall commuting costs for consumers. The folding segment is anticipated to exhibit the highest CAGR of 11.1% from 2019 to 2030. The advent of next-generation smart e-scooters with IoT and big data technology and need for product differentiation have driven the demand for folding electric scooters. The convenience and control of standing/self-balancing scooters in residential and commercial applications for amalgamation of daily activities is anticipated to propel their demand over the forecast period.

Battery Insights

On the basis of battery, the market is segmented into sealed lead acid, NiMH, and lithium-ion (Li-ion). The sealed lead acid batteries led the market in 2018 owing to their low cost, tolerance to abuse, and robustness. However, the adoption of these batteries is anticipated to decline during the forecast period as they are bulkier in size and owing to the fact that they discharge quickly, even without handling heavy loads. This is also one of the main reasons for lead emissions in the environment.

The Li-ion battery segment is expected to register the fastest CAGR of 11.5% over the forecast period due to declining prices of these batteries. Increasing demand for high-performance and more environmentally conductive batteries, such as NiMH and Li-ion, is propelling the demand for battery operated vehicles. Moreover, these batteries are light weight and have high charge density, as well as charging-discharging efficiency. This will boost the growth further.

Voltage Insights

The global market can be categorized by voltage into 24V, 36V, 48V, and greater than 48V. The 36V segment accounted for 62.7% of the overall revenue in 2018. 36V batteries offer superior power output and possess high compatibility with electric bikes, which is expected to propel the segment growth.

The greater than 48V is expected to be the fastest-growing segment with a CAGR of 12.7% over the forecast period. Electric vehicles equipped with 60V and 70V batteries are expected to witness significant growth owing to constant R&D activities resulting in enhanced speed and distance coverage. High voltage batteries are being upgraded with recovery and start-stop features to reduce CO2 emissions in the environment. This is also likely to support the segment expansion.

Regional Insights

Asia Pacific was the dominant regional market and was valued at USD 13.14 billion in 2018. The market is mainly driven by a strong presence of manufacturers in Japan, China, India, and Indonesia. China leads in terms of overall sales as well as production capacity. In addition, the regional market is fueled by increasing population, surge in traffic congestion, decreasing prices of electric bikes as compared to conventional vehicles, and rising environmental concerns. Moreover, innovation and R&D will continue to give this market a major boost. For instance, China-based firm Niu is using a combination of IoT and big data to create a smart e-scooter.

North America is slated to witness the highest CAGR of 14.7% from 2019 to 2030. Increasing investment in vehicle charging infrastructure and research support for innovative high-density batteries is expected to contribute to the regional growth. The U.S. government has sanctioned USD 2.4 billion for the development of electric and hybrid vehicles and high-density batteries. The government has also approved incentives to customers using e-bikes in the form of tax credits. These factors are likely to support the market growth in North America.

Electric Scooters Market Share Insights

Prominent industry participants include BMW Motorrad International; Terra Motors Corporation; Jiangsu Xinri Electric Vehicle Co. Ltd.; Gogoro, Inc.; Vmoto Limited; and Mahindra GenZe. Companies, such as Bird, are focused on launching ride sharing services in various cities with a joint venture strategy to expand their industry presence. In China, key market players are focused on product level strategies and R&D to expand their market share. In India, Bajaj Auto, TVS Motor Company, Mahindra Two Wheelers Limited (MTWL), Honda Motorcycle and Scooter India, and Hero MotoCorp were among the leading participants in 2018.

Key Insights Covered: Global Electric Scooters Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Electric Scooters industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Electric Scooters industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Electric Scooters industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Electric Scooters industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Electric Scooters industry.

Research Methodology: Global Electric Scooters Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other