New York, USA, Dec. 15, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global electric scooter market is expected to generate a revenue of $10,317.4 million by 2028, growing expeditiously at a CAGR of 7.9% during the forecast period 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: Growing demand for environmental-friendly, fuel efficient vehicles across the globe are expected to drive the growth of the market during the forecast period. In addition, increasing initiatives taken by the government globally to cut down carbon emissions is further expected to bolster the growth of the electric vehicle market during the forecast period.
Restraints: Absence of convenience in charging electric scooters anywhere is expected to impede the growth of the electric scooter market during the forecast period.
Opportunities: Rising adoption of artificial intelligence in electric vehicles is predicted to create tremendous opportunities for the growth of the electric scooter market during the forecast period.
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COVID-19 Impact on the Market
The outbreak of coronavirus has had moderate impact on the growth of the global electric scooter market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns led to the largescale closure of manufacturing units of the automobile sector, resulting in decreased demand for electric vehicles. But increasing prevalence of artificial intelligence (AI), industrial internet of things (IIOT), etc. is expected to reinforce the growth of the electric scooter market in the post pandemic period.
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Segments of the Market
The report has divided the market into various segments based on voltage, battery type, speed, and region.
Voltage: 48V Sub-segment to be Most Profitable
The 48V sub-segment is expected to generate a revenue of $3,295.7 million during the forecast period. 48V battery ensures an exceptional performance and high compatibility. This factor is expected to bolster the growth of the electric scooter market sub-segment during the forecast period.
Battery Type: Sealed Lead Acid Sub-segment to be Most Beneficial
The sealed lead acid sub-segment is expected to generate a revenue of $4,873.9 during the forecast period. Lead acid batteries are merely low maintenance, reliable and can withstand tough conditions. This factor is expected to accelerate the growth of the sub-segment during the forecast period.
Speed: Low Speed Sub-segment to be Most Lucrative
The low-speed sub-segment is expected to generate a revenue of $5,605.3 million during the forecast period. Low-speed electric scooters are ideal for short distance traveling and is much more cost-effective than the high-speed electric scooter. This factor is expected to bolster the growth of the sub-segment during the forecast period.
Region: Asia-Pacific Region Expected to Dominate the Market
The Asia-Pacific region is expected to generate a revenue of $3,794.7 million during the forecast period. Rapid urbanization and increase in the standard of living among people living in this region is expected to stimulate the growth of the market. In addition, presence of prominent players of the market in this region is further expected to bolster the growth of the regional electric scooter market during the forecast period.
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Key Players of the Market
The major players of the electric scooter market include
- Boxx Corp.
- Alta Motors
- Gogoro Inc.
- Vmoto Limited
- GOVECS AG
- Greenwit Technologies Inc.
- Terra Motors Corporation
- PIAGGIO & C. SPA
- HONDA MOTOR CO., LTD.
- PIAGGIO & C. SPA
- HONDA MOTOR CO., LTD.
- Johammer e-mobility GmbH, and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in May 2020, Ola Electric Mobility, an Indian electric two-wheeler manufacturer, acquired Etergo BV, an Amsterdam-based manufacturer of electric scooters, in order to enter the premium electric two-wheeler market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
Related Article Links:
- Strategic Partnerships, Product Launches, and Company Collaborations by Market Players such as Vmoto Limited, Gogoro, and Others to Foster the Growth of the Global Electric Scooter Market
- How Innovation of Electric Scooters Provide a Better Solution for the Millennials and Society to deal with Rising Fuel Prices?
