New York, USA, Oct. 05, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global electric scooter market is anticipated to generate a revenue of $10,317.4 million and grow at a CAGR of 7.9% throughout the estimated period from 2021 to 2028.
As per our analysts, with the growing demand for the utilization of environment-friendly passenger vehicles to control the emission of harmful gases to the environment, the electric scooter market is expected to see remarkable growth over the analysis timeframe. Moreover, the increasing adoption of artificial intelligence and supportive government programs, and financial incentives to promote electric vehicles are the major factors expected to create massive growth opportunities for the market during the forecast period. However, the capital-intensive nature of electric scooter technology may hinder the growth of the market throughout the estimated timeframe.
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Segments of the Market
The report has divided the electric scooter market into segments based on voltage, battery type, speed, and region.
Voltage: 48V Sub-Segment to be Most Profitable
The 48V sub-segment is predicted to generate a revenue of $3,295.7 million over the forecast period. This is mainly because the 48V battery is used in conventional and self-balanced electric scooters and offers excellent performance with greater compatibility. Moreover, the demand for high-speed electric scooters with lighter batteries and high capacity is predicted to fortify the growth of the market sub-segment during the estimated timeframe.
Battery Type: Sealed Lead Acid Sub-Segment to be Most Productive
The sealed lead acid sub-segment is expected to garner a revenue of $4,873.9 during the estimated period. Lead-acid batteries are reliable and can withstand harsh conditions with low maintenance which are the factors expected to upsurge the growth of the market sub-segment throughout the analysis period.
Speed: Low-Speed Sub-Segment to be Most Lucrative
The low-speed sub-segment is projected to generate a revenue of $5,605.3 million over the forecast timeframe. This is mainly because low-speed electric scooters are a good alternative for short-distance travel and are more cost-effective than traditional gasoline-based scooters. In addition, the increasing awareness regarding air quality and environmental issues is expected to propel the growth of the market sub-segment during the analysis period.
Region: Asia-Pacific Region to Have Expansive Growth Opportunities
The Asia-Pacific region of the electric scooter market is predicted to garner a revenue of $3,794.7 million throughout the estimated timeframe. This is mainly due to the large-scale development of automobiles in this region. The increasing demand for eco-friendly mobility solutions in this region and rapid urbanization are the major factors expected to drive the regional growth of the market during the forecast period.
Covid-19 Impact on the Electric Scooter Market
The outbreak of the Covid-19 pandemic has moderately impacted the growth of the electric scooter market. The stringent government regulations and lockdowns have drastically affected the sales of electric scooters all across the globe. Moreover, the disruption in the international supply chains for transportation of essential components that are utilized in electric scooters such as semiconductors has declined the growth of the market during the pandemic period. However, the growing implementation of technologies such as IIOT to monitor the manufacturing process of electronic devices virtually is expected to create growth opportunities for the market during the forecast period.
Key Players of the Market
The major players of the electric scooter market include
- Greenwit Technologies Inc.
- Boxx Corp.
- Terra Motors Corporation
- Vmoto Limited
- PIAGGIO & C. SPA
- Gogoro Inc.
- HONDA MOTOR CO., LTD.
- GOVECS AG
- Johammer e-mobility GmbH
- Alta Motors
These players are broadly working on the development of new business tactics such as partnerships and collaborations, mergers and acquisitions, and product development to gain a leading position in the global industry.
For instance, in January 2022, Hero Electric, India's leading electric scooter company, announced its partnership with Mahindra Group, an Indian multinational conglomerate. With this collaboration, the companies aimed to enhance the manufacturing capabilities to meet customers’ demand and bring EV transition to the electric three and four-wheelers space.
In addition, the report also summarizes other vital aspects including SWOT analysis, the financial performance of key players, product portfolio, and the latest strategic development.
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More about Electric Scooter Market:
- Ola Electric Launches Holi Special Electric Scooter Model and Announces Opening of Booking Slots on March 17th & 18th
- How Popularly do Electric Scooters Become a Beneficial and Convenient Means of Transport Across the Cities for the Millennials Worldwide?
- How Innovation of Electric Scooters Provide a Better Solution for the Millennials and Society to deal with Rising Fuel Prices?
- 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
