Pune, Feb. 02, 2024 (GLOBE NEWSWIRE) -- The Electric Scooters Market, as per the SNS Insider report, achieved a valuation of USD 32.80 billion in 2022 and is projected to attain USD 68.29 billion by 2030, experiencing a compound annual growth rate (CAGR) of 9.6% from 2023 to 2030.
Market Overview
Electric scooters have emerged as a revolutionary and eco-friendly mode of personal transportation, reshaping urban mobility and garnering widespread attention in recent years. As the world seeks sustainable alternatives to traditional vehicles, electric scooters have positioned themselves as a promising solution.
Market Analysis
One of the primary catalysts behind the surging demand for electric scooters is the increasing global consciousness regarding environmental issues. As the adverse effects of fossil fuel consumption become more evident, individuals and governments alike are seeking sustainable transportation alternatives. Electric scooters, being emission-free and energy-efficient, align with the growing need for eco-friendly commuting options. The electric scooters market is witnessing rapid technological advancements, contributing to enhanced performance, safety, and user experience. Innovations such as improved battery efficiency, smart connectivity features, and lightweight materials are driving consumer interest. As technology continues to evolve, electric scooters are becoming more accessible, reliable, and user-friendly, further boosting their market penetration. The surge in global urbanization has led to increased traffic congestion in metropolitan areas. Electric scooters offer a convenient and agile solution for navigating through crowded city streets.
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Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 32.80 billion |
| Market Size by 2030 | USD 68.29 billion |
| CAGR | CAGR of 9.6% by 2023-2030 |
| Market Opportunity |
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| Market Segments |
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| Major Market Players | Gogoro, BMW Motoradd international, BOXX Corp, Green energy Motors, AllCell Technologies, Greenwit technologies, Honda Motor, KTM AG, Mahindra GenZe, Jiangsu Xinri E-Vehicle and other key players. |
Key Takeaway from Electric Scooters Market Study
- In the Lithium Ion segment, technological advancements have propelled electric scooters to new heights of efficiency and sustainability. Lithium Ion batteries offer a higher energy density compared to traditional lead-acid batteries, providing electric scooters with an extended range and faster charging times.
- The Belt Drive segment has emerged as a key player in enhancing the performance and efficiency of electric scooters. The traditional chain drive systems are gradually being replaced by belt drives due to their smoother operation, reduced maintenance requirements, and quieter performance. Belt drives offer a seamless riding experience by eliminating the need for lubrication and minimizing wear and tear.
Recent Developments
- Hero MotoCorp, the renowned Indian two-wheeler manufacturer, is set to make waves in the European market with the introduction of its electric scooters. This ambitious venture aligns with the global push towards sustainable and eco-friendly transportation solutions, marking a significant step for Hero MotoCorp in diversifying its product portfolio.
- In a significant milestone for Indonesia's electric mobility sector, the joint venture between GoTo, a leading Indonesian tech company, and TBS, a prominent automotive manufacturer, has initiated the construction of a state-of-the-art electric scooter plant. This development underscores the growing importance of sustainable transportation solutions in emerging markets and positions the joint venture as a key player in the electric vehicle landscape.
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Market Dynamics Analysis
In the landscape of urban mobility, the electric scooters market has experienced a notable surge, driven by a confluence of factors that shape its dynamic ecosystem. Among the primary drivers propelling the growth of electric scooters is the increasing emphasis on sustainable and eco-friendly transportation solutions. With a rising global awareness of environmental concerns, consumers are actively seeking alternatives to traditional gasoline-powered vehicles, and electric scooters provide a convenient and emission-free mode of transportation. Moreover, the escalating traffic congestion in urban centers has spurred the adoption of compact and agile electric scooters as a viable solution for last-mile connectivity, enabling users to navigate through crowded streets with ease. The advent of innovative technologies, such as smart connectivity features and advanced battery systems, further enhances the appeal of electric scooters, contributing to their market momentum. On the flip side, however, the market grapples with certain restraints, most notably concerns regarding infrastructure inadequacies, including a lack of charging stations in urban areas.
Key Regional Developments
In North America, the electric scooters market is witnessing a surge in innovation and technological advancements. The region's strong focus on sustainable practices, coupled with a robust infrastructure for electric vehicle adoption, has created a favorable environment for market growth. Europe stands out as a prominent player in the market, driven by the continent's commitment to sustainable urban development. With an increasing number of European cities implementing stringent emission norms and congestion charges, electric scooters have emerged as an attractive alternative for short-distance commuting. The Asia-Pacific region is witnessing a massive surge in the adoption of electric scooters, fueled by rapid urbanization and the need for efficient, cost-effective transportation solutions.
Impact of Recession
The recession has undeniably altered consumer spending patterns, with a notable shift towards cost-effective and sustainable transportation options. Electric scooters, being environmentally friendly and economical, have witnessed a surge in demand. Despite the increased demand, the electric scooters market has not been immune to supply chain disruptions, a common consequence of economic recessions. Manufacturers have grappled with raw material shortages, transportation delays, and workforce challenges. These hurdles have led to a temporary slowdown in production, affecting both established companies and emerging players in the market.
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TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Electric Scooters Market, By Battery
8.1 Glass
8.2 Metal
8.3 Plastic
8.4 Paper & Paperboard
8.5 Others
9. Electric Scooters Market, By Drive Type
9.1 Cartons
9.2 Bottles
9.3 Jars & Containers
9.4 Boxes
9.5 Others
10. Electric Scooters Market, By End Use
10.1 Pharmaceutical
10.2 Food & Beverage
10.3 Personal Care
10.4 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.5 USA
11.2.6 Canada
11.2.7 Mexico
11.3 Europe
11.3.1 Eastern Europe
11.3.1.5 Poland
11.3.1.6 Romania
11.3.1.7 Turkey
11.3.1.8 Rest of Eastern Europe
11.3.2 Western Europe
11.3.2.4 Germany
11.3.2.5 France
11.3.2.6 UK
11.3.2.7 Italy
11.3.2.8 Spain
11.3.2.9 Netherlands
11.3.2.10 Switzerland
11.3.2.11 Austria
11.3.2.12 Rest of Western Europe
11.4 Asia-Pacific
11.4.5 China
11.4.6 India
11.4.7 Japan
11.4.8 South Korea
11.4.9 Vietnam
11.4.10 Singapore
11.4.11 Australia
11.4.12 Rest of Asia-Pacific
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.5 UAE
11.5.1.6 Egypt
11.5.1.7 Saudi Arabia
11.5.1.8 Qatar
11.5.1.9 Rest of Middle East
11.5.2 Africa
11.5.2.5 Nigeria
11.5.2.6 South Africa
11.5.2.7 Rest of Africa
11.6 Latin America
11.6.5 Brazil
11.6.6 Argentina
11.6.7 Colombia
11.6.8 Rest of Latin America
12 Company Profile
12.1 BMW Motoradd international
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 BOXX Corp
12.3 Gogoro
12.4 Green energy Motors
12.5 Greenwit Technologies
12.6 Honda Motor
12.7 KTM AG
12.8 Mahindra GenZe
12.9 AllCell Technologies
12.10 Jiangsu Xinri E-Vehicle
13. Competitive Landscape
13.1 Competitive Bench marking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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