Pune, India, Feb. 08, 2022 (GLOBE NEWSWIRE) -- According to the report, Electric Scooter Market size is size stood at USD 14.28 billion in 2020. The market is expected to reach USD 15.22 billion in 2021 to USD 31.04 billion in 2028, at a CAGR of 10.7% in the forecast period. According to our analysts, the growing demand for fuel-effective vehicles, pooled with rising jeopardies over greenhouse gas and carbon releases, is anticipated to augment the implementation of e-scooters.
Decline in Novel Vehicles Sales Amid COVID-19 to Hinder Market Growth
The COVID-19 pandemic has led to a global fiscal halt. Lockdowns inflicted in numerous areas of the globe to avert the spread of the virus resulted in supply chains interruptions and momentary shut down of numerous production centers. The pandemic had an adverse impact on the market for e-scooters. Owing to the global lockdown limitations, production and sales of novel automobiles, comprising e-scooters, have been terminated. The raw materials necessary to manufacture several scooters parts were also unobtainable on account of the supply chain commotion, resulting in manufacturing postponement.
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Low Operational and Maintenance Price Coupled with Growing Demand for EVs to Spur Growth
The rising price of petroleum products is among the most vital aspects fueling the electric scooter market growth. The surging cost of gasoline is currently impacting consumers in developing markets. Electric two-wheelers will substantially lower the running costs of these automobiles owing to being more fuel-effective in comparison with conventional scooters. Electric scooters with a wider range than the current generation of electric two-wheelers are projected to be presented by scooter manufacturers.
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Battery Type, Voltage Type, and Region are studied for the Market
On the basis of battery type, the market is branched into lead acid batteries, Li-ion batteries. The lead-acid battery segment dominated the market with a revenue share of more than 60% in 2020.
In terms of voltage type, the market is segregated into 48-59 V, 60-72 V, 73-96V, and above 96V.
Geographically, the market is segregated into North America, Europe, Asia Pacific, and the rest of the world.
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Regional Insights:
- Asia Pacific held the largest electric scooter market share and accounted for USD 12.39 billion in 2020. The region is anticipated to lead the global market in terms of being an automotive hub, with huge sales and production in based in China.
- North America is estimated to grow at a CAGR of 17.1 % during the predicted period backed by expanding initiatives of building charging stations across this region.
- Europe held a trivial portion of the total global market in 2020. The region is expected to observe the highest CAGR of 37.9% during the forecast period owing to consumer approval of electric as well as autonomous vehicles.
Industry Developments:
Vmoto Limited made an announcement regarding the unveiling of three novel B2C electric two-wheeled vehicle models, the novel TS, the brand-new TC, and a CUmini, all of which were launched at Vmoto Soco World Première, held in 2021.
List of Key Players Present in the Market:
- Yadea Technology Group Co. Ltd (China)
- Zhejiang Luyuan Electric Vehicle Co Ltd (China)
- Niu Technologies (China)
- Mahendra GenZe (U.S.)
- Hero Electric (India)
- Vmoto Limited (Australia)
- Amper Vehicles (India)
- Govecs Group (Germany)
- BMW Motorrad International (Germany)
- Gogoro Inc. (Taiwan)
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Global Electric Scooter Market Segmentation:
By Battery Type:
- Lead Acid
- Li-ion
By Voltage Type:
- 48-59V
- 60-72V
- 73-96V
- Above 96V
By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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