New York, Aug. 13, 2021 (GLOBE NEWSWIRE) -- Electric Scooter and Battery Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Scooter and Battery Market Research Report, Type, Product, Voltage, Travel Range and Region - Forecast till 2027” the market is set to achieve promising returns at 17.93% CAGR over the assessment period (2021-2027).
Global Electric Scooter and Battery Market
Electric scooters are being developed at a rapid pace owing to electrification of legacy two-wheelers and efforts by manufacturers for rebranding old products. They can be rented to customers and be leased using a mobile application. Electric scooter batteries are popularly manufactured using lithium, however composition of lithium with other suitable materials are being considered. The global electric scooter and battery market report by Market Research Future (MRFR) offers a comprehensive analysis of trends and niches for the forecast period (2020-2027). Implications of the COVID-19 pandemic are highlighted in the report.
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Competitive Analysis
List of the Key Companies Profiled in the Electric Scooter and Battery Market Research Report are:
- Terra Motors Corporation (Japan)
- GOVECS AG (Germany)
- Greenwit Technologies (Canada)
- BOXX Corp. (US)
- BMW AG (Germany)
- Jiangsu Xinri E-Vehicle Co. Ltd (SUNRA) (China)
- PIAGGIO & C.SPA (Italy)
- Wuxi YADEA Export-Import Co. LTD. (China)
- ZNEN MOTOR (China)
- Mahindra & Mahindra Ltd (India)
- Vmoto Limited (Australia)
- Yamaha Motor Co. Ltd. (US)
- TAIZHOU UGBEST EV CO. LTD (China)
- Honda Motor Co. Ltd. (Japan)
- Gogoro Inc. (Taiwan)
are prominent players of the global electric scooter and battery market. Establishment of indigenous production units as well as investments by prominent makers in developing countries are likely to be witnessed in the market.
Industry Update
The Ola Electric scooter launched by the company of its namesake boasts of more than 62 miles per hour on a single charge.
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Low Maintenance Costs to Boost Market Growth
The low maintenance costs of electric scooters is expected to push the revenue of the electric scooter and battery market. Rising prices of fuel and aversion towards fuel-driven vehicles due to rise of climate consciousness can bode well for the market. Adoption of scooters by ride sharing and bike taxi services will attract more sales.
Government Support to Favor Market
The electric scooter and battery market is expected to augment its value owing to existing electrification of bus and car fleets. Government initiatives in curtailing emission levels and sustainable goals of countries to go electric by 2030 can favor the market considerably. Focus of manufacturers on creating sustainable designs and sales of e-motorcycles can encourage investments in the market. Utilization of lithium-ion batteries and efforts to increase its charging capacity by finding suitable materials for holding it can also facilitate market growth.
Shortage of Charging Infrastructure
The shortage of investments of charging infrastructure can create hurdles for the electric and scooter battery market. Dependence on fuel stations and lack of charging stations can pose a challenge. But conversion of existing stations and investments in available lands can propel market growth.
COVID-19 Impact
The COVID-19 pandemic has severely affected the sales of electric scooter and battery market. Shutdown of showrooms and production units can negatively impact market growth. The market is vulnerable due to being dependent on foreign sources for its battery technology. However, sustainable goals of nations and development of long-lasting swappable battery packs can bode well for the market over the forecast period.
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Segmentation
Battery-based Segment to Capture Maximum Share
On the basis of type, the battery-based electric scooter segment held the largest market share owing to increasing sales of electric scooters. It is expected to maintain its position in the global market during the forecast period due to need for affordable mopeds by low-middle class customers.
Self-balancing Electric Scooters to Dominate Market
Self-balancing scooters are expected to dominate the global electric scooter and battery market. A self-balancing electric scooter is a two-wheeled transporter designed and manufactured for residential and commercial applications. Its use by young and geriatric individuals can drive the segment growth.
Above 48V Segment to Dominate
On the basis of voltage, the more than 48V segment held the largest market share owing to surging demand for a higher driving range with reduced charging periods and a higher weight carrying capacity. The 48V battery is used in retro and self-balancing electric scooters and managed by a battery management system. The demand for high-speed electric scooters due to low battery weight and high capacity can drive the segment growth.
More than 40 Km Range to Lead Market Revenues
By travel range, the more than 40 km segment held the largest market share owing to demand for high driving ranges and reduced charging periods. These electric scooters are widely used in workplace commutes and downtown trips.
Regional Analysis
APAC to Lead Global Electric Scooter and Battery Market
APAC had captured a market share of 52.1% in 2018. It can lead in the global electric scooter and battery market owing to government initiatives encouraging electric mobility and tax credits offered to first-time owners. Presence of premium scooter manufacturers in the region coupled with plans of food aggregators and logistic companies to electrify existing fleets can bode well for the market.
Segmentation of Market covered in the research:
Information by Type (Plug-in and Battery-based), Product (Retro, Self-Balancing and Folding), Voltage (24V, 36V, 48V and more than 48V), Travel Range (up to 20 km, 20 km–40 km and more than 40 km) and Region (North America, Europe & Asia-Pacific))
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
