Westford USA, Jan. 30, 2023 (GLOBE NEWSWIRE) -- North America emerges as the largest electric scooter market because of the presence of giant EV companies and the support of government bodies in building robust vehicle charging infrastructure. In addition, the introduction of electric scooter-sharing fleets, the rising concern over greenhouse gases and carbon emissions, and the growing demand for micro-mobility solutions for short distances are all factors contributing to the growth of this market. The market demand for electronic vehicles is primarily driven by lighter lithium-ion batteries being significantly less expensive. Solar electricity has become the most affordable energy source in human history. These remarkable discoveries have made it possible for a manufacturer of electric vehicles to give stiff competition to other vehicle segments.
Browse in-depth TOC on the "Electric Scooter Market"
- Pages - 222
- Tables - 64
- Figures - 70
According to SkyQuest's global research, after a decade of steady development, the global electric 2-wheeler (scooter plus motorcycles) market reached the 10 million mark in 2022, a 78% rise over the pre-pandemic phase and representing a 19.3% overall 2-Wheeler sector.
The LED lights on electric vehicles utilize very little Energy to power the light. Additionally, they include electronic braking systems that can return up to 10% of their braking Energy to the battery. As a result, electronic vehicles require less maintenance and have a smaller environmental impact than gas-powered vehicles since fewer parts need to replace. Furthermore, the market has a lot of scopes to grow thanks to the availability of smart charging stations and the rising popularity of micro-mobility in logistics applications.
Prominent Players in Electric Scooter Market
- Yadea Technology Group Co. Ltd
- Niu Technologies
- Zhejiang Luyuan Electric Vehicle Co Ltd
- Hero Electric
- Mahendra GenZe
- AllCell Technologies LLC
- Amper Vehicles
- Jiangsu Xinri Electric Vehicle Co.
- Greenwit Technologies Inc.
- Terra Motors Corporation
- Vmoto Limited
- BMW Motorrad International
- Govecs Group
- Gogoro Inc.
- Honda Motor Co. Ltd.
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36V Segment to be the Fastest Growing Category owing to Its Higher Compatibility Feature
Voltage-wise, the 36V sector dominated the electric scooter market in 2022, taking up 58.4% of the total revenue share. These batteries' high power output and e-scooter compatibility are expected to fuel the segment's growth. Furthermore, due to their significantly more compact designs, quicker charging periods, and lack of harmful chemical emissions compared to sealed lead-acid batteries, Li-Ion and NiMH batteries are largely used to meet the need for batteries used in 36V systems. On the other hand, due to ongoing research and development efforts to increase the range and speed of e-scooters, the market for E-scooters with 60V and 70V batteries will experience considerable growth.
North America is predicted to witness the fastest rise in value and volume in the coming years. High growth in electric bicycle sales in the US during the pandemic, rising investments by shared mobility players in electric scooter companies, falling battery prices in the US, and rising efforts by major two-wheeler companies in the US to introduce electric motorcycles are the factors attributed to the high growth of this region.
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Lead-Acid Battery Segment to Register Highest CAGR due to Its Quick Rechargeable Functionality
The sealed lead-acid battery category captured 23% market share in 2022 and is anticipated to take this lead due to its strength and cost-effective advantages. These batteries are rechargeable and can be fully charged 300 times before needing to be replaced. China is the world's producer, exporter, and consumer of lead-acid batteries. The world's biggest electric vehicle producer dominates China's lead-acid market. Growing consumer demand for energy-efficient commuting and rising government spending on the construction of EV charging infrastructure are major contributors to the segment's rapid growth.
Asia Pacific region will continue to lead the electric scooter market in terms of revenue share over the future years. Such growth is attributed to the growing concentration of electric scooter producers in Japan, China, and Taiwan, who are gaining a sizable portion of the global industry. Furthermore, China has established itself as the world's top exporter and producer of electric scooters and their biggest buyer.
The top electric scooter companies primarily focus on R&D activities and product-level tactics to increase their market share globally. Different strategies are adopted by industry participants in different regional markets depending on the nature and preferences of the client base. The Porter's Five Forces model, which provides in-depth insights into the market's competitive landscape, is included in the research along with company profiles of the major competitors. It will help market participants understand the level of the competition.
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Key Developments in Electric Scooter Market
- At the Auto Expo 2023, LML Nation, the company's new incarnation, unveiled its brand-new electric scooter, the LML Star, by entering the electric two-wheeler market. LML Star, created by an Indo-Italian team, is already available for reservations through the company. In addition, the car has several safety features like a tire pressure monitoring system (TPMS), reverse park assist, and ABS.
- Manufacturer of intelligent electric scooters Ather Energy has cooperated with IDFC Bank to provide consumers with a financing option that is a first for the sector. As a result, consumers may upgrade to and purchase a faster, smarter Ather 450X scooter for the exact monthly cost as a standard petrol scooter. The plan is designed to increase consumer access to Ather scooters and hasten the adoption of electric cars by providing clients with a profitable financing option.
- Mahle Powertrain and UK-based Allotrope Energy have collaborated to develop a new battery technology that has the potential to revolutionize EV charging. Numerous small EVs, like e-scooters, might use it. Combining the advantages of supercapacitors and conventional lithium-ion batteries has resulted in the development of lithium-carbon technology.
Key Questions Answered in the Electric Scooter Market Report
- What are the most lucrative high-growth opportunities present in the market?
- Which are highly influencing drivers and restraints for the global market?
- Which global trends are likely to influence the electric scooter market largely?
- What are some of the growing consumer demands in the electric scooter market?
- What are the significant developments and major innovations in the market?
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