NEWARK, Del, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The electric kick scooter market is expected to be worth US$ 2,700.9 million in 2023. The electric kick scooter industry is expected to be worth US$ 8,021.5 million by 2033. Electric kick scooter sales are expected to grow at a CAGR of 11.5% between 2023 and 2033.
The electric kick scooter industry has witnessed substantial growth primarily driven by the increasing emphasis on eco-friendly transportation solutions, propelled by growing environmental concerns and the need for sustainable mobility options. Favorable government policies and initiatives promoting the adoption of electric kick scooters as a viable last-mile transportation alternative have significantly contributed to the market's expansion.
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Despite the significant growth, the electric kick scooter industry faces certain challenges, including concerns related to infrastructure development, particularly the need for adequate charging stations and designated parking areas. Regulatory complexities and safety concerns regarding the integration of electric kick scooters into existing transportation frameworks pose obstacles to the industry's widespread adoption. Moreover, battery life and range limitations often deter potential consumers, highlighting the need for continuous advancements in battery technology to address these concerns effectively.
The electric kick scooter industry presents promising opportunities with the increasing demand for convenient and sustainable transportation solutions across urban centers worldwide. With the ongoing shift toward green mobility and the rising trend of shared mobility services, there is a significant opportunity for electric kick scooter companies to collaborate with ride-sharing platforms, thus expanding their consumer base. Moreover, strategic partnerships with local authorities and urban planning organizations can facilitate robust infrastructure development, fostering a conducive environment for the widespread adoption of electric kick scooters.
The industry is witnessing several noteworthy trends, including the integration of advanced GPS technology and smartphone connectivity features in electric kick scooters, enhancing user experience, and providing real-time data for navigation and ride management. Furthermore, the emergence of lightweight and foldable electric kick scooter models designed for enhanced portability and convenience reflects the industry's focus on addressing the growing demand for versatile and compact transportation solutions.
"The adoption of sustainable manufacturing practices and the use of recyclable materials in electric kick scooter production signifies the industry's commitment to reducing its environmental footprint and promoting sustainable manufacturing practices." - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Key Takeaways from the Electric Kick Scooter Market:
- The electric kick scooter industry is primarily led by the popular two-wheeled variant, commanding a significant share of 67.40% in 2023.
- The electric kick scooter industry has seen a notable surge in the adoption of lithium-ion batteries, which held a significant market share of 71.88% in 2023.
- The United States electric kick scooter industry is likely to expand at a CAGR of 11.20% from 2023 to 2033.
- Canada's electric kick scooter industry is anticipated to witness a CAGR of 10.50% from 2023 to 2033.
- Germany's electric kick scooter industry is expected to rise at a CAGR of 10.80% from 2023 to 2033.
- Italy's electric kick scooter sector is projected to expand at a CAGR of 9.50% from 2023 to 2033.
- France's electric kick scooter market is anticipated to expand at a CAGR of 11.00% from 2023 to 2033.
- The United Kingdom's electric kick scooter market is expected to rise at a CAGR of 10.20% from 2023 to 2033.
- Spain's electric kick scooter sector is expected to witness a CAGR of 9.80% from 2023 to 2033.
- China's electric kick scooter industry is expected to grow at a CAGR of 12.60% from 2023 to 2033.
- India's electric kick scooter industry is projected to witness a CAGR of 9.50% from 2023 to 2033.
- Japan's electric kick scooter industry is set to experience a CAGR of 11.20% from 2023 to 2033.
- ASEAN's electric kick scooter industry is expected to demonstrate a CAGR of 10.20% from 2023 to 2033.
- ANZ's electric kick scooter industry is poised to demonstrate a CAGR of 9.60% from 2023 to 2033.
Competitive Landscape of the Electric Kick Scooter Market
The electric kick scooter industry is highly competitive, with several leading players vying for market share. The companies in the industry also operate in a variety of markets around the world. The competition in the electric kick scooter industry is constantly evolving as new companies enter the market and existing companies expand their operations.
- Manufacturers constantly develop new electric kick scooter products with improved features and performance. For example, some companies are developing electric kick scooters with longer battery life, faster speeds, and more durable construction.
- Companies are expanding their operations into new markets around the world. For example, many leading electric kick scooter companies are now operating in Europe, Asia, and Latin America.
- Businesses are partnering and acquiring each other to expand their product offerings and geographic reach. For example, in 2021, Ford Motor Company acquired Spin, a leading electric kick scooter company.
The electric kick scooter industry is expected to remain highly competitive in the coming years. Companies will need to continue to innovate and expand their operations to succeed in this market.
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Key Companies in the Market
- Micro Mobility Systems AG
- Golabs Inc.
- Bird Rides Inc.
- Segway Inc.
- IconBIT Limited
- GOVECS AG
- Razor LLC
- Xiaomi Corporation
- YADEA Technology Group Co. Ltd.
- AKTIVO Scooter
- VOI Technology
- Spin
- SWAGTRON
- Niu International
Recent Developments in the Electric Kick Scooter Market
- VOI Technology has launched a new fleet of electric kick scooters with built-in GPS tracking and navigation systems.
- Spin has launched a new line of electric kick scooters with self-balancing capabilities and improved safety features.
- SWAGTRON has launched a new line of electric kick scooters with foldable designs at affordable prices.
- Niu International has launched a new range of electric scooters with high-performance motors and long battery life. Niu International has expanded its operations into new markets in Europe and North America.
Key Segments
By Product Type:
- Two Wheeled
- Three Wheeled
By Battery Type:
- Lead-based
- Nickel Based
- Lithium Ion
By Price Range:
- Below US$ 200
- US$ 200 to 375
- US$ 375.1 to 750
- US$ 750.1 to 1,100
- Above US$ 1,100
By Wheel Size:
- Less than 8 Inch
- 8 to 8.5 Inch
- 9 to 9.5 Inch
- 10 to 10.5 Inch
- Greater than 11
By End Use:
- Personal
- Rental/ Sharing
- Law Enforcement
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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