Automotive & Transportation

Electric Scooter Market Analysis by Type (E-Scooter & Mopeds, and E-Motorcycles); by Battery Type (Sealed Lead Acid, NiMH, Li-Ion, and Others); by Product (Retro, Self-balancing, and Folding); by Technology (Plug-in, and Battery); and by Voltage (24V, 36V, 48V, and 48<) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Report ID: 4655 | Published On: Jan 30, 2023

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


In The News

  •  OLA Group has acquired an Amsterdam-based electric scooter startup to produce and launch its line of two-wheelers as soon as this year.

  •  Hero Electric Vehicles Pvt. Ltd. is all set to finalize the dealership in Hyderabad in partnership with Kukatpally Ankur Motors to meet the growing demand for electric 2-wheelers in the area.

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Global Electric Scooter Market Definition

The electric scooter is a motorized vehicle with a floorboard and electric motor operated with electricity or rechargeable batteries. These are designed to reduce fuel consumption and environmental damage caused by conventional fuel vehicles. E-scooters comprise two or three wheels with one handlebar, a floorboard to stand on, and an electric motor to supply power. Unlike fuel powered vehicles, electric scooters do not emit any harmful smoke or gases into the atmosphere thereby protecting human health. The increasing cost of fuel and the rising concern of people towards air pollution rises its popularity. Also, the convenience, foldability, and portability of the e-scooters attract youth and children.

Electric scooter manufacturers utilize lithium-ion batteries as they are long-lasting and energy efficient. E-scooters improve body balance, as they mostly require proper balancing while standing upright without wobbling. The simple design and easy maintenance, with low cost make it a good option for everyone. The suspension system in the electric scooter allows a comfortable and safe ride. The LED screen of the e-scooter is used to turn on and off the power of the scooter, change the driving mode or speed, and check the battery level, kilometers traveled, time and directions.


Global Electric Scooter Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~10%

Base Year Market Size (2022)

~ USD 20 Billion

Forecast Year Market Size (2033)

~ USD 30 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)


Global Electric Scooter Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global electric scooter market is estimated to garner a revenue of USD 30 billion by the end of 2033 by growing at a CAGR of ~10% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 20 billion in the year 2022. The primary factor attributed to the growth of the global electric scooter market size is the high demand for electric vehicles by the burgeoning population across the world. The reports by the International Energy Agency (IEA) stated that the sales of electric vehicles (EVs) doubled in 2021 from the previous year to a new record of 6.6 million. The rising government initiatives to reduce the use of fuel to decrease dependency on other countries for oil, petrol, or diesel resources. The increasing cost of fuel production decreases economic growth, thereby increasing poverty levels in these countries. The use of electric scooters reduces fuel costs, increases the efficiency of the vehicles, and also decreases environmental pollution. Electric vehicles are run by electric batteries, electricity, or fuel cells that can be recharged whenever required with less energy consumption.

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The increasing demand for fuel-efficient vehicles, coupled with growing concerns over greenhouse gas and carbon emissions, is anticipated to drive the adoption of electric scooters (e-scooters) during the forecast period. As a result, the rising government support to produce electric scooters is anticipated to expand the electric scooter market size. A report of 2021 stated that the Indian government has increased the subsidy under the second phase of the FAME India scheme on electric two-wheelers by 50 percent, making them more affordable. The use of fossil fuels such as oil, diesel, or petrol release greenhouse gases on combustion leads to environmental damage. On the other hand, electric scooters do not emit any gases and work on electricity consumption or chargeable batteries. The rising concern of people about global warming is attributed to the increasing preference for electrical scooters.


Electric-Scooters-Market-overview.
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Global Electric Scooter Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Concern for Rising Air Pollution Owing to the Release of Harmful Gases from Fuel Vehicles – The ever-increasing air pollution in the atmosphere is harmful to human health and the environment on a global scale. Therefore, the high number of deaths owing to high air pollutants is expected to increase the adoption rate of electric scooters in the forecast period. The World Health Organization in recent data stated that almost all of the global population i.e. 99% breathe air that exceeds World Health Organization guideline limits that contain a high level of pollutants.

  • Hike in Motor Fuel Prices with Rising Dependency and Transport Issues During COVID-19 Crisis– As per a report by the Bureau of Transportation Statistics published in 2022, the price of regular motor gasoline rose almost 49% from January 2022 to June 2022. Whereas, the price of diesel fuel rose to 55% in the same period.

  • Enhanced Energy Consumption with High-Efficiency Battery Performance - A standard electric scooter with a 25 km range has a 6400 mAh 36 Volt battery and it usually takes about 4 or 5 hours to charge fully. 

  • Upsurge in Traffic Congestion Leads to More Greenhouse Gas Emissions – The burning of fuels from automobiles releases smoke and carbon dioxide along with harmful greenhouse gases and carcinogens with an increasing number of vehicles on the road. To reduce this overcrowding, electric scooters are a good choice thereby decreasing the emission of toxic gases. The latest report calculated that Americans lost almost 4 billion hours owing to congestion in 2021.

Challenges

  • Lack of Infrastructure in Emerging Nations

Electric vehicles also need charging points similar to fuel stations, as there is no such advanced infrastructure in many regions which hinders the use of electric scooters which in turn limits the growth of the market. There is a huge need for charging stations at every 50 km as the battery of electric scooters does not last more than that which is not sufficient for the long journey.

  • High Cost of Electric Scooters
  • Lack of Good Road Network


Market Segmentation

The global electric scooter market is segmented and analyzed for demand and supply by battery type into sealed lead acid, NiMH, Li-Ion, and others. Out of these, the Li-Ion segment is attributed to garnering the highest market share, owing to the superior quality of lithium-ion battery chemistry, efficient and fast charging, good battery life, zero maintenance requirements, and ease of portability. For instance, compared to the average lead acid battery's 85% efficiency, lithium batteries charge with a nearly 100% efficiency. Li-Ion batteries include properties such as tolerance to damage, durability, and less cost which increases their demand in the automobile industry for manufacturing batteries. Li-Ion batteries are lighter than lead acid batteries with more energy density and longevity I.e., these batteries can be recharged many times in their lifetime. These batteries also charge very fast providing more power in less time, with a life span of about 5 years.

The global electric scooter market is also segmented and analyzed for demand and supply by the product into retro, self-balancing, and folding. Amongst these three segments, the folding segment is expected to garner a significant share. Folding electric scooters are in high demand owing to their small size, portability, lightweight, and easy start without any kick rods. Followed by the rising fuel prices and the increasing use of e-scooters by children above 8 years for various uses. This type of scooter is available in different sizes and is customizable based on the age group. Also, they occupy less parking space which can be stored under desks, inside cabinets, and on bookshelves. In addition, they can be transported or carried in a car trunk very easily owing to their foldable nature and small size. This convenient storage option makes it the best option for people living in small residential apartments or rooms with no parking space. The maintenance cost is low compared to other conventional motor vehicles and comes at an affordable price.

Our in-depth analysis of the global electric scooter market includes the following segments:

       By Vehicle Type

  • E-Scooter & Mopeds
  • Motorcycles

       By Battery Type

  • Sealed Lead Acid
  • NiMH
  • Li-Ion
  • Others

       By Product

  • Retro
  • Self-balancing
  • Folding

       By Technology

  • Plug-in
  • Battery

       By Voltage

  • 24V
  • 36V
  • 48V
  • 48<
 


Global Electric Scooter Market Regional Synopsis

The Asia Pacific electric scooter market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The rising demand for electric two-wheelers among the population is estimated to drive market growth in the region as per the market analysis. A report from 2022 stated that electric two-wheelers register a staggering 130% growth in 2021 in India. Further, the growing stances of traffic congestion, upsurge in carbon emission regulations, and growing urbanization in the region. For instance, in 2021, Mumbai's congestion level accounted nearly 54%, which represents that it took 54% longer time to get from one point to another than in a free-flow scenario. Increasing urbanization with advancements in lifestyle and rising living standards of people owing to more disposable income leads to economic growth in the region. The rising economic standards increase the spending capacity of people on trending goods including electric scooters, bikes, and dockless bikes, and it is expected to boost the market’s growth in the region. Moreover, the rising preference for electric scooters is attributed to their eco-friendly and convenient nature with less cost and high efficiency.

Electric-Scooters-Market-share

Electric-Scooters-Market-share
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Top Featured Companies Dominating the Global Electric Scooter Market

    • OLA Group

      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Niu International Co. Ltd.
    • Hero Electric Vehicles Pvt. Ltd.
    • Bayerische Motoren Werke Aktiengesellschaft
    • Gogoro Inc.
    • Mahindra Group
    • Vmoto Limited
    • Zhejiang Luyuan Electric Vehicle Co., Ltd
    • Yadea Technology Group Co. Ltd.
    • Terra Motors Corporation

     


Key Questions Answered in the Report

1) What are the major factors driving the growth of the electric scooter market?

Ans: The rising concern for carbon dioxide emission along with increasing preference for fuel-efficient two-wheelers are some of the factors that are expected to drive the market growth.

2) What would be the CAGR of electric scooter market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the electric scooter market growth?

Ans: High cost of electric scooters, lack of good road network, and lack of infrastructure in emerging nations are estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of electric scooter market in future?

Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the electric scooter market?

Ans: The major players in the market are OLA Group, Niu International Co. Ltd., Hero Electric Vehicles Pvt. Ltd., Bayerische Motoren Werke Aktiengesellschaft, Gogoro Inc., Mahindra Group, Vmoto Limited, Zhejiang Luyuan Electric Vehicle Co., Ltd, Yadea Technology Group Co. Ltd., Terra Motors Corporation, and other key players.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the electric scooter market?

Ans: The market is segmented by vehicle type, battery type, product, technology, voltage, and by region.

8) Which segment captures the largest market size in battery type in the electric scooter market?

Ans: The Li-Ion segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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