Electric Scooter Market Size

  • Report ID: 4655
  • Published Date: Jun 17, 2024
  • Report Format: PDF, PPT

Electric Scooter Market Size

Electric Scooter Market size was valued at USD 28.43 Billion in 2023 and is likely to cross USD 118.61 Billion by the end of 2036, expanding at more than 12.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of electric scooter is assessed at USD 31.36 Billion. 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.

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 Scooter Market Overview
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Author Credits:  Saima Khursheed

  • Report ID: 4655
  • Published Date: Jun 17, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

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.

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

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

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.

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.

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.

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

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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