Electric Scooter Market to Reach $644.5 Billion by 2028 — Exclusive Report by Meticulous Research®
02 Jun 2021
Redding, California, June 02, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “Electric Scooter Market by Vehicle Type (Electric Motorcycles, E-scooters & Bikes), Power Output (Less Than 3.6kW, 3.6kW to 7.2kW), Battery Technology (SLA, Li-ion, Li-ion Polymer), Motor Type, Charging Type, and End-user — Global Forecast to 2028”, the electric scooter market is expected to grow at a CAGR of 29.4% from 2021 to 2028 to reach $644.5 billion by 2028. By volume, this market is expected to grow at a CAGR of 21.2% from 2021 to 2028 to reach 209.0 million units by 2028.
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Electric Scooter is used for short distance commuting within cities and towns and courier and e-commerce delivery applications. These vehicles have a smaller battery pack and a driving range of less than 100KM per charge. These vehicles are lightweight, more efficient than conventional bikes, and can maneuver easily through congested streets. They serve the limited purpose of short-distance commuting. The major factors driving the electric scooter market include increasing adoption of electric motorcycles and e-bikes for short commutes, rising environmental concerns, and increasing investments by ride-hailing companies in the micromobility space. Increasing theft and vandalism of e-bikes & e-scooters, poor cycling infrastructure in developing countries and lack of regulations in electric motorcycles and micromobility space are the major challenges for the growth of the electric scooter market.
The Impact of COVID-19 on the Electric Scooter Market
The COVID-19 pandemic has an overall positive impact on the electric motorcycles and e-bikes market worldwide. With governments worldwide encouraging people to avoid crowded public transportation systems wherever possible, people have started taking their bikes for short-distance commuting. Governments in European countries invested in widescale cycling infrastructure. According to European Cyclists' Federation, the sales of E-bikes in Europe during the COVID-19 pandemic grew by 47%. Sales of electric bicycles in the U.S. grew by 145% during the pandemic as these vehicles provide the ability to get around while remaining socially distanced from other people.
In 2020, the European electric two-wheeler market grew by 22% as the COVID-19 pandemic boosted the individual mobility demand. Moreover, the government initiatives to encourage people to switch to green mobility is driving the growth in the electric two-wheelers market in Europe. For instance, in 2020, the government of the U.K. announced a GBP 2 billion (USD 2.83 billion) package for developing “pop-up bike lanes” and the widening of pavements for pedestrians, and legalize the use of rental e-scooters on public roads. Although the COVID-19 pandemic has negatively affected many industries, its effect on electric scooter is positive.
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The electric scooter market is segmented based on vehicle type, power output, battery technology, motor type, charging type, end use, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on vehicle type, the electric motorcycles segment is expected to account for the largest share of the overall electric scooter market in 2021, by value. The large share of this segment is mainly attributed to increasing government policies for promoting electric mobility, growing awareness regarding the need to reduce greenhouse gas emissions and environmental pollution, rising demand for electric motorcycles among consumers, increasing petrol prices, and stringent emission norms. However, the e-scooters & bikes segment is expected to witness significant growth by value, as e-scooters & bikes are increasingly used for courier and e-commerce delivery applications.
Based on power output, the less than 3.6kW segment is expected to account for the largest share of the overall electric scooter market in 2021. The large share of this segment is mainly attributed to the increasing adoption of e-scooters & bikes for urban commute and recreational activities, rising initiatives by government authorities for increasing adoption of e-scooters & bikes, and increasing investments by ride-hailing companies for deploying e-scooters & bikes for micromobility. However, the 3.6kW to 7.2kW segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing adoption of electric motorcycles in emerging economies such as India.
Based on battery technology, the lithium-ion segment is expected to account for the largest share of the overall electric scooter market in 2021. The large share of this segment is mainly attributed to the high energy density of lithium-ion, decreasing price of lithium-ion batteries, high energy efficiency, good high-temperature performance, and low self-discharge. However, the lithium-ion polymer segment is expected to grow at the highest CAGR during the forecast period.
Based on motor type, the hub motor segment is expected to account for the largest share of the overall electric scooter market in 2021. The large share of this segment is mainly attributed to factors such as increased power/speed, high torque, extended range per charge, and better vehicle handling due to lightweight design. The geared hub motor segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to better durability and speed control of geared hub motor, smaller size, and lightweight.
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Based on end user, the business organizations segment is expected to account for the largest share of the overall electric scooter market in 2021. The large share of this segment is mainly attributed to the increasing government subsidies and support to promote electric mobility across the globe, increasing use of e-scooters & bikes by courier and e-commerce delivery personnel, and the growing implementation of mobility-as-a-service. Moreover, this segment is expected to grow at the highest CAGR during the forecast period.
Geographically, the Asia-Pacific region is expected to account for the largest share of the global electric scooter market in 2021 by value as well as volume. The large share of this market is mainly attributed to the presence of major two-wheeler hub motor manufacturers, high adoption rate of electric motorcycles and e-bikes, and increasing adoption of electric motorcycles in emerging economies such as India and Southeast Asian countries.
The key players operating in the global electric scooter market are Fuji-Ta Bicycle Co., Ltd. (China), Trek Bicycle Corporation (U.S.), Yamaha Motor Co., Ltd. (Japan), Yadea Group Holdings Ltd. (China), Riese & Müller GmbH (Germany), Leon Cycles (Germany), Niu Technologies (China), Walberg Urban Electrics GmbH (Germany), myStromer AG (Switzerland), Magnum Bikes (U.S.), Pedego Inc. (U.S.), Aventon Bikes (U.S.), Govecs AG (Germany), Zhejiang Minimotors Bike Co Ltd (China), Zero Motorcycles Inc. (U.S.), Gogoro Inc. (Taiwan), Ather Energy Pvt. Ltd (India), Energica Motor Company (Italy), Revolt Motors (India), Hero MotoCorp Ltd. (India), and Rad Power Bikes Inc. (U.S.) among others.
To gain more insights into the market with a detailed table of content and figures, click here:
Scope of the Report
Electric Scooter Market, by Vehicle Type
Electric Scooter Market, by Power Output
Electric Scooter Market, by Battery Technology
Electric Scooter Market, by Motor Type
Electric Scooter Market, by Charging Type
Electric Scooter Market, by End User
Electric Scooter Market, by Geography
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Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here-
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