PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250806
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250806
According to Stratistics MRC, the Global Electric Scooters Market is accounted for $33.18 billion in 2022 and is expected to reach $168.45 billion by 2028 growing at a CAGR of 31.1% during the forecast period. A motorized scooter that runs on electricity is an electric scooter. The EV doesn't need fuel to operate, unlike conventional scooters which do. Electric scooters have a connection between the motor and battery, and a power source or charging station is plugged in to recharge the battery. The two-wheeler is propelled forward by the motion produced by the charged battery. These scooters are easy to use, battery-powered, environmentally friendly, and fuel-efficient.
According to the European Motorcycle Manufacturers Association (ACEM), only 58,569 units were registered in 2020, 12.5% as compared to the previous year. Due to consumer adoption of EVs and autonomous vehicles; shared mobility is likely to fuel market expansion.
Development of high-performance e-scooters
The market for high-performance electric two-wheelers is expanding as a result of factors such as falling battery prices, low operating and maintenance costs, government subsidies and incentives, and growing public awareness of the need to reduce vehicle emissions. Manufacturers of two-wheelers have begun to invest in powerful electric motorcycles. The manufacturers' investment in high-performance e-scooters is causing the market to grow as a result of the rising demand for e-motorcycles.
Lack of charging infrastructure
The biggest barrier to the growth of the e-scooter industry will be the absence of charging infrastructure. The ease of charging an electric two-wheeler anywhere and at any time is the most crucial factor for any user to take into account before making a purchase. Contrary to developed nations, the majority of emerging nations lack the necessary charge stations, which is hampering the overall market growth.
Urbanization and government initiatives
Shared bikes, electric scooters, and dockless bikes are just a few of the urban mobility trends that have become increasingly popular in recent years. Electric scooters are more practical for both short- and long-distance commutes and also cut down on overall travel time. The market for electric scooters and motorcycles is anticipated to grow over time thanks to rising support from government organizations in numerous countries. With the United States and China setting the bar, many nations have acknowledged the necessity of switching to electric vehicles in order to reduce the rising pollution from automobiles. As a result, in the coming years, demand for electric scooters will grow more quickly than that for electric cars.
Poor design & performance
Despite being more energy-efficient than conventional two-wheelers, electric two-wheelers still have issues with performance and design. Lack of consumer interest brought on by unsightly appearance and subpar performance is one of the market's most serious problems. The selection of electric motorcycles and scooters on the Indian market is limited, and their performance and design are average. As a result, it is obvious that in order to boost demand, manufacturers must increase the quality of the design and performance of electric two-wheelers.
Global economic growth has slowed as a result of the COVID-19 crisis. Implementations of lockdowns to stop the virus' spread caused supply chains to break down and manufacturing operations to temporarily stop. The pandemic had an impact on the entire automotive sector, which in turn slowed the growth of the e-scooter market in the first half of 2020. Furthermore, the market was significantly impacted by the decline in automotive production and labor shortage. The market is anticipated to rebound during the forecast period as automotive manufacturers have resumed operations as a result of steadily increasing automobile sales in nations with a low number of COVID-19 cases.
The Li-ion segment is expected to be the largest during the forecast period
During the forecast period, the Lithium-ion battery segment is anticipated to account for the largest share of the market for Electric Scooters. The cost of Li-ion batteries is anticipated to experience a downward trend, with a price drop of over 70% anticipated by 2030. As a result, it is anticipated that e-scooters will become less expensive. The primary force behind the advancement of lithium-ion batteries is the rising demand for rechargeable scooter batteries with low self-discharge rates. The demand for lithium-ion batteries has also increased as a result of growing awareness of the need for environmentally friendly batteries, as well as those that outperform sealed lead acid and nickel-metal hydride batteries in terms of performance over time.
The 72v segment is expected to have the highest CAGR during the forecast period
During the projection period, it is anticipated that the 72v segment is expected to have the highest CAGR. Electric scooter sales are anticipated to increase as a result of an increase in the use of batteries with a 72V voltage. For instance, the electric scooter Mark 2 from India-based "Simple Energy" was introduced in August 2020. It has a range of 180 km in sport mode, 220 km in normal mode, and 260-280 km in eco mode. The Panasonic 72V 4.8kWh removable lithium-ion battery pack, rated IP67, is used in this scooter. Moreover, the segment is anticipated to grow due to an increase in the use of 72-volt batteries for high-speed electric scooters.
Region with largest share:
Due to significant sales and production taking place in China, the Asia Pacific region is anticipated to hold the largest share of the market during the projected timeframe. The APAC market is anticipated to be driven by rising consumer demand for affordable e-scooters for short-distance travel and government initiatives to encourage the adoption of this type of scooter. The Indian government has also promoted electric two-wheelers through programs like FAME-II that offer customers incentives and tax advantages. These elements fuel market expansion in this region.
North America is predicted to experience the highest growth over the forecast period due to rising government investments in the infrastructure for charging electric vehicles as well as research support for high-density batteries. Additionally, it is anticipated that encouraging R&D efforts focused on the creation of high-density batteries will accelerate regional market expansion in the coming years.
Some of the key players profiled in the Electric Scooters Market include AllCell Technologies LLC, Amego Electric Vehicles Inc., Ampere Vehicles Pvt. Ltd., Ather Energy, BMW Motorrad International, BOXX Corp., Gogoro Inc., GOVECS GmbH, Green Energy Motors Corp., Lime, Hero Electric Vehicles Pvt. Ltd., Honda Motor Co. Ltd., Jiangsu Xinri E-Vehicle Co., Ltd., Ola Electric, Kumpan Electric, Mahindra GenZe, NYCeWheels, Peugeot Scooters, Suzuki Motor Corporation, Terra Motors Corporation, Simpl Energy, Vmoto Limited, Yadea Technology Group Co. Ltd., Yamaha Motor Company Limited.
In February 2023, Electric two-wheeler maker Ather Energy said it plans to install over 2,500 charging stations by this year-end to facilitate a hassle-free transition to Evs. The company has already installed over 1,000 fast charging stations across 80 cities in the country.
In January 2023, Leading EV player Ather Energy said that it is in discussions with several state governments for the establishment of an extra factory to accommodate the demand as the adoption of electric two-wheelers stabilises somewhat following several fire mishaps last year. Ather Energy's Chief Business Officer (CBO), Ravneet Phokela, told IANS that the company is increasing manufacturing production and intends to add 1 million units of capacity to its existing 400,000 annual capacity.
In July 2022, Ola Electric announced the investment of USD 500 million to set up battery innovation centre in Bengaluru. BIC will be one of the world's largest and most advanced cell R&D facilities with more than 165 "unique and cutting-edge" lab equipment to cover all aspects of cell related research and development, the electric vehicles company said.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.