Electric Scooter Market Trends and Forecast
The future of the global electric scooter market looks promising with opportunities in the retro electric scooter, standing electric scooter, and folding electric scooter markets. The global electric scooter market is expected to reach an estimated $86 billion by 2030 with a CAGR of 19% from 2024 to 2030. The major drivers for this market are increasing consumer awareness regarding eco-friendly transportation, stringent environmental regulations, and growing adoption of e-scooter sharing service.
ChatGPT1st Prompt as provided in Excel Sheet
• Lucintel forecasts that retro electric scooter is expected to witness the highest growth over the forecast period.
• Within this market, battery is expected to witness the higher growth.
Country Wise Outlook for Electric Scooter Market
Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by Major electric scooter producers in key regions: the USA, Germany, China, and India.
Emerging Trends in the Electric Scooter Market
• Increased Adoption in Urban Mobility: Electric scooters are increasingly becoming a popular mode of urban transportation due to their convenience, cost-effectiveness, and environmental benefits.
• Advancements in Battery Technology: Continuous improvements in battery technology are extending scooter range, reducing charging times, and enhancing overall performance.
• Integration of IoT and Connectivity: Electric scooters are being equipped with IoT devices and connectivity features, enabling fleet management, GPS tracking, and remote diagnostics.
• Rise of Sharing and Rental Services: Electric scooter sharing and rental services are expanding globally, providing on-demand mobility solutions in urban centers.
• Safety Enhancements: Manufacturers are focusing on enhancing scooter safety with features such as improved braking systems, LED lighting, and stability control.
• Regulatory Developments: Governments are establishing regulations and guidelines specific to electric scooters to ensure safety, manage parking, and integrate them into existing transportation systems.
• Shift towards Lightweight and Foldable Designs: ThereÄX%$%Xs a trend towards lightweight and foldable electric scooters, catering to urban commuters who value portability and storage convenience.
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Recent Development in the Electric Scooter Market
• Expansion of Sharing Services: Companies like Lime and Bird continue to expand their electric scooter sharing services to new cities and regions globally, increasing accessibility to electric scooters for urban commuters.
• Integration of Smart Features: Electric scooters are increasingly incorporating smart features such as GPS tracking, app connectivity for ride monitoring, and diagnostics for maintenance alerts, improving user experience and operational efficiency.
• Regulatory Developments: Various cities and countries are implementing regulations specific to electric scooters, covering aspects such as speed limits, parking regulations, and safety requirements to ensure their safe integration into urban environments.
• Entry of New Players: New players and startups are entering the electric scooter market with innovative designs, enhanced performance features, and competitive pricing, intensifying market competition and driving further innovation.
Strategic Growth Opportunities for Electric Scooter Market
• Urban Mobility Solutions: Electric scooters offer a sustainable and efficient last-mile transportation solution in urban areas. Opportunities lie in expanding scooter sharing programs, integrating with public transit systems, and addressing congestion and pollution challenges in cities.
• Tourism and Leisure: Electric scooters are increasingly popular among tourists and leisure travelers for exploring cities and attractions. Opportunities include offering guided scooter tours, partnering with tourism agencies, and enhancing scooter rental services in tourist-heavy destinations.
• Corporate and Campus Mobility: Electric scooters are convenient for corporate campuses, universities, and large complexes. Growth opportunities include fleet management solutions, offering employee mobility options, and integrating scooters into corporate sustainability initiatives.
• Delivery and Logistics: Electric scooters are being explored for urban delivery and logistics applications, especially in congested city centers. Opportunities include partnering with delivery companies for eco-friendly last-mile deliveries and developing specialized scooter models for cargo transport.
• Personal Mobility Solutions: There is a growing market for personal electric scooters among commuters and individuals seeking alternative transportation options. Opportunities include developing customizable scooter models, enhancing safety features, and targeting niche segments such as seniors or people with mobility challenges.
• Emerging Markets and Expansion: Opportunities exist in expanding into emerging markets where urbanization is increasing rapidly, and there is a demand for sustainable transportation solutions. This includes adapting products to local preferences and infrastructure conditions while navigating regulatory landscapes.
• Technology Integration: Opportunities lie in integrating advanced technologies such as artificial intelligence, Internet of Things (IoT), and machine learning into electric scooters. This could enhance user experience, improve operational efficiency, and enable predictive maintenance capabilities.
Electric Scooter Market Driver and Challenges
Drivers:
• Environmental Awareness: Increasing global focus on reducing carbon emissions and promoting sustainable transportation options.
• Cost Efficiency: Lower operating costs compared to traditional gasoline-powered vehicles, including savings on fuel and maintenance.
• Urbanization: Rising urbanization rates leading to increased congestion and demand for efficient last-mile transportation solutions.
• Technological Advancements: Continuous improvements in battery technology, leading to longer ranges and faster charging times.
• Consumer Preference: Growing preference for convenient and eco-friendly mobility solutions among urban commuters and millennials.
• Government Incentives: Supportive policies, subsidies, and incentives from governments to promote electric vehicles and reduce air pollution.
Challenges:
• Range Limitations: Limited range per charge, which can impact the practicality of electric scooters for longer commutes.
• Charging Infrastructure: Insufficient charging infrastructure, especially in densely populated urban areas, limiting the widespread adoption of electric scooters.
• Regulatory Environment: Complex and evolving regulations governing the use of electric scooters, including safety standards, licensing requirements, and operational restrictions.
• Safety Concerns: Risks associated with accidents and collisions, particularly in crowded urban environments where electric scooters share space with pedestrians, cyclists, and vehicles.
Electric Scooter Suppliers and Their Market Shares
In this globally competitive market, several key players such as NIU Technologies, Terra Motors Corporation, Vmoto Limited, Yadea Technology Group Co, BMW Mottard International, Gogoro Inc., Xiaomi Corporation, Mahindra Genze, Govecs Group, Jiangsu Xinri Electric Vehicle Co., etc. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players contact us.
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies electric scooter companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the electric scooter companies profiled in this report include-
• NIU Technologies
• Terra Motors Corporation
• Vmoto Limited
• Yadea Technology Group Co.
• BMW Mottard International
• Gogoro Inc.
• Xiaomi Corporation
• Mahindra Genze
• Govecs Group
• Jiangsu Xinri Electric Vehicle Co.
These companies have established themselves as leaders in the electric scooter industry, with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations.
The market share dynamics within the electric scooter market are evolving, with the entry of new players and the emergence of innovative electric scooter technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
Electric Scooter Market by Segment
In terms of product type, folding electric scooters are gaining popularity due to their portability and convenience for urban commuters. Technologically, electric scooters equipped with advanced features such as GPS tracking, app connectivity, and smart sensors are seeing increased demand, enhancing user experience and operational efficiency. Battery-wise, there is a shift towards lithium-ion batteries, which offer longer ranges and faster charging times compared to traditional lead-acid batteries. Furthermore, higher voltage electric scooters are becoming prevalent, as they provide better acceleration and performance. These segments are driven by consumer preferences for sustainable and efficient mobility solutions, coupled with advancements in technology and infrastructure supporting electric vehicles.
Electric Scooter Market by Product Type [Value from 2018 to 2030]:
• Retro Electric Scooter
• Standing Electric Scooter
• Folding Electric Scooter
Electric Scooter Market by Technology [Value from 2018 to 2030]:
• Plug-In
• Battery
Electric Scooter Market by Battery Type [Value from 2018 to 2030]:
• Sealed Lead Acid (SLA)
• Lithium Ion
• Others
Electric Scooter Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Features of the Global Electric Scooter Market
Market Size Estimates: Electric scooter market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Electric scooter market size by product type, technology, battery type, and region in terms of value ($B).
Regional Analysis: Electric scooter market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different product type, technology, battery type, and regions for the electric scooter market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the electric scooter market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q1. What is the electric scooter market size?
Answer: The global electric scooter market is expected to reach an estimated $86 billion by 2030.
Q2. What is the growth forecast for electric scooter market?
Answer: The global electric scooter market is expected to grow with a CAGR of 19% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the electric scooter market?
Answer: The major drivers for this market are increasing consumer awareness regarding eco-friendly transportation, stringent environmental regulations, and growing adoption of e-scooter sharing service.
Q4. What are the major segments for electric scooter market?
Answer: The future of the electric scooter market looks promising with opportunities in the retro electric scooter, standing electric scooter, and folding electric scooter markets.
Q5. Who are the key electric scooter market companies?
Answer: Some of the key electric scooter companies are as follows:
• NIU Technologies
• Terra Motors Corporation
• Vmoto Limited
• Yadea Technology Group Co.
• BMW Mottard International
• Gogoro Inc.
• Xiaomi Corporation
• Mahindra Genze
• Govecs Group
• Jiangsu Xinri Electric Vehicle Co.
Q6. Which electric scooter market segment will be the largest in future?
Answer: Lucintel forecasts that retro electric scooter is expected to witness the highest growth over the forecast period.
Q7. In electric scooter market, which region is expected to be the largest in next 7 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the electric scooter market by product type (retro electric scooter, standing electric scooter, and folding electric scooter), technology (plug-in and battery), battery type (sealed lead acid (SLA), lithium ion, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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