Electric Scooters Market Size, Share & Trends Report

Electric Scooters Market Size, Share & Trends Analysis Report By Product (Standing, Retro, Folding), By Battery (Sealed Lead Acid, NiMH, Li-Ion), By Voltage (24V, 36V, 48V, >48V), By Region, And Segment Forecasts, 2019 - 2030

  • Published Date: Feb, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-1-68038-196-2
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2017
  • Number of Pages: 164

Industry Insights

The global electric scooters market size was valued at USD 17.43 billion in 2018 and is projected to witness a CAGR of 8.5% during the forecast period. The market is driven by a strong presence of Original Equipment Manufacturers (OEMs) enhancing their product portfolio. Declining costs of batteries are also expected to create favorable opportunities for companies. Increasing need for fuel-efficient vehicles due to growing concerns over carbon and Greenhouse Gas (GHG) emissions is anticipated to drive the demand for electric scooters (e-scooters) in the years to come. Incorporation of regenerative braking, low noise levels, relatively economical maintenance costs, and high mechanical efficiency are also propelling the product demand.

Moreover, e-scooters are fuel-efficient, eco-friendly, easy to handle, and compact in size, which is also boosting their demand. Growing adoption of e-scooter sharing service in countries, such as France, Germany, U.S., and Spain, has also spurred the demand for e-scooters. The companies such as Bird, Lime, Spin, Jump, and Razor offering such services are procuring e-scooters mainly from the manufacturers, such as Ninebot-Segway, Gogoro, Inc., and Xiaomi. Currently, more than 90 cities and various universities across the globe use these services.

U.S. electric scooters market

Rising financial and non-financial incentives are also encouraging the product adoption. Rising need for modernized transportation infrastructure and sustainable urban mobility are driving the transition from conventional to electric modes of transport. Electric scooters are expected to have positive implications on air quality and energy security, giving the renewable energy segment more prominence in the power sector. Governments around the world are focusing on increasing the product penetration through various programs, such R&D initiatives.

For instance, the Canadian government is developing a strategy to reduce the country’s GHG emission effects and increase the number of zero-emission vehicles. Similarly in U.S., the Corporate Average Fuel Economy (CAFÉ) standards are propagating the adoption of energy-efficient automobiles by formulating regulations for reduction of fossil fuel consumption and enhancing utilization of alternative fuel vehicles. This, in turn, creates a highly conducive environment for market growth.

Product Insights

Based on product, the global market can be categorized into retro, standing/self-balancing, and folding scooters. The retro scooters segment led the market in 2018 owing to high demand for green vehicles for travelling shorter distances, which helps reduce overall commuting costs for consumers. The folding segment is anticipated to exhibit the highest CAGR of 11.1% from 2019 to 2030. The advent of next-generation smart e-scooters with IoT and big data technology and need for product differentiation have driven the demand for folding electric scooters. The convenience and control of standing/self-balancing scooters in residential and commercial applications for amalgamation of daily activities is anticipated to propel their demand over the forecast period.

Battery Insights

On the basis of battery, the market is segmented into sealed lead acid, NiMH, and lithium-ion (Li-ion). The sealed lead acid batteries led the market in 2018 owing to their low cost, tolerance to abuse, and robustness. However, the adoption of these batteries is anticipated to decline during the forecast period as they are bulkier in size and owing to the fact that they discharge quickly, even without handling heavy loads. This is also one of the main reasons for lead emissions in the environment.

The Li-ion battery segment is expected to register the fastest CAGR of 11.5% over the forecast period due to declining prices of these batteries. Increasing demand for high-performance and more environmentally conductive batteries, such as NiMH and Li-ion, is propelling the demand for battery operated vehicles. Moreover, these batteries are light weight and have high charge density, as well as charging-discharging efficiency. This will boost the growth further.

Voltage Insights

The global market can be categorized by voltage into 24V, 36V, 48V, and greater than 48V. The 36V segment accounted for 62.7% of the overall revenue in 2018. 36V batteries offer superior power output and possess high compatibility with electric bikes, which is expected to propel the segment growth.

Global electric scooters market

The greater than 48V is expected to be the fastest-growing segment with a CAGR of 12.7% over the forecast period. Electric vehicles equipped with 60V and 70V batteries are expected to witness significant growth owing to constant R&D activities resulting in enhanced speed and distance coverage. High voltage batteries are being upgraded with recovery and start-stop features to reduce CO2 emissions in the environment. This is also likely to support the segment expansion.

Regional Insights

Asia Pacific was the dominant regional market and was valued at USD 13.14 billion in 2018. The market is mainly driven by a strong presence of manufacturers in Japan, China, India, and Indonesia. China leads in terms of overall sales as well as production capacity. In addition, the regional market is fueled by increasing population, surge in traffic congestion, decreasing prices of electric bikes as compared to conventional vehicles, and rising environmental concerns. Moreover, innovation and R&D will continue to give this market a major boost. For instance, China-based firm Niu is using a combination of IoT and big data to create a smart e-scooter.

North America is slated to witness the highest CAGR of 14.7% from 2019 to 2030. Increasing investment in vehicle charging infrastructure and research support for innovative high-density batteries is expected to contribute to the regional growth. The U.S. government has sanctioned USD 2.4 billion for the development of electric and hybrid vehicles and high-density batteries. The government has also approved incentives to customers using e-bikes in the form of tax credits. These factors are likely to support the market growth in North America.

Electric Scooters Market Share Insights

Prominent industry participants include BMW Motorrad International; Terra Motors Corporation; Jiangsu Xinri Electric Vehicle Co. Ltd.; Gogoro, Inc.; Vmoto Limited; and Mahindra GenZe. Companies, such as Bird, are focused on launching ride sharing services in various cities with a joint venture strategy to expand their industry presence. In China, key market players are focused on product level strategies and R&D to expand their market share. In India, Bajaj Auto, TVS Motor Company, Mahindra Two Wheelers Limited (MTWL), Honda Motorcycle and Scooter India, and Hero MotoCorp were among the leading participants in 2018. 

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2030

Market representation

Revenue in USD Million and CAGR from 2019 to 2030

Regional scope

North America, Europe, Asia Pacific, Latin America, and MEA

Country scope

U.S., Canada, Germany, U.K., France, China, Japan, India, Brazil, and Mexico

Report coverage

Revenue forecast, company market share, competitive & vendor landscape, regulatory landscape, competitive landscape, growth prospects, and trends

15% free customization scope (equivalent to 5 analysts working days)

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization


Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2030. For the purpose of this study, Grand View Research has segmented the global electric scooters market report on the basis of product, battery, voltage, and region:

  • Product Type (Revenue, USD Million, 2015 - 2030)

    • Retro

    • Standing/Self-Balancing

    • Folding

  • Battery Type (Revenue, USD Million, 2015 - 2030)

    • Sealed Lead Acid

    • NiMH

    • Li-Ion

  • Voltage Type (Revenue, USD Million, 2015 - 2030)

    • 24V

    • 36V

    • 48V

    • Greater than 48V

  • Regional Outlook (Revenue, USD Million, 2015 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

    • Asia Pacific

      • China

      • Japan

      • India

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

Key questions answered by the report
Request for Customization

Choose License Type

Single User - $4,950
Multi User (2-5) - $5,950
Enterprise Access - $7,950

Buy Chapters or Sections

Avail customized purchase options to meet your exact research needs:

  • Buy sections of this report
  • Buy country level reports
  • Request for historical data
  • Request discounts available for Start-Ups & Universities

Why Choose Us

  • Research support

    24/5 Research support

    Get your queries resolved from an industry expert.

  • Custom research service

    Custom research service

    Design an exclusive study to serve your research needs.

  • Quality assurance

    Quality assurance

    A testimonial for service in the form of BBB "A" Accreditation.

  • BBB Rating dandb
  • Information security

    Information security

    Your personal and confidential information is safe and secure.

  • grand view research PCI DSS complaint grand view research paypal verified