Electric Scooters Market Size, Share & Trends Report

Electric Scooters Market Size, Share & Trends Analysis Report By Product (Standing /Self-Balancing, Folding, Retro), By Battery (Sealed Lead Acid, Li-Ion), By Voltage, And Segment Forecasts 2018 - 2025

  • Published Date: Oct, 2018
  • Base Year for Estimate: 2015
  • Report ID: GVR-1-68038-196-2
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2016
  • Number of Pages: 105

Industry Insights

The global electric scooters market size was estimated at USD 16.31 billion in 2017. Increasing need for fuel-efficient vehicles, backed by growing concerns over carbon and greenhouse gas emissions, is anticipated to drive adoption of electric scooters (e-scooters) over the forecast period. Easy incorporation of regenerative braking, low noise levels, relatively economical maintenance costs, and high mechanical efficiency are among key factors providing e-scooters an edge over traditional variants with internal combustion engines (ICE).

Electric scooters offer other benefits such as fuel efficiency, environment-friendly, easy to handle, and compact size. The market is driven by strong presence of original equipment manufacturers (OEMs) enhancing their product portfolio. Declining battery costs is also expected to create favorable opportunities for players.

U.S. electric scooters market

Rising financial and non-financial incentives are encouraging adoption of electric scooters. Need to modernize transportation infrastructure and sustainable urban mobility are also 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 penetration of e-scooters by offering various benefits to consumers as well as manufacturers in the form of subsidies. Support in the form of research and development initiatives is also a prominent growth factor.

For instance, the Canadian government is developing a strategy to reduce the country’s greenhouse gas 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 growth.

Product Insights

The global market can be categorized by product into retro, standing/self-balancing, and folding scooters. The retro scooters segment dominated the market in 2017 owing to the shift toward green vehicles for travelling shorter distances. This move has helped reduce overall commuting cost for consumer.

The folding electric scooters segment is anticipated to exhibit a CAGR of 9.6% from 2018 to 2025. The advent of next-generation smart e-scooters with IoT and big data technology and need for product differentiation have driven demand for folding electric scooters.

The convenience and control of standing/self-balancing e-scooters in residential and commercial applications for amalgamation of daily activities is anticipated to propel its demand over the forecast period.

Battery Insights

By battery, the electric scooters market is segmented into sealed lead acid, NiMH, and Li-ion. The sealed lead acid battery segment dominated the market in 2017 owing to benefits such as low cost, tolerant 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 one of the main reasons for lead emissions in the environment.

The lithium-ion battery segment is expected to register a CAGR of 11.6% 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 demand for battery operated scooters. Some of the benefits offered by these batteries are light weight, high charge density, and high charging-discharging efficiency. This is anticipated to aid the growth of the segment.

Voltage Insights

The global market can be categorized by voltage into 24V, 36V, 48V, and greater than 48V. The 36V voltage segment accounted for over 63.0% of the overall revenue in 2017. These batteries offer superior power output and possess high compatibility with electric scooters, which is expected to propel segment growth.

Global electric scooters market

The greater than 48V voltage segment is expected to witness significant growth over the forecast period, registering a CAGR of 10.9%. Electric scooters equipped with 60V and 70V voltage batteries are expected to witness significant growth owing to constant research and development 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.

Regional Insights

Asia Pacific dominated the global market and was valued at USD 12.47 billion in 2017. The region is mainly driven by strong presence of manufacturers in Japan, China, India, and Indonesia. China leads in terms of overall sales as well as production capacity. In addition to this, the regional market is fueled by increasing population, surge in traffic congestion, low price of electric scooters as compared to conventional vehicles, and concerns regarding environment. 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 14.2% from 2018 to 2025. Increasing investment in vehicle charging infrastructure and research support for innovative high-density batteries is expected to contribute to overall regional growth. The U.S. government has sanctioned USD 2.4 billion for development of electric and hybrid vehicles and high-density batteries. The government has also approved incentives to customers of electric scooters in the form of tax credits. Such factors are likely to aid in the growth of the North America market.

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. In addition, players 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 leading participants in 2017.

Report Scope

Attribute

Details

Base year for estimation

2017

Actual estimates/Historical data

2015 - 2016

Forecast period

2018 - 2025

Market representation

Revenue in USD Million and CAGR from 2018 to 2025

Regional scope

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

Country scope

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

Report coverage

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

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and analyzes latest industry trends in each of the sub-segments from 2015 to 2025. For this study, Grand View Research has segmented the global electric scooters market report based on product, battery, voltage, and region:

  • Product Type (Revenue, USD Million, 2015 - 2025)

    • Retro

    • Standing/Self-Balancing

    • Folding

  • Battery Type (Revenue, USD Million, 2015 - 2025)

    • Sealed lead acid

    • NiMH

    • Li-Ion

  • Voltage Type (Revenue, USD Million, 2015 - 2025)

    • 24V

    • 36V

    • 48V

    • Greater than 48V

  • Regional Outlook (Revenue, USD Million, 2015 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

    • Asia Pacific

      • China

      • Japan

      • India

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

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