Electric Scooters Market Size, Share & Trends Report

Electric Scooters Market Size, Share & Trends Analysis Report By Voltage (36V, Greater than 48V), By Product (Folding, Retro, Standing), By Battery (NiMH, Li-Ion, Sealed Lead Acid), By Region, And Segment Forecasts, 2018 - 2030

  • Published Date: Dec, 2018
  • Base Year for Estimate: 2017
  • Report ID: GVR-1-68038-196-2
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2016
  • Number of Pages: 164

Industry Insights

The global electric scooters market size was valued at USD 16.31 billion in 2017 and is projected to witness a CAGR of 7.6% during the forecast period. Increasing need for fuel-efficient vehicles, backed by growing concerns regarding carbon and greenhouse gas emissions, is anticipated to drive the adoption of electric scooters (e-scooters) over the forecast period. Easy incorporation of regenerative braking, low noise levels and maintenance costs, and high mechanical efficiency are among key factors providing e-scooters an edge over traditional variants with Internal Combustion Engines (ICE).

Moreover, strong presence of Original Equipment Manufacturers (OEMs) enhancing their product portfolio is likely to support global market growth. Declining battery costs are also expected to create favorable opportunities for market players. Growing adoption of electric scooter sharing services in countries, such as France, Germany, U.S., and Spain, has spurred the product demand.

U.S. electric scooters market

Companies including Bird, Lime, Spin, Jump, and Razor offering such sharing services are procuring electric scooters mainly from prominent manufacturers. Currently, more than 90 cities and several universities across the globe use electric vehicle sharing service with around 95% of the scooters having an electric drivetrain. Rising financial and non-financial incentives are also encouraging product adoption, thereby propelling market growth.

Modernization of transportation infrastructure and sustainable urban mobility are also augmenting the market development. Electric scooters are expected to have positive implications on air quality and energy security, giving 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 and R & D initiatives.

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

Product Insights

Based on product, the global market can be categorized into retro, standing/self-balancing, and folding scooters. The retro segment led the market in 2017 owing to the shift toward green vehicles for travelling shorter distances as these vehicles help reduce overall commuting costs. The folding segment is anticipated to exhibit the highest CAGR of 10.0% from 2018 to 2030.

The advent of next-generation smart e-scooters with IoT and big data technologies and need for product differentiation have driven demand for folding electric scooters. The convenience and control of standing/self-balancing e-scooters is anticipated to propel their demand over the forecast period.

Battery Insights

On the basis of battery type, the market is segmented into sealed lead acid, NiMH, and Li-ion batteries. Sealed lead acid was the dominant segment in 2017 owing to its low cost and robustness. However, the segment is anticipated to witness sluggish growth during the forecast period as these batteries are bulkier in size and get discharged quickly, even without handling heavy loads.

The lithium-ion battery segment is expected to register a CAGR of 10.3% 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 segment growth. These batteries are lightweight and offer high charge density and charging-discharging efficiency. This factor is also anticipated to spur the segment development in future.

Voltage Insights

On the basis of voltage, the global electric scooters market can be categorized into 24V, 36V, 48V, and greater than 48V. The 36V voltage segment accounted for 63.1% of the overall revenue in 2017. These batteries offer superior power output and have high compatibility with electric scooters, which is expected to propel segment growth. Greater than 48V batteries are expected to witness significant growth, registering the highest CAGR of 11.4% over the forecast period.

Global electric scooters market

Electric vehicles 0equipped with 60V and 70V 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. This factor is also estimated to boost segment expansion.

Regional Insights

Asia Pacific led 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, rising concerns regarding environment are projected to augment the market expansion in the region.

Increasing population, surge in traffic congestion, and low price of electric vehicles are projected to drive the market further. Key market players in China are focused on product level strategies and R & D to expand their market share. Thus, constant 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.

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. North America region is expected to expand at the highest CAGR of 13.5% from 2018 to 2030. Increasing investments in vehicle charging infrastructure and research support for innovative high-density batteries are 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 electric scooter users in the form of tax credits. Such factors are likely to aid in 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.

Report Scope

Attribute

Details

Base year for estimation

2017

Actual estimates/Historical data

2015 - 2016

Forecast period

2018 - 2030

Market representation

Revenue in USD Million and CAGR from 2018 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

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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 Outlook (Revenue, USD Million, 2015 - 2030)

    • Retro

    • Standing/Self-Balancing

    • Folding

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

    • Sealed Lead Acid

    • NiMH

    • Li-Ion

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

    • 24V

    • 36V

    • 48V

    • Greater than 48V

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

    • 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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