Electric Scooters Market Size, Share & Trends Analysis Report By Product (Retro, Standing/Self-Balancing, Folding), By Battery (Sealed Lead Acid, NiMH, Li-ion), By Voltage, And Segment Forecasts, 2022 - 2030

Report Overview

The global electric scooters market size was estimated at USD 20.78 billion in 2021, and the market is expected to expand at a compound annual growth rate (CAGR) of 7.8% from 2022 to 2030. The increasing demand for fuel-efficient vehicles, coupled with growing concerns over greenhouse gas and carbon emissions, is anticipated to drive the adoption of electric scooters (e-scooters) during the forecast period.

The COVID-19 pandemic has affected the overall automotive industry, leading to a subsequent decline in growth of the electric powertrain market, as a result of low automotive sales and new requirements during the first half of 2020. However, stringent emission norms by the government agencies such as emission standards for greenhouse gas (GHG) emissions by US Environmental Protection Agency (EPA), BS-VI in India and China VI is driving the market for electric scooters.

High mechanical efficiency, easy integration of regenerative braking, low noise levels, and moderately economical maintenance costs are the factors supporting the market growth. The COVID-19 crisis has resulted in a global economic slowdown. Lockdowns implemented in various parts of the world to curb the spread of the virus led to disruptions in the supply chains and a temporary ceasing of production at several production facilities. The electric scooters market is particularly vulnerable due to its dependency on global sourcing for its batteries' core technology.

The initial purchase cost of electric vehicles is more significant than their gas-powered and hybrid counterparts. However, increasing awareness towards social distancing have resulted in surge in demand for electric scooters adoption. Increasing adoption of electric scooter sharing services in countries such as Spain, the U.S., Germany, and France has spurred the demand for battery-powered two-wheelers. Companies such as Razor, Lime, Bird, Jump, and Spin offering e-scooter sharing services are procuring these vehicles mainly from manufacturers such as Xiaomi, Gogoro, and Ninebot-Segway.

These sharing services are witnessing an exponential adoption rate since 2016. Currently, more than 90 cities and various universities globally use this service, with around 95 percent of scooters having an electric drivetrain. Increasing monetary and non-monetary incentives are encouraging the adoption of battery-operated two-wheelers. Moreover, the need for sustainable urban mobility and modern transportation infrastructure is driving the transition from conventional to electric modes of transport. E-scooters are anticipated to have a positive influence on energy security and air quality.

The participation of vehicle manufacturers and governments in meeting the standards for zero-emissions is significantly contributing to reduce the carbon emission gap significantly by 2021. Furthermore, the consumption of electricity in these vehicles can be managed with proper energy and power infrastructure planning. This is further mitigated using renewable energy and technological advancements such as solar-powered vehicles and vehicle-to-grid technologies. 

Governments across the globe have formulated several policies to increase the penetration of electric 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, in the U.S., the Corporate Average Fuel Economy (CAFÉ) standards are increasing the adoption of energy-efficient automobiles by framing regulations for enhancing the utilization of alternative fuel vehicles and the reduction of fossil fuel consumption.

Similarly, the Canadian government is developing a strategy to reduce the country’s greenhouse gas emissions and increase the number of zero-emission vehicles. Besides this, the swift adoption of scooter-sharing services has triggered the demand for battery-powered two-wheelers. This, in turn, creates a highly conducive environment for growth.

Product Insights

The retro segment dominated the market in 2021 with more than 51% revenue share, owing to increasing maintenance and fuel costs that have made electric scooters an attractive transportation alternative. Based on products, the global electric scooters market can be categorized into folding, standing/self-balancing, and retro scooters. Electric transportation is becoming an eco-friendly alternative, amidst the growing pressure to limit carbon footprints.

The folding variant is anticipated to exhibit a CAGR of 10.2% during the forecast period. The introduction of next-generation smart electric scooters with big data and IoT and the need for product differentiation have propelled the growth of the folding scooters market. These scooters have gained prominence in the U.S. as they are free from the initial restrictions of strength and weight. Additionally, the need to revolutionize the increased traffic and mobility has impelled vendors to manufacture folding electric scooters.

Battery Insights

The sealed lead-acid battery segment dominated the market in 2021 with almost 62% revenue share, due to its robustness and low-cost benefits. These are rechargeable batteries consisting of 300 complete charge cycles before battery replacement. They have the shortest lifetime and are heavier than NiMH and Li-Ion batteries.

The adoption of these batteries is projected to decline in the coming years, as the raw materials used for manufacturing these batteries include high toxic substances that release millions of tons of lead into the environment. The negative environmental impact has directed manufacturers to adopt other batteries.

By battery, the e-scooters market is segmented into Nickel Metal Hydride (NiMH), Lithium-Ion (Li-ion), and Sealed Lead Acid (SLA). The lithium-ion battery segment is expected to expand at a substantial CAGR of 10.4% over the forecast period. The growing awareness for the increasing adoption of eco-friendly batteries and their better performance over sealed-lead acid and NiMH batteries has escalated the demand for Li-Ion batteries.

Since these batteries are higher in price as compared to the other two, therefore, its adoption has increased the prices of electric scooters in the emerging markets. These batteries include high-discharge cycles, keeping them safe from damage.

Voltage Insights

Based on voltage, the 36V segment led the market, accounting for 61.7% of the overall revenue share in 2021. These batteries offer high compatibility with e-scooters and deliver superior power output, which is expected to propel the segment growth. The demand for batteries used in 36V systems is mainly catered through Li-Ion and NiMH batteries, as they are much compact in design, offer better charging time, and do not release harmful chemicals like sealed lead-acid batteries.

The greater than 48V segment is estimated to witness significant growth over the coming years, registering a CAGR of 11.6% from 2021 to 2030. E-scooters equipped with 60V and 70V batteries are projected to witness significant growth, owing to constant research and development activities to enhance the range and speed of e-scooters. High voltage batteries are being upgraded with recovery and start-stop features to reduce CO2 emissions into the environment. 

Regional Insights

Asia Pacific dominated the global electric scooter market and was valued at USD 15.0 billion in 2021. Most electric scooter manufacturers have emerged from China, Japan, and Taiwan, acquiring the largest share globally. China has emerged as a leading consumer and the leading producer and exporter of electric scooters. China is also home to some major players operating in the market, such as AIMA Group, Yadea, Jiangsu Xinri Electric Vehicle Co., Ltd., Zhejiang Luyuan, and Niu International.

Consumers' growing awareness to adopt clean energy transportation to curb vehicular emissions, rapid urbanization, and the growing affordability of e-scooters are driving the electric scooter market in this region. Additionally, the role of governments of several economies, such as China, India, and Japan, in setting up standards and regulations for vehicle charging infrastructure is expected to positively impact regional electric scooter growth.

North America is expected to witness the highest CAGR of 12.8% during the forecast period. Growing investment in electric vehicle charging infrastructure and research support for innovative high-density batteries is projected to contribute to overall regional growth. For instance, Revel entered into the U.S. market with an investment of USD 27.6 million and rolled out 68 MUVI electric scooters manufactured by Spanish company Torrot.

Key Companies & Market Share Insights

Players such as Lime, Govecs AG, and Bird Rides are focused on the launch of last-mile e-scooter rental services in different countries with a joint venture strategy to enlarge their industry footprint globally. Prominent market players are focusing on various growth strategies such as research and development activities, mergers and acquisitions, and the launch of new products to expand their market share.

For instance, In October 2021, Ford partnered with the new lab to bring electric vehicle technology to the mobility innovation program. In November 2021, Helbiz launched new standing electric scooters for building a new racing league. Some prominent players in the global electric scooters market include:

• Yadea Technology Group Co., Ltd.

• Jiangsu Xinri E-vehicle Co. Ltd.

• Hero Electric

• Gogoro Inc.

• Vmoto Limited

• BMW Motorrad International

• Mahindra GenZe

• Terra Motors Corporation

Electric Scooters Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and analyzes industry trends in each of the sub-segments from 2018 to 2030. 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, 2018 - 2030)

  • Retro

  • Standing/Self-Balancing

  • Folding

• Battery Type (Revenue, USD Million, 2018 - 2030)

  • Sealed Lead Acid

  • NiMH

  • Li-Ion

• Voltage Type (Revenue, USD Million, 2018 - 2030)

  • 24V

  • 36V

  • 48V

  • Greater than 48V

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • The U.S.

    • Canada

  • Europe

    • The U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa