Electric Transporters Market Size, Share & Trends Analysis Report By Vehicle (Bike, Scooter, Skateboards), By Battery (Sealed Lead Acid, NiMH, Li-Ion), By Voltage, And Segment Forecasts, 2019 - 2025

Industry Insights

The global electric transporters' market size was valued at USD 35.10 billion in 2017. It is anticipated to expand at a CAGR of 8.4% during the forecast period. An increase in fuel prices has led to increased sales of electric transporters in the last few years. Electric transportation is projected to emerge mainstream over the coming years. It is gaining the status of a better and more eco-friendly alternative to conventional modes of transportation. Besides rising fuel prices, the additional maintenance cost of conventional vehicles is poised to boost the market growth.

Over the past few years, customers have become more aware and concerned about environmental issues such as air pollution, noise pollution, and depletion of non-renewable natural resources. Governments across various nations are consciously taking necessary steps towards controlling air pollution and CO₂ emissions. Implementation of stringent norms to curb unnecessary pollution has mandated automotive manufacturers to innovate and develop eco-friendly and efficient alternatives.

Governments are encouraging the use of electric transporters through lucrative financial and non-financial incentives such as subsidies and tax exemption. The adoption rate of such transporters is still comparatively slow, owing to factors such as lack of necessary infrastructure, low awareness, and high cost of the product. However, these vehicles have a positive impact on the environment and would contribute towards a sustainable lifestyle.

The availability of sustainable alternative transporters has gained popularity among millennials as it provides a sense of joy and hassle-free convenience to users. The high cost of transporters has given rise to new business opportunities, i.e. rent or lease. New renting or leasing service business models are gradually gaining attraction as users can enjoy perks of using the product without investing significant cost. Therefore, the advent of these business models is likely to shape the future of the market.

Battery Insights

Sealed lead-acid batteries held the largest revenue share in 2017. The growth of the segment can be attributed to their high adoption in China. These batteries will continue to dominate the market through 2025 owing to their low cost as compared to other types and their popularity in China. Consumers prefer electric battery to have a long-range capacity and removable feature as it enables convenience for quick charging. Thus, influencing the design of electric transporters.

However, the adoption of sealed lead-acid batteries is anticipated to decline over the coming years, particularly in China, as the country is quickly transitioning towards environmentally conducive and high-performing batteries such as Li-ion and NiMH. Furthermore, Li-ion battery type enables higher space optimization owing to its compact design and lightweight feature. Thus, the Li-ion battery type is projected to exhibit the highest CAGR over the forecast period.

Voltage Insights

The 48V segment held more than 35.0% of the electric transporters market in 2017. It is expected to witness significant growth over the forecast period. High voltage levels of batteries offer enhanced performance and better opportunities for the hybridization of vehicles. The demand for high voltage batteries is elevating as consumer demand for high-performance output is increasing. The use of high voltage battery would equip scooters with better acceleration feature but would exhibit a decline in performance as battery discharges.

The low voltage segment such as 24V and 36V are mostly preferred in electric skateboards and low-end electric bikes. Thus, they have a lower market share. The greater than 48V segment is estimated to capture a sizeable market share over the forecast period. This battery type falls under the category of “High Voltage Electronic” and will, thereby, require additional safety certification.

Vehicle Insights

Electric scooters accounted for the highest share in the market in 2017, owing to the growing trend of adopting portable electric scooters such as hoverboards and segways for various domestic purposes. The segway type electric scooters are gaining traction in application areas such as hospitability, security, recreational, and tourism industries. Furthermore, Chinese manufacturing companies have flooded the market with low-cost hoverboards, which has boosted consumers' preference towards such electric scooters.

On the other hand, increasing sales of electric transporters are expected to lead to traffic congestion, which is impelling governments to build a robust regulatory framework. Furthermore, there is no definite policy for insurance claim purposes, which can govern the outcome in case of an accident, or definite safety protocols for the use of such vehicles. This has led to a decline in the market share of electric skateboards. Several governments categorize these transporters under motorized vehicles category and restrict their usage in public places and roads. Electric bikes are estimated to gain considerable market share by 2025, owing to their low cost and better efficiency as compared to electric scooters.

Regional Insights

The Asia Pacific accounted for over 42.0% of the global market in 2017, owing to rapid urbanization and strong adoption from Chinese consumers. Furthermore, the availability of a broad consumer base in APAC has encouraged manufacturers to explore the rental service business model. Moreover, China and Taiwan are prime locations for the manufacturing of these vehicles, owing to the high production capabilities and availability of abundant raw materials.

North America is anticipated to emerge as the most promising region during the forecast period. The goal of reaching 1.5 million zero-emission vehicles by 2025, established by the governor of California, is contributing to regional demand. The U.S. has experienced a strong inclination towards rental models. Companies such as Lime and Bird, who provide electric scooters, and electric-assist bikes based on a rental model, have flourished exceptionally in recent years.

Electric Transporters Market Share Insights

Key industry competitors include Jiangsu Xinri Electric Vehicle Co. Ltd; Terra Motors Corporation; Gogoro Inc.; Mahindra GenZe; Vmoto Limited; and BMW Motorrad International. Key players are expanding their production capabilities overseas to gain industry presence. For instance, in 2016, Gogoro Inc. has partnered with Coup to expand its smart electric scooters sharing service in Berlin and other European cities.

Furthermore, the market in Europe has witnessed a considerable decline in demand for regular bikes and has increased its imports of e-bikes, primarily from Chinese manufacturers. Manufacturers' efforts to encourage consumers to follow safety as well as traffic rules strictly will support the growth of the market soon.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of industry trends in each of the sub-segments from 2014 to 2025. For this study, Grand View Research has segmented the global electric transporters market report based on vehicle type, battery type, voltage, and region:

• Vehicle Type Outlook (Revenue, USD Billion, 2014 - 2025)

  • Electric scooter

    • Retro

    • Standing/ Self-Balancing

    • Folding

  • Electric bike

  • Electric skateboards

• Battery Type Outlook (Revenue, USD Billion, 2014 - 2025)

  • Sealed Lead Acid

  • NiMH

  • Li-Ion

• Voltage Outlook (Revenue, USD Billion, 2014 - 2025)

  • 24V

  • 36V

  • 48V

  • Greater than 48V

• Regional Outlook (Revenue, USD Billion, 2014 - 2025)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa