The global electric scooter market size is expected to reach USD 41.98 billion by 2030 expanding at a CAGR of 7.6% over the forecast period, according to a study conducted by Grand View Research, Inc. Increasing fuel prices is expected to be the most impactful factor driving the market growth. Moreover, announcement of The Organization of the Petroleum Exporting Countries (OPEC) to curb oil output has favored the adoption of green transportation. According to the International Energy Agency (IEA), escalating fuel and oil prices are underpinning economic conditions for alternatives, such as electric vehicles and biofuels.
Moreover, government subsidies in European and Asian regions supporting the electric scooter sales will have a positive impact on the market. However, the market is witnessing some challenges owing to new traffic laws being framed by regulatory bodies for public safety. Increasing popularity of electric scooters sharing services, rising consumer awareness regarding eco-friendly transportation, and declining raw material prices are expected projected to boost the adoption of electric scooters in near future. In addition, ease of transportation offered by these vehicles will drive demand across the globe. Asia Pacific is expected to be the dominant regional market over the forecast period owing to increasing investments in vehicle charging infrastructure.
Countries, such as China and Taiwan, are emerging as manufacturing hubs for electric scooters, which will also augment market development. In 2017, China accounted for a significant amount of the Asia Pacific electric scooter market share. North America is expected to exhibit the highest CAGR over the forecast period. The goal of reaching 1.5 million zero-emission vehicles by the governor of California by 2025 is contributing to the regional demand.
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Further key findings from the study suggest:
The retro segment is expected to lead the global market reaching at USD 19.87 billion by 2030 owing to significant product demand across the globe
The sealed lead acid battery was the dominant segment in 2017. However, stringent laws to control toxic emissions are compelling manufacturers to incorporate NiMH and Li-Ion batteries, thereby slowing down the segment growth
Asia Pacific is expected to be the largest regional market over the forecast period reaching at USD 26.25 billion by 2030
The region’s growth can be attributed to huge investments by private and government firms in vehicle charging infrastructure development
Prominent companies in the global electric scooters market include Gogoro, Inc.; Terra Motors Corp.; Mahindra GenZe; Vmoto Ltd.; Xinri Electric Vehicle Co. Ltd.; and BMW Motorrad International.
Grand View Research has segmented the global electric scooter market on the basis of product, battery, voltage, and region:
Electric Scooter Product Outlook (Revenue, USD Million, 2015 - 2030)
Electric Scooter Battery Outlook (Revenue, USD Million, 2015 - 2030)
Sealed Lead Acid
Electric Scooter Voltage Outlook (Revenue, USD Million, 2015 - 2030)
Greater than 48V
Electric Scooter Regional Outlook (Revenue, USD Million, 2015 - 2030)
Middle East & Africa
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