by Market Overview:
The electric scooter market has seen increased demand due to need for eco-friendly personal transportation options that offer advantages such as high fuel efficiency and low maintenance compared to conventional fuel-based two-wheelers. Electric scooters are particularly suited for short commute trips within cities.
Market key trends:
One of the key trends in the electric scooter market is the increasing demand for lithium-ion battery based electric scooters. Lithium-ion batteries offer higher energy density compared to other battery technologies such as lead-acid, resulting in greater riding range per charge. In addition, lithium-ion batteries have higher battery life and quicker charging times. As a result, many electric scooter manufacturers are focusing on developing new models featuring lithium-ion batteries in order to cater to consumer demand for longer range and convenient charging options. However, lithium-ion batteries also contribute significantly to the overall cost of electric scooters.
The global Electric Scooter Market Growth is estimated to be valued at US$ 26.35 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Electric scooters are more eco-friendly than petrol powered vehicles as they produce zero direct emissions. They are also cost effective in terms of fuel costs and have lower maintenance expenses compared to petrol vehicles.
Weakness: The range per charge of electric scooters is limited compared to petrol vehicles. Also, the infrastructure for charging electric vehicles needs significant improvement in most cities.
Opportunity: Growing environmental concerns and stringent emission norms will drive demand for electric vehicles. Government incentives and subsidies on electric vehicles provide an impetus for electric scooter adoption.
Threats: Slow pace of setting up public charging infrastructure poses challenges. Battery technology limitations and high battery costs also threaten electric scooter adoption.
Key Takeaways
The global Electric Scooter Market is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period, due to increasing environmental concerns and government support through subsidies.
Regional analysis: Asia Pacific dominates the global electric scooter market, accounting for more than 65% share in 2023,with China and India being the major markets. Europe is another fast growing regional market for electric scooters owing to stringent emission norms and incentives for electric vehicles in countries like Germany, UK and France.
Key players operating in the Electric Scooter market are Amego Electric Vehicles Inc., Ampere Vehicles Pvt. Ltd, BMW Motorrad, ECCITY Motocycles, GenZe, Gogoro Inc., GOVECS GmbH, Hero Eco, Honda Motor Co. Ltd., Jiangsu Xinri E-Vehicle Co., Ltd., Kumpan Electric, Piaggio & C. SpA, Sanyang Motor Co. Ltd., Silence Urban Ecomobility, Terra Motors Corp., TORROT ELECTRIC EUROPA S.A, TVS Motor Company, Vmoto Limited, and Yadea Group Holdings Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
