Electric Scooters market Estimated to Exhibit 9.0% CAGR through 2031
ESOMAR-certified consulting firm Future Market Insights’ (FMI) recent market survey forecasts sales of electric scooters to continue increasing between 2021 and 2031. As per the report, the market will reach US$ 8.8 Bn in 2021, leading to expansion at a healthy 9% CAGR.
Growing
environmental concerns, coupled with demand for reduced costs of commute, easy
commutation, and emission control are primary factors encouraging the adoption
of electronic vehicles across the world. These factors also will enable the
electric scooters sales to total US$ 8.8 Bn in 2021.
Growth forecasts
remain positive for the market. While hindrances were likely amid COVID-19
induced restrictions, sales will recover at an impressive pace. FMI also
forecasts the market to exhibit 5.5% year on year
growth in 2021.
Increasing
government-backed subsidies and rising concerns regarding decarbonization will
spur demand for electric scooters in the upcoming years. Rapid urbanization,
coupled with growing population across the globe is fueling sales of electric
scooters.
Growth prospects
remains positive for upcoming years, with leading manufacturers launching
hybrid and technologically advanced models of electric scooters, catering to
rising consumer demand. As per FMI, the top players in the market will account
for 55% of sales in 2021.
Increasing efforts
to curb carbon emissions and to reduce high congestion in roads in developing
countries such as the U.S. and the U.K. are boosting adoption of three-wheeled
electric scooters. Convenience, stability and easy mobility offered by electric
scooters is augmenting adoption in university campuses and neighborhoods
increasingly.
Additionally, in
emerging economies, growing preference for two-wheeler and three-wheeled
electric scooters is gaining immense traction. Easy accessibility, low-costs
and increased navigational abilities offered by electric scooters will keep
demand for electric scooters afloat in countries including China, India and
Mexico.
“Rising concerns pertaining to carbon emission and rapid urbanization
will spur demand for electric scooters through the assessment period.
Government initiatives to encourage the adoption of electric vehicles across
the globe will emerge as chief driving factor,” says an FMI analyst.
Key Takeaways from Electric Scooters Market Analysis
·
Lithium-ion batteries will dominate the battery type segment throughout
the forecast period.
·
Maxi electric scooter sales will witness high demand, owing to features
such as stability and durability.
·
Based on technology, battery-equipped electric scooters will account for
maximum sales in the market.
·
The U.S is anticipated to experience increasing demand for three-wheeled
electric scooters in the upcoming years.
·
Sales outlook in the U.K. appears to be positive with increasing
adoption in tourist mobility.
·
India will provide lucrative opportunities for market expansion to global
players, owing to government subsidies prompting adoption of electric scooters.
·
Japan and South Korea will collectively account for 8.7% of
the market share.
Competitive Landscape
Alta Motors, Ather
Energy, Bajaj Auto, BMW Motorrad International, Cezeta, Energica Motor
Company, Evoke Motorcycles, Hero Eco, Johammer e-mobility GmbH, KTM AG,
Mahindra GenZe, Ninebot Limited, Okinawa Autotech Pvt. Ltd., Piaggio & C.
SpA, ReVolt Electric Motorbikes, Xiaomi, and Yamaha Motor Company Limited are
among the top manufacturers of electric scooters, as profiled by FMI.
Top electric
scooter manufactures are emphasizing research and development to incorporate
technological advancements in electric scooters to establish themselves as
prominent players in the market. Facility expansions and new vehicle launches
will remain key strategies leveraged by manufacturers in the market. For
instance:
·
In June 2021, Piaggio revealed technical specifications for its latest
electric scooter known as ‘One’. The e-scooter will be launched in three
variants, One, One+, and One Active, with a digital instrument panel and
removable battery system.
·
In July 2021, Xiaomi launched new Ninebot C30 electric scooter in China
for teenagers and young adults looking for affordable and light-weight vehicles
for easy navigation in Chinese suburbs.
Electric scooters Market by Category
By Product Type:
·
Standard
·
Folding
·
Self-Balancing
·
Maxi
·
Three-Wheeled
By Battery Type:
·
Li-Ion
·
NiMH
·
Lead-Based
By Technology:
·
Plug-In
·
Battery
By Region:
·
North America
·
Latin America
·
Europe
·
South Asia
·
East Asia
·
Oceania
·
Middle East and Africa
Table Of Content
1. Executive Summary
2. Market Introduction
2.1. Market
Definition
2.2. Market
Taxonomy
2.3. Electric
Vehicles Market Overview
3. Global Electric
Scooters Market Analysis Scenario
3.1. Market Volume
Analysis
3.1.1. Installed
Base By Region
3.1.2. Replacement
Rate and Cost Tear Down Analysis
3.2. Pricing
Analysis
3.2.1. Pricing
Assumptions
3.2.2. Price
Projections Per Region
3.3. Market Size
(US$ Mn) and Forecast
3.3.1. Market Size
and Y-o-Y Growth
3.3.2. Absolute $
Opportunity
3.4. Market
Overview
3.4.1. Value Chain
3.4.2.
Profitability Margins
3.4.3. List of
Active Participants
3.4.3.1. Component
Suppliers
3.4.3.2.
Manufacturers
3.4.3.3.
Distributors / Retailers
4. Market Dynamics
4.1. Drivers
4.2. Restraints
4.3. Opportunity
4.4. Trends
4.5. Forecast
Factors – Relevance and Impact
Key Points Covered in Electric Scooters Market Survey
·
Market estimates and forecast 2021-2031
·
Key drivers and restraints impacting market growth
·
Segment-wise, Country-wise, and Region-wise Analysis
·
Competition Mapping and Benchmarking
·
Brand share and Market Share Analysis
·
Key Product Innovations and Regulatory Climate
·
COVID-19 Impact on Electric Scooters Market and how to Navigate
·
Recommendation on Key Winning Strategies
For more information:
https://www.futuremarketinsights.com/reports/electric-scooters-market
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