SEATTLE, March 18, 2021 (GLOBE NEWSWIRE) -- Electric scooters have been one of the fastest-growing forms of transportation system. These vehicles offer the mobility of a bicycle, but without all of the maintenance and weight associated with it. Most electric scooters can be ridden by one person, although two persons can be pushed into it quite easily. Electric scooters can be powered either by a battery or an electric motor.
The global electric scooters market is estimated to account for 11,937.5 Mn in terms of value by the end of 2027
Market Drivers:
Growing demand for fuel-efficient vehicles due to rising concern over carbon and greenhouse gas emissions is primarily driving the growth of the electric scooters market. High mechanical efficiency, low noise level, and economical maintenance cost of the vehicle are again fueling the growth of the market. Moreover, the growing adoption of electric scooter sharing services across countries such as Germany, the U.S., France, and Spain has also boosted the demand for the battery-powered vehicle. Furthermore, increasing advancement in mobility services for developing modern transportation infrastructure is further projected to propel the growth of the electric scooters market.
Governments around the world are developing various policies to facilitate the penetration of electric scooters by offering various advantages to manufacturers and consumers in the form of subsidies. This is propelling the growth of the electric scooters market. For instance, The American Recovery and Reinvestment Act of 2009 established tax credits for purchasing electric vehicles (between $2,500 and $7,500 per vehicle, depending on the battery capacity) and conversion kits to retrofit conventionally powered vehicles with electric vehicles capability ($4,000 per vehicle, maximum).
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Market Opportunities
The growing focus of companies to introduce innovative electric scooters in order to cater to growing demand around the globe is projected to bring new opportunities for the electric scooters market. For instance, in September 2020, BGAUSS, the electric two-wheeler arm of RR Global has announced the launch of two new scooters in India. Moreover, BGAUSS has opened showrooms in the western and southern regions of India. Thus, the growing launch of such innovative products by key players is favoring the growth of the market.
The launch of next-generation smart electric scooters with big data and IoT technology in order to meet the growing demand for folding e-scooters is estimated to provide significant growth opportunities. Moreover, the increasing demand for high-performance batteries such as Li-ion and NiMH is also projected to augment the growth of the electric scooters market. These batteries have high charging-discharging efficiency, high charge density, and are lightweight. This is again projected to foster the growth of the electric scooters market.
Market Trends
E-scooters equipped with 60 V and 70 V batteries are gaining traction in the market due to ongoing research and development activities to enhance the overall range and performance of e-scooters. Increasing awareness regarding clean energy transportation in order to reduce vehicular emissions coupled with the rapid urbanization and decreasing rate of e-scooters is also augmenting the growth of the electric scooters market. The growing investment by government for developing the electric vehicle charging infrastructure is further anticipated to augment the growth of the market.
The rising number of distribution agreement among key players is one of the emerging trends in the market and this trend is projected to propel the growth of the market. For instance, in March 2021, the e-mobility startup eBikeGO has announced its partnership with Hero Electric. Under the partnership, the two-wheeler manufacturer will supply over 1,000 bikes to transform last-mile deliveries. As part of the tie-up, Hero Electric will also provide service support to the startup through its over 600 pan-India dealer network.
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Competitive Landscape:
Key companies engaged in the global electric scooters market are ECCITY Motorcycles, Hero Eco (Hero Electric), Piaggio & C. SpA, Gogoro Inc., Sanyang Motor Co. Ltd., Jiangsu Xinri E-Vehicle Co., Ltd., BMW Motorrad, GOVECS GmbH, Terra Motors Corp., Vmoto Limited, and Honda Motor Co. Ltd.
Market segmentation:
By Battery Type:
- Lead Based
- Li-ion
- NiMH
By Product Type:
- Folding
- Maxi
- Self-Balancing
- Standard
- Three-Wheeled
By Technology
- Battery
- Plug In
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