New York, USA, March 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global electric scooter market is expected to generate a revenue of $10,317.4 million by 2028, growing expeditiously at a CAGR of 7.9% during the forecast period 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Electric Scooter Market
Drivers: Growing demand for environmental-friendly, fuel-efficient vehicles across the globe are expected to drive the growth of the market during the forecast period. In addition, increasing initiatives taken by the government globally to cut down carbon emissions are further expected to bolster the growth of the electric vehicle market during the forecast period.
Restraints: The absence of convenience in charging electric scooters anywhere is expected to impede the growth of the electric scooter market during the forecast period.
Opportunities: Rising adoption of artificial intelligence in electric vehicles is predicted to create tremendous opportunities for the growth of the electric scooter market during the forecast period.
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COVID-19 Impact on the Electric Scooter Market
The outbreak of coronavirus has had a moderate impact on the growth of the global electric scooter market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns led to the largescale closure of manufacturing units of the automobile sector, resulting in decreased demand for electric vehicles. But increasing prevalence of artificial intelligence (AI), industrial internet of things (IIOT), etc. is expected to reinforce the growth of the electric scooter market in the post-pandemic period.
Segments of the Electric Scooter Market
The report has divided the market into various segments based on voltage, battery type, speed, and region.
Voltage: 48V Sub-segment to be Most Profitable
The 48V sub-segment is expected to generate a revenue of $3,295.7 million during the forecast period. 48V battery ensures exceptional performance and high compatibility. This factor is expected to bolster the growth of the electric scooter market sub-segment during the forecast period.
Battery Type: Sealed Lead Acid Sub-segment to be Most Beneficial
The sealed lead acid sub-segment is expected to generate a revenue of $4,873.9 during the forecast period. Lead-acid batteries are merely low maintenance, reliable, and can withstand tough conditions. This factor is expected to accelerate the growth of the sub-segment during the forecast period.
Speed: Low-Speed Sub-segment to be Most Lucrative
The low-speed sub-segment is expected to generate a revenue of $5,605.3 million during the forecast period. Low-speed electric scooters are ideal for short-distance traveling and are much more cost-effective than a high-speed electric scooter. This factor is expected to bolster the growth of the sub-segment during the forecast period.
Region: Asia-Pacific Region Expected to Dominate the Electric Scooter Market
The Asia-Pacific region is expected to generate a revenue of $3,794.7 million during the forecast period. Rapid urbanization and an increase in the standard of living among people living in this region is expected to stimulate the growth of the market. In addition, the presence of prominent players in the market in this region is further expected to bolster the growth of the regional electric scooter market during the forecast period.
Key Players of the Electric Scooter Market
The major players of the electric scooter market include
- Boxx Corp.
- Alta Motors
- Gogoro Inc.
- Vmoto Limited
- GOVECS AG
- Greenwit Technologies Inc.
- Terra Motors Corporation
- PIAGGIO & C. SPA
- HONDA MOTOR CO., LTD.
- PIAGGIO & C. SPA
- HONDA MOTOR CO., LTD.
- Johammer e-mobility GmbH, and many more.
These players are working on developing strategies such as product development, merger, and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in May 2020, Ola Electric Mobility, an Indian electric two-wheeler manufacturer, acquired Etergo BV, an Amsterdam-based manufacturer of electric scooters, in order to enter the premium electric two-wheeler market. - Check Which is the competitive rivalry among industry leaders is rather intense
The report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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- The Global Electric Scooter Market Is Anticipated To Generate A Revenue Of $10,317.4 Million, Growing At A CAGR Of 7.9% From 2021 To 2028
