Electric Scooter Market Size 2024 | Share by Top Companies, Trends, In-Depth Analysis and Growth Forecast 2030

WASHINGTON, D.C, DISTRICT OF COLUMBIA, UNITED STATES, February 28, 2024 /EINPresswire.com/ -- The Global Electric Scooter Market Size was valued at USD 20.33 Billion in 2022, and is projected to grow at a CAGR of 7% from 2023 to 2030, reaching USD 34.91 Billion by 2030, according to a report by Vantage Market Research. The major driving factors for the growth of the market are the increasing demand for Electric Scooters in the urban and suburban areas, the rising consumer preference for eco-friendly and efficient commute solutions, the growing awareness of environmental sustainability and social responsibility, and the technological innovations and advancements in the Electric Scooter industry.

Electric Scooters are two-wheeled vehicles that are powered by electric motors and batteries, and can be used for personal or commercial transportation. Electric Scooters offer several benefits, such as low cost, easy operation, eco-friendliness, and convenience, compared to conventional scooters that run on gasoline or diesel. Electric Scooters can be classified into different types, such as kick scooters, self-balancing scooters, folding scooters, and moped-style scooters. Electric Scooters can also be categorized into different segments, such as battery type, voltage, technology, and end-use.

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Market Dynamics

The Electric Scooter Market is influenced by various factors, such as the supply and demand of Electric Scooters, the price and availability of batteries and components, the environmental and social impacts, the consumer behavior and preferences, the competitive landscape, and the regulatory policies and standards.

The supply and demand of Electric Scooters depend on the production capacity, sales volume, and export and import activities of the Electric Scooter manufacturers and distributors, as well as the economic conditions, demographic factors, and consumer preferences of the end-users. The fluctuations in the Electric Scooter demand affect the demand for Electric Scooters, as more consumers require more Electric Scooters.

The price and availability of batteries and components depend on the global and regional market conditions, the geopolitical factors, the weather patterns, and the environmental regulations. The fluctuations in the battery and component prices affect the cost and profitability of the Electric Scooter manufacturers, as batteries and components account for a significant share of the production cost. The main batteries and components for Electric Scooter production are lithium-ion batteries, lead-acid batteries, motors, controllers, and chargers.

The environmental and social impacts of Electric Scooters are related to the life cycle assessment of the production, distribution, and consumption of Electric Scooters, and the potential benefits and risks for the climate, biodiversity, health, and society. Electric Scooters can contribute to the reduction of greenhouse gas emissions and air pollution, the improvement of traffic congestion and road safety, the creation of employment and income opportunities, and the promotion of social equity and justice. However, Electric Scooters can also cause environmental and social problems, such as battery disposal and recycling, resource depletion and pollution, noise and visual nuisance, and ethical and legal issues.

The consumer behavior and preferences for Electric Scooters are influenced by the awareness and education, the perception and attitude, the motivation and intention, the availability and accessibility, the price and affordability, and the satisfaction and loyalty of the consumers. The consumers are demanding more efficient and reliable Electric Scooters, that can meet their needs and expectations, and enhance their mobility and convenience. The consumers are also becoming more conscious about the environmental and social impacts of their Electric Scooter choices, and preferring the Electric Scooters that are eco-friendly, sustainable, and ethical. The consumers are also seeking more information and transparency about the products and services, and relying on the digital and social media platforms for their purchase decisions.

The Electric Scooter Market is subject to various regulatory policies and standards, that aim to ensure the quality, safety, and sustainability of the products and processes, and to support the development and deployment of Electric Scooters. The regulatory policies and standards vary across different regions and countries, and are influenced by the political, economic, and environmental factors. Some of the key regulatory bodies and organizations that govern the Electric Scooter Market are the International Organization for Standardization (ISO), the European Committee for Standardization (CEN), the U.S. Department of Transportation (DOT), the China Compulsory Certification (CCC), the Bureau of Indian Standards (BIS), and the World Electric Vehicle Association (WEVA).

Top Players in The Global Electric Scooter Market Report Scope:

* AllCell Technologies LLC
* BMW Motorrad
* BOXX Corp.
* Gogoro Inc.
* Green Energy Motors Corp.
* Greenwit Technologies Inc.
* Honda Motor Company Ltd.
* Jiangsu Xinri E-Vehicle Company Ltd.
* KTM AG
* Mahindra GenZe
* Peugeot Scooters
* Suzuki Motor Corporation
* Terra Motors Corporation
* Vmoto Limited
* Yadea Technology Group Company Ltd.
* Yamaha Motor Company Ltd.
* Xiaomi
* Ninebot Limited
* Bird
* Lime

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Top Trends

• Smart and Connected Electric Scooters: Smart and connected Electric Scooters are Electric Scooters that are integrated with sensors, chips, and communication devices, that can monitor, collect, and transmit data about the condition and performance of the Electric Scooter and the rider. Smart and connected Electric Scooters can provide real-time feedback and insights, that can help to optimize the Electric Scooter quality and quantity, extend the battery life, reduce the maintenance costs, and improve the safety and efficiency of the Electric Scooter. Smart and connected Electric Scooters can also enable the remote diagnosis and control of the Electric Scooter, and facilitate the integration of the Electric Scooter with the vehicle and the infrastructure.

• Electric Scooter Sharing Services: Electric Scooter sharing services are services that offer Electric Scooters for rent on a short-term basis, usually through a mobile app or a website. Electric Scooter sharing services offer several benefits, such as convenience, affordability, accessibility, and sustainability, compared to owning or using other modes of transport. Electric Scooter sharing services are also suitable for urban and suburban areas, where the traffic congestion and parking issues are prevalent. Electric Scooter sharing services are gaining popularity among consumers, especially in the developed and emerging markets, due to the increasing demand for mobility and flexibility.

• Electric Scooter Accessories and Customization: Electric Scooter accessories and customization are products and services that enhance the functionality, appearance, and performance of the Electric Scooters, according to the specific needs and preferences of the consumers. Electric Scooter accessories and customization include items such as helmets, gloves, lights, locks, bags, stickers, and decals. Electric Scooter accessories and customization also include features such as speed, range, power, and color. Electric Scooter accessories and customization are gaining popularity among consumers, especially in the online and e-commerce channels, due to their high demand for uniqueness and differentiation.

Top Report Findings

• The Asia Pacific region accounted for the largest share of the Global Electric Scooter Market in 2022, followed by Europe and North America. The Asia Pacific region is also expected to witness the fastest growth rate during the forecast period, due to the increasing population, urbanization, and disposable income, the growing demand for Electric Scooters in the urban and suburban areas, and the rising consumer preference for eco-friendly and efficient commute solutions.

• The kick scooters segment dominated the Global Electric Scooter Market in 2022, and is expected to maintain its lead during the forecast period, due to the high popularity and affordability of kick scooters, the easy operation and maintenance of kick scooters, and the availability of various types and models of kick scooters.

• The lithium-ion battery segment accounted for the largest share of the Global Electric Scooter Market in 2022, and is expected to grow at a significant rate during the forecast period, due to the superior performance, durability, and efficiency of lithium-ion batteries, the declining cost.

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Challenges

One of the main challenges facing the Electric Scooter Market is the development of a widespread and efficient charging infrastructure. Additionally, the market is grappling with the need for improved safety features and public perception issues related to the reliability and performance of Electric Scooters compared to traditional scooters.

• Regulation and infrastructure: The regulatory landscape for Electric Scooters is still evolving in many regions. Lack of clear and consistent regulations can create uncertainty for both manufacturers and riders. Additionally, the limited availability of dedicated charging infrastructure can hinder the widespread adoption of Electric Scooters.

• Safety concerns: Concerns regarding safety, particularly related to accidents involving pedestrians and other vehicles, pose a challenge for the industry. Addressing these concerns through proper education, regulations, and infrastructure development is crucial.

• Battery technology limitations: While battery technology is improving, range anxiety remains a concern for some potential users. Continued advancements in battery technology are vital to addressing this challenge.

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Opportunities

The Electric Scooter Market presents numerous opportunities, particularly in the realm of technological innovation. There is potential for growth in battery technology, which could lead to longer ranges and faster charging times. The expansion of charging networks and the increasing adoption of Electric Scooters in emerging economies also offer significant opportunities for market players.

• Expanding product offerings: Manufacturers have the opportunity to cater to diverse user needs by offering a wider range of Electric Scooters with varying features, performance specifications, and price points.
• Geographical expansion: The market for Electric Scooters is expected to see significant growth in emerging economies, particularly in Asia Pacific, where there is a growing demand for affordable and sustainable transportation solutions.
• Technological innovation: Continued advancements in battery technology, motor technology, and connectivity features can further enhance the performance, usability, and appeal of Electric Scooters.
• Collaboration and partnerships: Collaboration among manufacturers, governments, and urban planners can lead to the development of sustainable and efficient Electric Scooter ecosystems.

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Key Questions Answered in the Electric Scooter Report

Q. What are the current market trends influencing the Electric Scooter industry?
Q. How is the advancement of battery technology impacting the market?
Q. What government incentives are currently available for Electric Scooter users?
Q. What is the projected market growth for Electric Scooters in the next five years?
Q. How are Electric Scooter companies addressing safety concerns?
Q. What are the key challenges faced by the Electric Scooter Market?
Q. What opportunities exist for new entrants in the Electric Scooter Market?
Q. How is the shared Electric Scooter service model affecting market dynamics?

Regional Analysis:

The Asia Pacific region is a significant market for Electric Scooters, with countries like China and India leading the charge. The region’s dense urban populations and growing environmental concerns have made it a hotbed for Electric Scooter adoption. Government initiatives, such as subsidies and infrastructure development, are further accelerating market growth in this region.

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Eric Kunz
Vantage Market Research
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