The global electric scooter market size is expected to witness an exponential growth in the upcoming years. The surging adoption of electric vehicles due to the improving personal disposable incomes and lifestyle standards are anticipated to augment the demand for electric scooters and stimulate market growth. Fortune Business Insights™ has presented this information in an upcoming report, titled, “Electric Scooter Market, 2021-2028”.
The limited reserves of fossil fuels and the increasing consumption of oil and gas have augmented the necessity of electric vehicle adoption. The rising adoption of these scooters by consumers for daily commute is anticipated to bolster market growth in the forthcoming years.
The humanitarian crisis has caused unprecedented challenges on the growth of the global economy. It has stagnated the development of several industries and markets, including the electric scooter market. The production levels of scooters have declined due to the low availability of workforce. The stringent lockdowns and curfews have resulted in disrupted supply chain networks which have further aggravated the situation. Additionally, rigorous regulations resulted in the lower demand for these scooters by consumers. Nonetheless, vaccines are available to the masses, and the market is slowly gaining traction. It is likely to witness steep growth post-pandemic.
On the basis of product type, the market is bifurcated into electric motorcycles and scooters. Based on battery type, the market is segmented into Li-ion and lead acid. On the basis of voltage type, the market is categorized into above 96V, 73-96V, 60-72V, and 48-59V. Geographically, the market is classified into Asia Pacific, Europe, North America, and the Rest of the World.
- Offers an in-depth analysis of the market.
- Highlights the vital market trends and technological advancements in the market.
- Assimilates various market segments, such as product type, battery type, and voltage type.
- Highlights the impact of the COVID-19 pandemic.
- Provides valuable insights into the regulatory scenarios of the market.
Drivers & Restraints-
Favorable Government Initiatives to Surge Market Growth
The rising greenhouse effects due to the soaring carbon emissions by conventional scooters have augmented the demand for fuel-efficient and eco-friendly electric scooters. The increasing demand for modern transportation infrastructure and sustainable urban mobility has boosted the adoption of electric scooters worldwide. The rising adoption of electric scooter is expected to bolster the global electric scooter market growth. Additionally, improving disposable income levels and enhancing living standards are expected to complement market growth.
Manufacturers’ rising research and development activities to produce electric scooters with extended battery capacity and range are anticipated to amplify the industry growth. Additionally, the extensive advertising and marketing activities by manufacturers are projected to stimulate market growth.
Lastly, favorable government initiatives and subsidies on the adoption of electric scooters, cars, and bikes are anticipated to amplify market growth in the forthcoming years.
However, the initial high costs of these scooters may impede market growth.
Rising Adoption of Electric Vehicle to Catapult Growth in Asia Pacific
Asia Pacific is projected to emerge dominant in terms of the global electric scooter market share. The rising adoption of electric scooters and the major manufacturing businesses spread across countries such as Indonesia, India, and China are anticipated to flourish market growth. Additionally, the rising environmental concerns, expanding population, surging traffic congestion issues, and decreasing electric bike and scooter prices are expected to promote market growth.
North America is anticipated to attain the second position in the global market. The mounting research support and expanding vehicle charging infrastructure are projected to surge the adoption of electric vehicles and fuel market growth. Additionally, the humungous investments by the U.S. government in research and development activities to manufacture high-density batteries and hybrid/electric vehicles are expected to foster market growth.
Key Players Ramp-up R&D Activities to Develop New Products
Key players in the market are emphasizing on extensive research and development activities to produce high-density batteries and enhance the range of electric vehicles. They are primarily focusing on organic growth strategies such as new product launches, technological advancements, patents, and more. For instance, Ola Electric has teased its new electric scooter launch for the Indian market. The new scooter is expected to launch in July 2021. It would help Ola Electric to establish a strong foothold in the market.