The Electric Scooter Market value is expected to increase significantly, expanding at a CAGR of 9.1% from 2023 to 2033; sales of electric scooters are predicted to increase from USD 10.4 billion in 2023 to USD 24.8 billion by 2033.
Electric Scooter Market Trend Analysis
| Attributes | Key Insights |
|---|---|
| Electric Scooter Market Estimated Size in 2023 | USD 10.4 billion |
| Projected Market Value in 2033 | USD 24.8 billion |
| Value-based CAGR from 2023 to 2033 | 9.1% |
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A study by our analysts found that a 7.1% CAGR was experienced between 2018 and 2022 in the driveline additive market. Global demand for electric scooters is predicted to increase at a CAGR of 9.1% from 2023 to 2033.
The shift in customer choice to use scooters more smartly is largely responsible for this market's significant rise. In the beginning, the electric scooter wasn't very appealing. What was initially an expensive novelty tech item created a sizable niche market.
To generate interest and transform the pricey product into a workable, emission-free transportation option, an inexpensive shared electric scooter model has to be introduced. In 2018, the boom and revolution of electric scooters began.
Hundreds of e-scooter manufacturers are continually inventing, creating additional practical features, and raising the bar for what is deemed appropriate. Several manufacturers in the global market for electric scooters are concentrating on delivering swappable battery solutions to provide their customers with additional mileage.
| Historical CAGR from 2018 to 2022 | 7.1% |
|---|---|
| Forecast CAGR from 2023 to 2033 | 9.1% |
Increased Research and Development spending on upgraded rechargeable batteries in addition to growing technological advancements in the e-scooter sector.
E-scooters are becoming more popular as individuals learn about their advantages. Individuals who don’t even own them owing to e-scooter sharing businesses can also use the scooters. More individuals than ever are utilizing electric scooters - some to protect the environment, some to reserve money.
Types of electric scooters vary widely, and development is still being done to enhance their performance.
Investors are likely to be interested in new ridesharing and e-scooter startups as long as the e-scooter industry is profitable. This implies that new competitors with creative e-scooter-sharing ideas are likely to emerge on the scene.
For their staff and students, several businesses and universities with large campuses are implementing e-scooter services. It makes it possible for people to travel shorter distances more quickly and without difficulty.
Principal Consultant
| Category | % CAGR |
|---|---|
| Maxi Electric Scooters | 9.0% |
| Li-Ion Battery | 8.9% |
The electric scooter market is divided into Standard, Folding, Self-balancing, Maxi, and Three-wheeled categories based on product type. During the forecast period, the maxi electric scooters are anticipated to register a CAGR of 9.0% through 2033.
Maxi electric scooters are the most popular due to their stability, luxury style, and other similarities to motorbikes. The trend toward environmentally friendly automobiles for short-distance travel is attributed to the creation of the maxi segment.
The electric scooter industry is divided into lead-based, NiMH, and lithium-ion batteries based on battery type. The market is most likely to be dominated by Li-Ion batteries. The li-Ion segment is expected to grow at a GAGR of 8.9% during the forecast period.
The demand for Li-Ion batteries has increased as a result of rising eco-friendly battery adoption and their superior performance over lead-based and NiMH batteries. The ability of Li-Ion to deliver long charge cycles and simplify high energy compactness. These batteries are quite robust and have a rapid charging capability.
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| Germany | 8.8% |
|---|---|
| India | 8.5% |
| The United States | 9.0% |
| China | 8.7% |
| The United Kingdom | 8.9% |
The rapid adoption of electric vehicles as a viable replacement for traditional fuel transportation in the United States is responsible for the growth of this region. The United States is expected to grow at a CAGR of 9.0% through 2033.
In response to increasing carbon footprints, there has been a rise in the use of electric vehicles in the United States. This is partially due to the strict standards established by the regulatory bodies.
People in this country can also afford to buy electric scooters due to the high per capita income. A significant number of players are also anticipated to influence the adoption trends for electric scooters in this nation.
The increased investments made in the state to provide efficient electric car charging infrastructure are responsible for this development. Increasing investments in infrastructure for electric car charging and research assistance for cutting-edge high-density batteries are anticipated to help regional growth overall.
The expansion in the region is attributed to an increase in e-scooter producers and increased infrastructure investments in nations like China for vehicle charging. China is projected to account for a CAGR of 8.7% during the forecast period.
The electric scooter market in China, presently the largest market, is anticipated to develop at the highest rate throughout the forecast period. China is the largest market in the world for electric scooters because of its low labor costs, efficient manufacturing processes, and widespread adoption.
Chinese manufacturers are using lead-based batteries more frequently, helping the industry expand. Consumers are increasingly concerned about using sustainable energy vehicles to reduce vehicle emissions.
This nation's electric scooter market is also driven by an economic factor related to e-vehicles. The presence of top manufacturers in China is anticipated to boost sales throughout the forecast period.
This region's rapid growth has been driven by the rapid adoption of electric vehicles as a viable alternative to traditional gasoline-powered vehicles. With increasing carbon footprints, the United Kingdom has been using more electrical vehicles.
The electric scooter market in the United Kingdom is to grow at a CAGR of 8.9% during the forecast period.
Due to this country's high per capita income, people can also afford to buy electric scooters. This is partly due to the strict standards set by regulatory bodies. There are also likely to be a significant number of players who will influence the adoption trends for electric scooters in this nation.
The increased investments made in this state to provide electric car charging infrastructure are responsible for this development. Research assistance for cutting-edge high-density batteries and increased investment in electric car charging infrastructure is expected to contribute to regional growth.
Another significant growth determinant is government support in the form of R&D initiatives. The Corporate Average Fuel Economy (CAFÉ) standards promote the adoption of energy-efficient vehicles in the United Kingdom by setting rules to expand the use of alternative fuel vehicles and reduce fossil fuel consumption.
The demand for electric scooters in Germany is expected to grow with a CAGR of 8.8% during the forecast period. Germany is one of the world's leading markets for urban mobility, making it a potential market for electric scooter makers.
Rising concerns about carbon footprints, population expansion, the rapid adoption of electric vehicles (EVs), and the growth of the renewable energy sector will contribute to market growth.
India is expected to account for a CAGR of 8.5% in the electric scooter market. The rising fuel cost in India is one of the primary causes for the quick growth in electric scooters. The increasing awareness of environmental issues, urbanization, and the need for affordable and efficient mobility solutions is driving electric scooters.
Governmental efforts to promote the use of electric cars are anticipated to fuel market expansion in India throughout the forecast period.
For instance, the FAME 2 (Faster Adoption and Manufacturing of Electric Cars) scheme, which the Indian federal government established in 2015, offers incentives to purchasers of electric vehicles. Public transportation vehicles, two-wheelers, and commercial electric vehicles are all eligible for this incentive.
Some of the other key companies identified are
Manufacturers provide a more comprehensive range of electric scooters that have been carefully picked to meet as many requirements as feasible. These next-generation e-scooters should handle individual requirements for a lightweight last-mile transportation scooter or a powerful off-road monster. As a result, manufacturers always invest to increase their service capacity.
To enhance user experience, attention is being paid to by the manufacturers to building bigger battery packs and RAM. It is anticipated that by lowering the internal cost structures, the output would be able to increase by a factor of ten. Several industry participants in the global electric scooter market are also concentrating on providing their customers with interchangeable battery technologies for a longer range.
| Attributes | Details |
|---|---|
| Estimated Market Size in 2023 | USD 10.4billion |
| Projected Market Valuation in 2033 | USD 24.8 billion |
| Value-based CAGR 2023 to 2033 | 9.1% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value in USD billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Key Market Segments Covered | Product Type, Battery Type, Technology, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Alta Motors; Ather Energy; BMW Motorrad International; Cezeta; Energica Motor Company; Hero Eco; Johammer e-mobility GmbH; KTM AG; Mahindra GenZe; Ninebot Limited; Okinawa Autotech Pvt. Ltd; ReVolt Electric Motorbikes; Xiaomi; Yamaha Motor Company Limited. |
As of 2023, the electric scooter market is expected to be valued at USD 10.4 billion, as per FMI.
By 2033, the market value of electric scooter is expected to reach USD 24.8 billion.
From 2023 to 2033, electric scooter sales are expected to flourish at a CAGR of 9.1%
The maxi electric scooter segment will account for a CAGR of 9.0% in 2023.
The United States is likely the top-performing market and is expected to account for a share of 9.0% by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Standard 5.2. Folding 5.3. Self-Balancing 5.4. Maxi 5.5. Three-Wheeled 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Battery Type 6.1. Li-Ion 6.2. NiMH 6.3. Lead-Based 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology 7.1. Plug-In 7.2. Battery 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Alta Motors 18.2. Ather Energy 18.3. BMW Motorrad International 18.4. Cezeta 18.5. Energica Motor Company 18.6. Hero Eco 18.7. Johammer e-mobility GmbH 18.8. KTM AG 18.9. Mahindra GenZe 18.10. Ninebot Limited 18.11. Okinawa Autotech Pvt. Ltd 18.12. ReVolt Electric Motorbikes 18.13. Xiaomi 18.14. Yamaha Motor Company Limited. 19. Assumptions & Acronyms Used 20. Research Methodology
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Electric Scooter Market
