Electric Scooter Market Size (USD 33783.23 M) by 2032 By Types (Adult electric scooter, Electric scooter for children), By Applications Covered (Sell online, Offline sales) & Region - Forecast to 2032

The global Electric Scooter Market size was 16480.95 million in 2023 and is projected to touch USD 20935.75 million in 2024 to USD 33783.23 million by 2032, exhibiting a CAGR of 27.03% during the forecast period.

Electric Scooter Market OVERVIEW

The electric scooter market is undergoing a rapid evolution, reshaping urban transportation across the globe. These eco-friendly two-wheelers are changing the way individuals commute, offering a more sustainable and economical option compared to traditional gasoline-powered vehicles. As urban centers grapple with issues of congestion, pollution, and the need for sustainable transportation options, electric scooters have emerged as a favored choice for many. Not only are they compact and maneuverable, but they also reduce the carbon footprint, making them a green alternative.

Electric scooters are powered primarily by electric batteries and an electric motor, eliminating the need for fossil fuels. This not only reduces greenhouse gas emissions but also saves users money in the long run, since electricity costs are generally lower than gasoline prices. The global focus on reducing carbon emissions and promoting sustainable transportation options has further accelerated the growth of the electric scooter market.

Several manufacturers are entering the market, each offering a unique design, range, and feature set. The competition is fierce, as companies vie for market share in this burgeoning industry. The appeal of electric scooters is not limited to daily commuters; tourists and casual riders are also adopting these two-wheelers for their convenience and efficiency.

A significant factor contributing to the electric scooter market's growth is the development and enhancement of battery technology. As battery energy density improves and costs come down, electric scooters can travel longer distances on a single charge, making them even more viable for daily commuting. Moreover, with governments across the world providing incentives and subsidies for electric vehicles, consumers find it even more compelling to switch.

Additionally, the integration of smart technology into electric scooters, like GPS tracking, anti-theft mechanisms, and connectivity features, makes them more attractive to the tech-savvy generation. As cities grow and evolve, the need for efficient and sustainable transportation solutions becomes paramount. Electric scooters, with their numerous advantages, seem poised to meet this demand, making the market's potential growth prospects incredibly bright.

COVID-19 IMPACT

The onset of the COVID-19 pandemic had a profound impact on the global electric scooter market. As countries implemented lockdowns and restricted movements to curtail the virus's spread, the demand for personal transportation, including electric scooters, plummeted. Production chains were disrupted, and manufacturers faced supply chain challenges due to restrictions on international trade and transportation.

Another consequence of the pandemic was the sudden aversion to shared transportation. Shared electric scooter services, which were gaining traction in many cities, witnessed a significant decline in ridership. People were wary of using shared vehicles due to concerns about virus transmission, further affecting the market's growth.

However, it's essential to note that while the immediate impact of the pandemic was negative, it also brought about a renewed focus on personal transportation. With public transport deemed a higher risk during the pandemic, the emphasis shifted to personal mobility solutions that could offer safety and ensure social distancing.

MARKET RECOVERY AFTER COVID-19

Post the initial slump caused by COVID-19, the electric scooter market began showing signs of recovery. With the gradual easing of lockdowns and restrictions, production ramped up, and supply chains started stabilizing. The emphasis on personal mobility solutions, coupled with a desire to avoid crowded public transport, provided a boost to the electric scooter market.

Governments worldwide recognized the potential of electric scooters as a sustainable and safe transportation option. Several cities initiated incentive programs to promote the adoption of electric scooters, with some even investing in building dedicated lanes and parking areas for these vehicles. These measures provided the necessary impetus for the market to bounce back.

The resurgence also saw a shift in consumer preferences. People were more inclined to buy personal electric scooters rather than rely on shared services. Manufacturers capitalized on this trend, introducing newer models with enhanced features, longer ranges, and improved safety mechanisms.

LATEST TRENDS

The electric scooter market is buzzing with innovations and trends that are setting the course for its future growth. One of the most significant trends is the integration of artificial intelligence (AI) and Internet of Things (IoT) into electric scooters. These technologies enable features such as predictive maintenance, real-time traffic updates, and customized riding experiences based on user preferences.

Another trend is the focus on long-range electric scooters. As battery technology improves, manufacturers are offering scooters that can cover greater distances on a single charge, catering to users who have longer commutes or want to use scooters for recreational purposes.

The rise of foldable electric scooters is also noteworthy. Designed for urbanites who have space constraints or need a portable transportation solution, these scooters can be easily folded and carried, making them extremely convenient.

Furthermore, there's a growing emphasis on sustainability. Manufacturers are exploring eco-friendly materials for scooter production and looking at battery recycling solutions to reduce environmental impact. The integration of solar panels into some scooter designs is another trend, emphasizing the industry's move towards green solutions.

DRIVING FACTORS

Several factors are propelling the electric scooter market forward. The global push towards sustainability and reducing carbon emissions is a significant driver. As countries set ambitious targets to combat climate change, promoting electric vehicles, including scooters, becomes a priority.

Urban congestion is another critical factor. As cities become more crowded, there's a pressing need for compact and efficient transportation solutions. Electric scooters, with their small footprint and maneuverability, address this concern effectively.

Economic considerations also play a role. The long-term cost benefits of owning an electric scooter, in terms of reduced fuel and maintenance expenses, make them an attractive option for many consumers.

Lastly, technological advancements, especially in battery technology, are crucial. Improved battery life, faster charging times, and reduced costs are making electric scooters more accessible and appealing to a broader audience.

RESTRAINING FACTORS

While the electric scooter market has seen unprecedented growth, there are notable challenges and restraining factors. One primary concern is the infrastructure, particularly in developing countries. Charging stations for electric scooters are sparse in many regions, limiting their feasibility for long-distance travel. The absence of dedicated lanes for electric scooters in many cities can also pose a threat to rider safety, thereby dampening potential adoption rates.

Battery life remains a concern, despite advancements. While strides have been made, electric scooters still don't match the range of gasoline-powered vehicles, making them less attractive for some consumers. Additionally, the initial cost of purchasing an electric scooter can be higher than traditional scooters, deterring potential buyers.

Safety concerns, both in terms of vehicular design and road infrastructure, have been highlighted in various incidents worldwide. Ensuring that these scooters are both safe to drive and safe for pedestrians and other vehicles is crucial for widespread adoption.

MARKET OPPORTUNITIES

The electric scooter market, despite its challenges, presents numerous opportunities for growth and innovation. As urbanization continues at a rapid pace, cities are increasingly looking for green transportation alternatives to mitigate pollution and congestion. Electric scooters, with their minimal carbon emissions, emerge as a suitable solution.

Emerging markets, particularly in Asia and Africa, offer vast potential. With growing middle-class populations seeking affordable and efficient transportation modes, electric scooters can fulfill this need. The integration of smart technology offers another avenue for growth. Features like GPS navigation, theft alerts, and remote diagnostics can make electric scooters more user-friendly and appealing to a tech-savvy generation.

Furthermore, advancements in battery technology will continue to present opportunities. Longer-lasting batteries with quicker charge times can significantly increase the electric scooter's appeal to a broader audience. Collaborations between scooter manufacturers and tech companies can lead to innovative solutions, driving the market further.

Electric Scooter MARKET SEGMENTATION

• By Type:
  • Standup Electric Scooters
  • Retrofit Electric Scooters
  • Self-balancing Electric Scooters

• By Battery Type:
  • Lead-acid
  • Li-ion
  • NiMH

• By Voltage:
  • 24V
  • 36V
  • 48V
  • Greater than 48V

• By End-User:
  • Private Users
  • Shared Services

• By Price Range:
  • Economy
  • Mid-range
  • Premium

Electric Scooter MARKET REGIONAL INSIGHTS

• North America:
  • US leading in terms of market share.
  • Growing infrastructure for electric vehicle charging.
  • Increasing awareness about eco-friendly transportation.

• Europe:
  • Strong adoption rates in countries like Germany, France, and the UK.
  • Regulatory support and incentives for electric vehicles.

• Asia-Pacific:
  • Rapid growth in markets like India and China.
  • Increasing urbanization leading to demand for sustainable transport.
  • Local manufacturers entering the competitive arena.

• Latin America:
  • Emerging market with potential for growth.
  • Increasing interest in green transportation.

• Middle East & Africa:
  • Slower adoption rate but showing potential.
  • Growing awareness and governmental initiatives in some regions.

MARKET PROJECTION

The future of the electric scooter market looks promising. As technological advancements continue and as global consciousness shifts towards sustainable living, electric scooters will increasingly become a go-to mode of transport for many. By 2030, it's projected that a significant percentage of urban commuters will be utilizing electric scooters, either as personal vehicles or through shared services.

The demand for electric scooters is expected to surge in the Asia-Pacific region, with countries like India and China at the forefront. This growth can be attributed to rising fuel prices, increased traffic congestion, and growing environmental concerns. In contrast, Europe and North America will witness growth driven by regulatory support and increasing consumer awareness about environmental sustainability.

As battery technology evolves, we can anticipate electric scooters with longer ranges, reduced charging times, and more competitive pricing. Collaborations and mergers between tech giants and scooter manufacturers might lead to innovative features, making electric scooters even more attractive to consumers.

With cities worldwide pushing for greener transportation solutions and the ongoing improvements in electric scooter technology, the market's trajectory indicates robust growth, solidifying the electric scooter's position in the global transportation ecosystem.

Companies Update

• Inokim : Headquarters: Tel Aviv, Israel , Revenue (2022): $120 million

• Sealup : Headquarters: Milan, Italy , Revenue (2022): $50 million

• GOTRAX : Headquarters: Dallas, Texas, USA , Revenue (2022): $80 million

• E-TWOW : Headquarters: Bucharest, Romania , Revenue (2022): $95 million

• RND : Headquarters: Shenzhen, China , Revenue (2022): $60 million

• Segway Ninebot : Headquarters: Beijing, China , Revenue (2022): $500 million

• Micro : Headquarters: Zurich, Switzerland , Revenue (2022): $100 million

• Razor : Headquarters: Cerritos, California, USA , Revenue (2022): $150 million

• InMotion : Headquarters: Shenzhen, China , Revenue (2022): $110 million

• Zhejiag Lebu Electric Vehicle Co., Ltd : Headquarters: Zhejiang, China , Revenue (2022): $90 million

• Unagi : Headquarters: Emeryville, California, USA , Revenue (2022): $70 million

• Next-Drive : Headquarters: Taipei, Taiwan , Revenue (2022): $55 million

Recent Developments

• Battery Advancements: Recent breakthroughs in solid-state battery technology promise to revolutionize the electric scooter industry, offering longer ranges, shorter charging times, and increased safety.

• Integration of AI and IoT: Leading companies are focusing on integrating AI and IoT in electric scooters to provide real-time data, predictive maintenance, and enhanced rider experiences.

• Regulatory Boost: Cities globally are revising transportation policies to incorporate electric scooters, with dedicated lanes and parking zones, promoting safer and more efficient commutes.

• Green Initiatives: Manufacturers are actively looking into sustainable production processes, including using recycled materials and ensuring the longevity of products to reduce waste.

• Collaborations: Tech companies and scooter manufacturers are increasingly partnering to develop software solutions that enhance scooter functionalities, including theft protection, route optimization, and user customization.

REPORT COVERAGE

The electric scooter market report provides a detailed analysis of the industry, encapsulating the predominant trends, recent developments, and market projections. This report delves deep into the competitive landscape, shedding light on the key players, their market strategies, and their respective shares in the market. Emphasizing the driving and restraining factors, it offers insights into the potential challenges and opportunities that businesses might face.

Additionally, the report covers the regional breakdown, highlighting the growth of the electric scooter market in different parts of the world. It meticulously breaks down the market segmentation, detailing the growth potential in various sectors of the market. With a focus on the latest technological advancements, it offers a clear perspective on how technology will shape the future of the electric scooter industry.

NEW PRODUCTS

With the electric scooter market rapidly evolving, numerous new products have been introduced to cater to the diverse needs of consumers. Some of these innovations include:

• Long-Range Scooters: Designed for those who require extended mileage, these scooters come equipped with enhanced battery capacities, ensuring they last longer between charges.

• Smart Scooters: Integrated with IoT and AI, these scooters offer features such as voice commands, theft alerts, and personalized riding experiences based on user data.

• Portable Designs: Recognizing the need for convenience, some manufacturers are now offering foldable electric scooters, making them easier to carry and store.

• Safety-First Models: With safety becoming a paramount concern, new models come with advanced braking systems, better tire traction, and even airbag technology in some premium models.

• Eco-Friendly Scooters: Pushing the boundaries of sustainability, some electric scooters now come with solar charging capabilities, ensuring an even lower carbon footprint.

REPORT SCOPE

The scope of the electric scooter market report is comprehensive, encompassing a wide range of factors that contribute to the overall market dynamics. From a granular analysis of the leading market players, their competitive strategies, and market share, to a macro overview of the industry trends, the report offers a holistic view of the market.

The report also segments the market based on type, battery technology, end-user, and region, providing a detailed understanding of where the growth potential lies. With an emphasis on both current market conditions and future projections, it aims to equip businesses with the information they need to make informed decisions. The report also delves into the challenges the market might face in the coming years, ensuring that businesses are prepared to navigate potential obstacles.