Electric Scooters Market Size To Reach $40.6 Billion By 2030 Due To Rising Adoption Of Electric Vehicles And Growing Concerns Over Greenhouse Gas And Carbon Emissions | Grand View Research, Inc.

May 11 06:34 2022
Electric Scooters Market Size To Reach $40.6 Billion By 2030 Due To Rising Adoption Of Electric Vehicles And Growing Concerns Over Greenhouse Gas And Carbon Emissions | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to new report available with Grand View Research, high mechanical efficiency, easy integration of regenerative braking, low noise levels, and moderately economical maintenance costs are the factors supporting the growth of electric scooters market.

Electric Scooters Industry Overview

The global electric scooters market size was estimated at USD 20.78 billion in 2021, and is expected to reach USD 40.6 billion by 2030, at a CAGR of 7.8% from 2022 to 2030.

The increasing demand for fuel-efficient vehicles, coupled with growing concerns over greenhouse gas and carbon emissions, is anticipated to drive the adoption of electric scooters (e-scooters) during the forecast period.

The COVID-19 pandemic has affected the overall automotive industry, leading to a subsequent decline in growth of the electric powertrain market, as a result of low automotive sales and new requirements during the first half of 2020. However, stringent emission norms by the government agencies such as emission standards for greenhouse gas (GHG) emissions by US Environmental Protection Agency (EPA), BS-VI in India and China VI is driving the market for electric scooters.

Gather more insights about the market drivers, restrains and growth of the Global Electric Scooters Market

High mechanical efficiency, easy integration of regenerative braking, low noise levels, and moderately economical maintenance costs are the factors supporting the market growth. The COVID-19 crisis has resulted in a global economic slowdown. Lockdowns implemented in various parts of the world to curb the spread of the virus led to disruptions in the supply chains and a temporary ceasing of production at several production facilities. The electric scooters market is particularly vulnerable due to its dependency on global sourcing for its batteries’ core technology.

                               U.S. electric scooters market size, by product, 2020 - 2030 (USD Million)

The initial purchase cost of electric vehicles is more significant than their gas-powered and hybrid counterparts. However, increasing awareness towards social distancing have resulted in surge in demand for electric scooters adoption. Increasing adoption of electric scooter sharing services in countries such as Spain, the U.S., Germany, and France has spurred the demand for battery-powered two-wheelers. Companies such as Razor, Lime, Bird, Jump, and Spin offering e-scooter sharing services are procuring these vehicles mainly from manufacturers such as Xiaomi, Gogoro, and Ninebot-Segway.

These sharing services are witnessing an exponential adoption rate since 2016. Currently, more than 90 cities and various universities globally use this service, with around 95 percent of scooters having an electric drivetrain. Increasing monetary and non-monetary incentives are encouraging the adoption of battery-operated two-wheelers. Moreover, the need for sustainable urban mobility and modern transportation infrastructure is driving the transition from conventional to electric modes of transport. E-scooters are anticipated to have a positive influence on energy security and air quality.

The participation of vehicle manufacturers and governments in meeting the standards for zero-emissions is significantly contributing to reduce the carbon emission gap significantly by 2021. Furthermore, the consumption of electricity in these vehicles can be managed with proper energy and power infrastructure planning. This is further mitigated using renewable energy and technological advancements such as solar-powered vehicles and vehicle-to-grid technologies. 

Governments across the globe have formulated several policies to increase the penetration of electric scooters by offering various benefits to consumers as well as manufacturers in the form of subsidies. Support in the form of research and development initiatives is also a prominent growth factor. For instance, in the U.S., the Corporate Average Fuel Economy (CAFÉ) standards are increasing the adoption of energy-efficient automobiles by framing regulations for enhancing the utilization of alternative fuel vehicles and the reduction of fossil fuel consumption.

Similarly, the Canadian government is developing a strategy to reduce the country’s greenhouse gas emissions and increase the number of zero-emission vehicles. Besides this, the swift adoption of scooter-sharing services has triggered the demand for battery-powered two-wheelers. This, in turn, creates a highly conducive environment for growth.

Electric Scooters Market Segmentation

Based on the Product Insights, the market is segmented into Retro, Standing/Self-Balancing and Folding.

  • The retro segment dominated the market in 2021 with more than 51% revenue share, owing to increasing maintenance and fuel costs that have made electric scooters an attractive transportation alternative.
  • In The folding variant is anticipated to exhibit a CAGR of 10.2% during the forecast period.

Based on the Battery Insights, the market is segmented into Sealed Lead Acid, NiMH and Li-Ion.

  • The sealed lead-acid battery segment dominated the market in 2021 with almost 62% revenue share, due to its robustness and low-cost benefits.
  • The lithium-ion battery segment is expected to expand at a substantial CAGR of 10.4% over the forecast period. 

Based on the Voltage Insights, the market is segmented into 24V, 36V, 48V and Greater than 48V.

  • The 36V segment led the market, accounting for 61.7% of the overall revenue share in 2021.
  • The greater than 48V segment is estimated to witness significant growth over the coming years, registering a CAGR of 11.6% from 2021 to 2030.

Based on the Electric Scooters Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

  • Asia Pacific dominated the global electric scooter market and was valued at USD 15.0 billion in 2021. 
  • North America is expected to witness the highest CAGR of 12.8% during the forecast period. 

Market Share Insights:

  • October 2021: Ford partnered with the new lab to bring electric vehicle technology to the mobility innovation program.
  • November 2021: Helbiz launched new standing electric scooters for building a new racing league.

Key Companies Profile:

Prominent market players are focusing on various growth strategies such as research and development activities, mergers and acquisitions, and the launch of new products to expand their market share.

Some prominent players in the global Electric Scooters market include

  • Yadea Technology Group Co., Ltd.
  • Jiangsu Xinri E-vehicle Co. Ltd.
  • Hero Electric
  • Gogoro Inc.
  • Vmoto Limited
  • BMW Motorrad International
  • Mahindra GenZe
  • Terra Motors Corporation

Order a sample PDF (free) of the Electric Scooters Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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