According to a recent research study by Polaris Market Research, the global e-scooter (Electric) market size & share is expected to grow at a CAGR of 11.2% between 2022 and 2030. The e-scooter (Electric) industry revenue of USD 20.87 million in 2021 is expected to grow up to USD 50.99 billion values by 2030.
The electric scooter is a plug-in electric vehicle powered by electric power or a combination of electric batteries. Electric scooters are more popular than traditional scooters as they are eco-friendly and reduce greenhouse gas emissions. They are equipped with LED lights that power the light and require a low amount of energy. These scooters offer additional advantages such as agility, flexibility, versatility, eco-friendly, and ease of maneuver in high-traffic congestion areas, which are anticipated to boost the growth of the electric scooter market.
The rising adoption of rechargeable scooter sharing services in countries such as the US, Germany, France, and Spain has led to the increased demand for battery-powered two-wheelers. The market is also expected to experience growth due to the increase in the price of petroleum. Also, e-scooters enable people to make short trips quickly and cheaply, and this factor is fueling the market demand for electronic vehicles.
Electric Scooter Market: Growth Drivers
The rising demand for fuel-efficient vehicles and increasing concerns over greenhouse gas and carbon emissions are expected to accelerate the growth of the electric scooter market over the forecast period. The increasing traffic and growing trend of long travel are promoting people to shift towards time-efficient, convenient, and cost-effective modes of transportation to travel from one destination to another. This factor is anticipated to accelerate market expansion.
Moreover, an increase in R&D investments for enhanced battery technologies and growing technological developments in the e-scooter industry are the key factors projected to create lucrative opportunities for market growth. In addition, governments across the globe are introducing several policies to increase the penetration of electric scooters, which is expected to propel market growth.
On the basis of battery, the sealed lead-acid battery segment witnessed the largest market share in 2021, owing to its strength and low-cost benefits. SLA batteries are big and deplete quickly and are rechargeable batteries consisting of 300 complete charge cycles before battery replacement. However, lithium-ion batteries are projected to record a significant share because they offer longer charged cycles and ease high energy density. Also, the lithium-ion batteries segment is showing a surge in demand due to the increasing demand for low self-discharge rates in rechargeable scooter batteries.
Based on products, the global electric scooter market can be categorized into folding, self-balancing, and retro scooters. The retro market segment accounted for the largest market share in the electric scooter market in 2021. This growth can be attributed to rising fuel and maintenance costs. The demand for retro electric scooters is anticipated to grow as old-fashioned electric vehicles are still in demand among consumers.
The folding variant segment may generate a substantial CAGR during the foreseen period. The factors such as the establishment of intelligent vehicles with big data and IoT and the necessity for product differentiation have flourished the growth of the folding scooter market.
Geographic Overview: Electric Scooter Market
The Asia Pacific witnessed the largest market share in the global electric scooter market. The presence of a rising number of e-scooter manufacturers and growing vehicle charging infrastructural investments in countries such as Japan, Taiwan, and China are fueling the market growth in the region. The governments of this region are taking initiatives the promotion of electric scooters and vehicles. Also, consumers are accepting the clean energy transportation trend to reduce vehicular emissions. This factor is accelerating the market growth in the region.
North America is expected to generate the highest CAGR over the projected period owing to the growing investment in rechargeable vehicle charging infrastructure coupled with research reports for ingenious high-density batteries.