The global electric scooter market is anticipated to grow at a CAGR of 9% during the forecast period. In 2021, the market valuation was US$ 8.8 billion. However, in 2022, the valuation jumped to US$ 9.59 billion, and by 2032, the market is expected to have a valuation of US$ 22.70 billion.
Electric scooters are believed to be one of the easiest modes of commutation. Therefore, they are being increasingly used by ridesharing companies. Moreover, the charges associated with the user are also nominal.
Electric scooters are also popular amongst investors, as they do not produce much noise while plying on roads, and this is something which the authorities across the world look out for. Additionally, they also do not emit greenhouse gases. Because of this reason, governments and other governing authorities across the globe are putting huge amounts of money to promote the manufacturing of electric scooters. This is expected to increase the sales of electric scooters during the forecast period.
Moreover, the maintenance cost associated with electric scooters is much less compared to conventional scooters or bikes. This as well might boost the electric scooter market during the forecast period.
It is global news that fuel prices at rising at a rate like never before. This presents a huge opportunity for electric scooters and undoubtedly, the market is making the best use of this. As the name suggests, electric scooters are operated using electricity.
Additionally, more and more players, be it local or global are entering the electric scooter market because of the benefits associated. This might as well surge the demand for electric scooters.
Furthermore, rapid urbanisation is also one of the reasons which are fuelling the growth of the electric scooter market. The reason is, because of construction and related activities, the pollution level tends to increase. To contain the rising pollution, the authorities encourage the usage of electric scooters.
- The electric scooter market had a value of US$ 8.8 billion in2021.
- The electric scooter market has a valuation of US$ 9.59 billion as of 2022.
- The electric scooter market is expected to be valued at US$ 22.70 billion by 2032.
- The market is projected to grow at a CAGR of 9% during the forecast period.
- Based on the battery type, Li-ion is expected to have the largest market share during the forecast period.
- Based on the product type, maxi electric scooters are projected to have the highest market share during the forecast period.
- Based on the technology, battery technology is anticipated to be the most preferred during the forecast period.
- The Asia Pacific is expected to be the largest market throughout the forecast period.
- The USA market is expected to grow at a CAGR of 8.4% during 2022-2032.
- UK electric scooters market is projected to grow at a CAGR of 8.8% during the forecast period.
- China is projected to be the largest market.
- India’s market is expected to grow at a good rate.
The Growth in Indian market is very encouraging. New players like Ather , Simple Energy , Okhinawa, and the plethora of new players as well as established ICE players like Honda , Hero, TVS and Bajaj when they introduce Electric models will see a flood gate being open.
The apprehensions of fire and safety, plenty of charging points , adequate battery swap centers will hasten adoption . The sheer cost saving will entice many ; the financing has to be freely flowing as in the case of ICE scooter/ motor cycle
The next 2 years will see the fading of “ also rans” and consolidate the market for serious players with network and aftermarket networks