According to Custom Market Insights (CMI), the global Electric Scooter Market size was estimated at USD 38.94 billion in 2023 and is anticipated to reach around USD 81.81 billion by 2032, recording a CAGR of roughly 9.9% between 2023 and 2032.
Electric Scooter Market: Growth Factors and Dynamics
The electric scooter market size is experiencing significant growth dynamics driven by several factors. Firstly, the increasing environmental consciousness among consumers and governments is promoting the adoption of eco-friendly transportation solutions. Electric scooters, being zero-emission vehicles, align with sustainability goals and contribute to reducing air pollution and carbon footprint.
Secondly, the rising urbanization and congestion in cities have created a need for efficient and convenient mobility options. Electric scooters offer a practical solution for short-distance commuting, providing users with the flexibility to navigate through traffic and reach their destinations quickly. Additionally, their compact size and manoeuvrability make them ideal for crowded urban environments. Thirdly, advancements in battery technology have improved the performance and range of electric scooters.
Lithium-ion batteries, in particular, have become more affordable, lightweight, and capable of delivering extended mileage. This has alleviated range anxiety and increased the appeal of electric scooters as a viable mode of transportation.
Furthermore, the availability of government incentives and subsidies for electric vehicles, including electric scooters, has accelerated their adoption. Governments worldwide are encouraging the transition to clean energy transportation systems, offering financial incentives, tax benefits, and infrastructure development support. Moreover, the integration of smart and connected features in electric scooters, such as mobile app connectivity, GPS tracking, and remote diagnostics, enhances user experience and convenience. These technological advancements provide users with real-time information, remote control capabilities, and improved safety features.
Electric Scooter Market: COVID-19 Analysis
The COVID-19 pandemic has had both positive and negative impacts on the electric scooter market. Here is a COVID-19 analysis of the electric scooter market:
- Shift towards Personal Mobility: The pandemic has led to a shift in consumer behavior toward personal mobility solutions. With public transportation being perceived as a higher-risk option, individuals have turned to electric scooters as a convenient and safe mode of transportation for short-distance travel.
- Contactless Delivery and Essential Services: Electric scooters have played a crucial role in facilitating contactless delivery services during the pandemic. With the increased demand for e-commerce and online food delivery, electric scooters have been used for last-mile delivery, contributing to the growth of the market.
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- Disruption in Manufacturing and Supply Chain: The pandemic has caused disruptions in the manufacturing and supply chain of electric scooters. Factory closures, restrictions on movement, and disruptions in international trade have led to delays in production and delivery, affecting the availability of electric scooters in the market.
- Reduced Consumer Spending: The economic impact of the pandemic has resulted in reduced consumer spending. Uncertainty and financial constraints have led to a decline in discretionary spending, including the purchase of electric scooters. This has affected the sales and revenue of electric scooter manufacturers.
- The declinene in Shared Mobility Services: Electric scooter-sharing services, which were gaining popularity before the pandemic, experienced a significant decline in demand. Lockdown measures and social distancing restrictions limited the usage of shared electric scooters, impacting the revenue of scooter-sharing companies.
- Regulatory Challenges: The pandemic has led to changes in regulations and policies related to transportation and mobility. Some cities imposed restrictions on shared electric scooter services or implemented new guidelines for their operation. These regulatory challenges have affected the growth prospects of the electric scooter market.
List of the prominent players in the Electric Scooter Market:
- Xiaomi Corporation
- Segway Inc.
- Bird Rides Inc.
- Vmoto Limited
- Gogoro Inc.
- Mahindra GenZe
- BMW Motorrad International
- Yadea Technology Group Co. Ltd.
- Niu Technologies
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