As per the current market research conducted by the CMI Team, the global Smart Electric Mobility Scooter Market size is expected to record a CAGR of 10.5% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 13.7 Billion. By 2032, the valuation is anticipated to reach USD 33.7 Billion.
Smart Electric Mobility Scooter Market: Growth Factors and Dynamics
- Technological Advancements and Connectivity Features: The integration of advanced technologies, such as GPS navigation, smartphone connectivity, and IoT capabilities, enhances the appeal of smart electric scooters. These features provide real-time tracking, route optimization, and remote monitoring, contributing to improved user experience and safety.
- Aging Population and Mobility Solutions: The aging population, particularly in developed regions, contributes to the demand for mobility solutions catering to individuals with reduced mobility. Smart electric scooters, equipped with user-friendly features and advanced safety mechanisms, serve as a viable solution for elderly individuals and those with mobility challenges.
- Government Initiatives and Incentives: Governments worldwide are introducing incentives and policies to promote the adoption of electric vehicles, including smart electric scooters. Subsidies, tax credits, and infrastructure development for charging stations play a pivotal role in boosting market growth by making these vehicles more accessible and affordable.
- Increasing Investment and Market Competitiveness: The smart electric mobility scooter market has witnessed significant investments from established automotive manufacturers and new entrants. This influx of capital fuels research and development, leading to continuous innovation in design, battery technology, and connectivity features. The resulting competitiveness drives the market forward, offering consumers a diverse range of options.
- Increasing Urban Congestion and Traffic Woes: As urban areas grapple with rising congestion and traffic challenges; smart electric mobility scooters serve as a practical solution for navigating through crowded city streets. Their compact size and agility make them an ideal choice for commuters seeking efficient mobility options to circumvent traffic bottlenecks.
- Innovative Business Models and Shared Mobility Services: The emergence of innovative business models, including shared mobility services and scooter-sharing platforms, contribute significantly to market growth. Companies offering on-demand electric scooter rentals leverage smart technologies to provide users with a convenient and flexible mode of transportation, further expanding the market reach.
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Smart Electric Mobility Scooter Market: Partnership and Acquisitions
- In 2023, Yadea globally launched its ElitePrime electric scooter on Indiegogo, a crowdfunding platform, running for 2 months from April 18th. The scooter boasts high ground clearance, a spacious footboard, a lithium battery for a 40-mile range, self-repairing tire technology, a foldable design, and a companion smartphone app, providing a feature-rich and convenient urban mobility solution.
- In 2022, Yamaha Motor released the 2.5 kW class NEO’S electric scooter in Europe, capitalizing on the growing demand for 2-wheeler electric transport. It features the Yamaha Integrated Power Unit II, a 37 km range on a fully-charged battery, and energy-efficient low-loss tires, aligning with the shift towards sustainable urban mobility.
Smart Electric Mobility Scooter Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Smart Electric Mobility Scooter Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The pandemic led to disruptions in the global supply chain, affecting the manufacturing and distribution of smart electric mobility scooters. Delays in the production of key components and restrictions on transportation impacted the availability of these vehicles.
- Reduced Consumer Spending: Economic uncertainties and job losses during the pandemic resulted in reduced consumer spending. The decline in purchasing power and a focus on essential expenses led to a temporary slowdown in the adoption of non-essential items, including smart electric mobility scooters.
- Impact on Shared Mobility Services: With lockdowns and social distancing measures in place, the usage of shared mobility services, including scooter-sharing platforms, experienced a significant decline. Concerns about virus transmission and a shift in mobility preferences during the pandemic affected the demand for shared electric scooters.
- Emphasis on E-Commerce and Direct-to-Consumer Sales: To overcome disruptions in traditional retail channels, manufacturers and distributors increased their focus on e-commerce platforms and direct-to-consumer sales. Online channels provide a convenient and safe means for consumers to explore and purchase smart electric mobility scooters.
- Government Incentives and Subsidies: Many governments introduced stimulus packages and incentives to revive the automotive and electric vehicle sectors. Subsidies, tax credits, and financial support for electric vehicle adoption helped stimulate demand for smart electric mobility scooters.
- Accelerated Digital Transformation: The pandemic accelerated the digital transformation in the automotive industry. Manufacturers and service providers embraced digital platforms for marketing, customer engagement, and after-sales support. Virtual showrooms and online service centers played a crucial role in maintaining consumer interest.
- Focus on Health and Safety Features: Post-COVID, there was an increased emphasis on health and safety features in smart electric mobility scooters. Manufacturers incorporated touchless controls, antimicrobial surfaces, and enhanced ventilation systems to address consumer concerns and enhance the safety of the commuting experience.
- Adaptation to Evolving Urban Mobility Trends: The recovery phase witnessed a heightened focus on adapting to evolving urban mobility trends. Smart electric scooters, being well-suited for short-distance travel and last-mile connectivity, aligned with the changing preferences of commuters seeking individual, eco-friendly transport options within urban environments.
List of the prominent players in the Smart Electric Mobility Scooter Market:
- Segway Inc.
- Ninebot Limited
- Gogoro Inc.
- Niu Technologies
- Evolet India
- Yadea Group
- Ather Energy
- Okai Electric
- Govecs Group
- Askoll EVA
- Vmoto Limited
- Unu Motors
- Zero Motorcycles Inc.
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