Electric Scooter Market to Surpass USD 70.58 Billion by 2031, Witnessing 9.9% CAGR Growth | SkyQuest Technology
Westford, USA, Aug. 20, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that global electric scooter market will attain a value of USD 70.58 Billion by 2031, with a CAGR of 9.9% during the forecast period (2024-2031). The adoption of electric scooters, or e-scooters, is predicted to be driven by the rising demand for fuel-efficient automobiles as well as growing concerns over carbon emissions and greenhouse gas emissions over the projection period. Furthermore, the market for electric scooters is growing due to the fleet’s inclusion in the shared mobility and vehicle rental ecosystems.
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Browse in-depth TOC on the ” Electric Scooter Market “
- Pages – 222
- Tables – 94
- Figures – 76
Electric Scooter Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $33.17 Billion |
| Estimated Value by 2031 | $70.58 Billion |
| Growth Rate | Poised to grow at a CAGR of 9.9% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Battery Technology, Distance Covered, Voltage, Technology, Vehicle Class, Vehicle Type, Usage, Motor Type, and Motor Power. |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Impact of lithium battery costs on electric scooters and motorcycles’ affordability |
| Key Market Opportunities | Government agencies supporting electric two-wheelers |
| Key Market Drivers | Traffic congestion and environmental concerns are accelerating the market |
Sealed Lead Acid to Dominate the Market Due to Affordability and Reliability
Sealed lead acid (SLA) batteries are the leading batteries for electric scooters around the world because they are reliable and affordable. This is what makes SLA battery manufacturing more appealing to producers and hence, the retail price of electric scooters falls. Furthermore, the reliable operation of these power sources under diverse conditions instills confidence in consumers.
36V Voltage as Largest Growing Sub-Segment Due to Optimal Balance between Performance and Efficiency
The fact that it has the best voltage performance and efficiency ratio in the world makes the 36V voltage system an industry leader among electric scooter manufacturers. This also helps with weight as well as better machine handling power while providing sufficient charge for city journeys. Therefore, many companies are choosing to use 36V systems as they want their bikes to be light but do not want to sacrifice power at the same time.
High Demand for Energy-Efficient Vehicles Helped Asia-Pacific to Dominate the Market
According to estimates made in 2021, Asia-Pacific was the leading region for the electric scooter market which was worth about USD 15.0 billion as per online sources. Due to rising preference for emission-free and energy-efficient electric two-wheelers, stable growth is expected across Asia-Pacific in the next few years. It is noteworthy that China, Japan and Taiwan dominate this sector globally with respect to market share percentages hence producing a greater quantity of manufacturers.
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Electric Scooter Market Insight
Drivers:
- Traffic Congestion and Environmental Concerns are Accelerating the Market
- Increase in Battery Technology to Enhance the Driving Range
- Government Agencies Supporting Electric Two-Wheelers
Restraints:
- Charging Infrastructure Challenge
- Complaints with Battery Heating and Lengthy Charging Times
- Inadequate standardization, interchangeability, and compatibility
Prominent Players in Electric Scooter Market
The following are the Top Electric Scooter Companies
- Hero Electric (India)
- Vmoto Limited (Australia)
- The Electrotherm Group, Inc. (India)
- Jiangsu Xinri E-Vehicle Co.,Ltd. (China)
- Energica Motor Company (Italy)
- Piaggio & C. SpA (Italy)
- Niu International. (US)
- Mahindra & Mahindra Ltd (India)
- H-D, AIMA TECHNOLOGY CO., LTD (China)
- Avan Motors India (India)
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Key Questions Answered in Global Electric Scooter Market Report
- By 2031, how much is the global electric scooter market estimated to be worth, and what is the anticipated compound annual growth rate (CAGR) for this market?
- What is the most popular battery technology for electric scooters, and why are manufacturers using it?
- Why is a steady growth in the electric scooter market anticipated in the Asia Pacific region?
This report provides the following insights:
- Analysis of key drivers (Faster battery charge density, range of charging options, charging stations are placed inside homes for convenience and quick advancements in battery technology), restraints (Having propensity to heat up quickly, rise in battery- related fires in all-electric two-wheeler and faulty battery has the potential to exploding) opportunities (Supportive ecosystem to boost sales of electric two-wheelers, governments standardizing charging infrastructure and demand for standardizing the infrastructure for charging has been heightened), and challenges (High initial investments for installing EV and lack of sufficient EV charging infrastructure) influencing the growth of electric scooter market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the electric scooter market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the electric scooter market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Electric Vehicle (EV) Market
Electric Vehicle Charging Infrastructure Market
E-Bike Market
Electric Bus Market
Electric Vehicle Charging Station Market
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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