Global Electric Scooters Market Report and Forecast 2024-2032

Global Electric Scooters Market Outlook

The global electric scooters market attained a value of nearly USD 24.99 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 7.7% to reach nearly USD 48.71 billion by 2032.

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The Asia Pacific Region Holds a Significant Share in the Electric Scooters Industry

The electric scooter industry in the Asia Pacific region is expected to witness a robust growth owing to the increasing production of electric scooters in the region. Rapid urbanisation and the increasing demand for two-wheelers in emerging economies, such as India and China, are further fuelling the market growth in the region. Moreover, the introduction of favourable government policies to aid the production and the overall market for electric vehicles in order to promote sustainability is positively impacting the electric scooters industry growth. For instance, the Indian government initiated the FAME India Scheme to provide subsidies to several electric vehicles, such as buses, passenger cars, and two-wheelers like scooters and motorbikes. Additionally, it plans to construct numerous charging stations to encourage the use of renewable energy and lower the levels of pollution. Such initiatives are boosting the market growth in the region and therefore contributing significantly to the overall growth of the electric scooters industry globally.

Furthermore, China is one of the leading producers of electric scooters owing to the increasing adoption of eco-friendly and cost-effective vehicles. Moreover, the increasing pollution levels in countries such as Vietnam, Indonesia, and Thailand and the rising awareness regarding climate change are leading to the adoption of electric vehicles, consequently catalysing the market growth for electric scooters. Moreover, consumers are increasingly preferring electric vehicles owing to the rising petroleum costs, especially in developing countries, which is further propelling the industry growth. Electric scooters offer portability, easy storage, and safety to the rider; features that are providing further impetus to the market growth. The rising demand for energy-efficient and emission-free two-wheelers is further aiding the market growth.

Electric Scooters: Market Segmentation

Electric scooters, variously known as e-scooters, are plug-in two or three-wheeled vehicles which store electricity in a rechargeable battery. They are eco-friendly and cost-effective and therefore provide a better alternative to fuelled vehicles. Moreover, they are low maintenance and can be used comfortably in short distances.

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Based on the battery, the market is divided into:

• Sealed Lead Acid
• Li-Ion
• NiMH

The market can be broadly categorised on the basis of its voltage into:

• 24V
• 36V
• 48V
• Above 48V

The major products of electric scooters in the market are:

• Retro
• Standing/Self-Balancing
• Folding
• Others

The EMR report looks into the regional markets of electric scooters like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Trend of Micromobility Owing to the Coronavirus Pandemic to Bolster the Industry Growth

The coronavirus pandemic has increased the demand for electric scooters owing to the rising preference for open and emission-free transportation in order to maintain social distancing. Furthermore, the increasing use of scooters for both utility and leisurely activities is expected to further aid the market growth. In addition, the growing trend of micromobility to maintain social distancing after lockdowns is fuelling the electric scooters industry. The surging investments in bike sharing and sustainable transit are further anticipated to propel the market growth. Moreover, various government initiatives to aid the trend of micromobility are expected to catalyse the market growth in the forecast period.

The increasing trend of shared e-scooters offered by various start-ups such as Bird, Lime, Voi, and Tier, among others, which can be rented by a smartphone app, is propelling the growth of the market for electric scooters. Moreover, major companies are using more recyclable products in the production of e-scooters due to the increasing sustainability concerns, which are also aiding the industry growth. The United Kingdom started shared e-scooters trials in four areas in 2021, while places such as Rome, Colombia, and Brisbane are changing the government regulations to allow shared e-scooters companies to grow. Such developments are expected to aid the market growth in the forecast period.

Key Industry Players in the Global Electric Scooters Market

The report presents a detailed analysis of the following key players in the global electric scooters market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Gogoro Inc.
• Greenwit Ltd.
• Vmoto Limited
• Terra Motors Corporation
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report