Electric Scooter Market, Size, Global Forecast 2028

Posted 2023-11-27 11:28:27

According to Renub Research’s latest report, “ Electric Scooter Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis” Electric Scooter Market is projected to grow at a CAGR of 13% from 2022 to 2028. As the world becomes more electronic and hybrid, the e-scooter market is undergoing a significant transformation. Urban riders have long favored electric-powered scooters due to their convenience and low weight. However, as people become increasingly aware of the health and safety benefits of using e-scooters, demand is increasing. Alternative modes of transportation like e-scooters are gaining popularity as more people become concerned about air quality. E-scooters have numerous advantages over traditional scooters, and their futuristic appearance only adds to their appeal. Despite this, e-scooters have not yet been widely adopted, and many factors about this technology are still unknown.

In recent years, environmental problems caused by vehicles and fuel economy have caused the electric scooter market to flourish. Being a green, environment friendly, and economical vehicle is an important goal for the economic and social development of many countries and the future direction of the vehicle. An electric scooter, or e-scooter, is a motor vehicle powered by an electronic motor and a rechargeable battery. E-scooter is rapidly emerging in significant countries, enabling people to make short and cheap trips.

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Moreover, electric scooter vehicle batteries receive inexpensive solar power, lowering operating expenses compared to fossil fuel engines. These engines’ significantly reduce maintenance costs are helping the business expand. When compared to mechanical versions, electronic systems are more systematic and durable because there is less friction-related wear and tear. As a result, two-wheeler scooter is more durable and kind to the environment, spurring the industry’s expansion.The electric scooter market is growing rapidly due to factors such as decreasing battery costs, renewable energy use, government support, low operating expenses, LED lights, and electric motors, which contribute to lower maintenance and environmental impact. Digital payments and micro-mobility in logistics also provide significant growth opportunities in the market.

Retro Scooter is rising due to the attraction towards the Traditional Vintage Design

In recent years, there has been a steady increase in the sales of retro electric scooters. This can be attributed, in part, to the growing popularity of vintage-style designs, as many customers prefer scooters with the classic appearance of earlier models. Additionally, manufacturers have diversified their product lines to include more contemporary electric scooter models, which is a significant trend in the retro scooter market. The demand for vintage-inspired designs and the continual expansion of product offerings by manufacturers suggest that this trend will likely persist in the future. Moreover, the expansion of specialty shops and online communities dedicated to retro scooters, along with other contributing factors, is fueling the growth of retro electric scooters in the electric scooter market.

48V Battery will rise during the projected year in Electric Scooter Market

A 48V battery is a rechargeable battery that delivers a voltage output of 48 volts and is commonly utilized in applications requiring high power output and extended runtime. These batteries are lightweight, occupy less storage space, and offer higher performance. They also provide greater efficiency and numerous charge cycles, which make them desirable to electric two-wheeler manufacturers seeking to enhance propulsion and reduce power lag. Additionally, advanced technologies like regenerative braking can be integrated into 48V batteries to improve the performance of electric motorcycles and scooters. Furthermore, 48V batteries can power electric scooters, making them an environmentally friendly option that could boost the electric scooter market.

Lithium-ion Batteries Share in Electric Scooter Market will rise due be more advantages over other type of Batteries

Lithium-ion batteries are commonly used in electric vehicles due to their high energy density, fast charging capabilities, and extended lifespan. These batteries charge quickly because of their electrode and electrolyte properties, and the demand for rechargeable scooter batteries with low self-discharge rates has boosted their sales in the electric scooter market. Compared to NI-NM batteries with a terminal voltage of only 1.2-1.5 V, lithium-ion batteries have a cell terminal voltage of around 3.6-3.85 V, making them more efficient. The decrease in lithium battery prices has also made electric scooters more affordable for users, and modern lithium-ion batteries can last for up to a decade before replacement. The industry’s rapid growth is driven by low-cost production, simple cell architecture, high energy density, lightweight, high resistance to physical damage, and lower risk of electrolyte leakage.

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Asia Pacific is Expected to acquire the Maximum Share with Supportive Government Policies

The electric scooter market in emerging Asia is being significantly supported by government policies. For instance, Thailand has implemented the 3030 EV Production Policy, which aims to achieve 30% domestic vehicle production by 2030. Indonesia has announced plans to ban the sale of all fossil-fuel motorcycles by 2040 and all fossil-fuel cars by 2050. The Indian government plans to convert all government vehicles to electric vehicles by 2030, and after 2025, only electric cars will be permitted to be purchased.

Additionally, the increasing trend of shared bikes, electric scooters, and dockless bikes among the metropolitan populace is driving growth in the region. This growth is also fueled by the emergence of more e-scooter manufacturers and investments in vehicle charging infrastructure, particularly in China, India, and Taiwan. Key players in the electric scooter industry in China include Yadea, Jiangsu Xinri Electric Vehicle Co. Ltd., Zhejiang Luyuan, AIMA Group, and Niu International.

Competitive Landscape

Prominent companies competing currently in the Electrical Scooter Market are Energica Motor Company, Niu Technologies, Vmoto Limited, Yadea Group Holdings Ltd, KTM Group.

Market Summary:-

Product – Electric Scooter Market is segregated into (Retro, Standing/self-balancing, Folding)
Battery Type – Electric Scooter Market is bifurcated into (Lithium-ion (Li-Ion)
Battery Voltage – Electric Scooter Market is divided into (24V, 36V, 48V, Above 48V)
Regions – Electric Scooter Market broken into (Asia Pacific, North America, Europe, Rest of World)

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