Electric Scooter Market Is Estimated To Witness High Growth Owing To Rising Last Mile Transport Needs
Market Overview
The electric scooter market refers to two or three-wheeled battery powered vehicles used for personal mobility and last mile transport applications. These scooters provide advantages of being more affordable and environment friendly compared to private vehicles. They are commonly used for short distance urban commute and delivery applications.
Market Dynamics
The electric scooter market is expected to witness significant growth over the forecast period owing to two key drivers. Firstly, rising gasoline prices and congested traffic conditions in urban areas are encouraging adoption of electric scooters for last mile transport needs. They provide a cost effective and efficient alternative to fossil fuel based transport means within cities. Secondly, supportive government policies promoting electric vehicles adoption through incentives and subsidies are positively impacting the market. Many cities across developed as well as developing nations have introduced schemes supporting purchase of electric scooters. For instance, under the FAME scheme in India, up to Rs. 50,000 subsidy is offered for purchase of electric two wheelers. Such initiatives are fueling adoption of electric scooters for personal mobility. Additionally, various scooter sharing and rental services being introduced in major cities worldwide are expanding the market lucratively.
The global Electric Scooter Market Growth is estimated to be valued at US$ 26.35 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Electric scooters provide emission-free and environment-friendly transportation options. They are cost-effective compared to fuel-driven vehicles and have low maintenance requirements. Electric scooters are convenient to ride and park due to their compact size.
Weakness: The driving range of electric scooters is limited due to battery capacity constraints. Battery charging time is longer compared to refueling of fuel-driven vehicles. High initial purchase cost of electric scooters is also a barrier for many customers.
Opportunity: Stringent government regulations to curb vehicle emissions and pollution levels will accelerate adoption of electric scooters. Expanding charging infrastructure and advancements in battery technology will boost the electric scooter market. Growing consumer awareness about environmental protection is encouraging use of green transportation solutions.
Threats: Continuous fluctuations in fuel prices do not significantly impact adoption of electric scooters. Established fuel-driven two-wheeler manufacturers pose competition with their electric vehicle launch plans. Dependence on battery imports increases supply chain risks.
Key Takeaways
The global electric scooter market is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing consumer preference for eco-friendly transportation solutions. Growing consumer awareness about the environmental benefits of electric vehicles is a major driver for market growth.
Regional analysis: Asia Pacific dominates the global electric scooter market currently, accounting for around 45% share in 2022. China, India and Indonesia have emerged as high growth markets in the region due to large population dependent on two-wheelers for daily commuting. Europe is also expanding rapidly, supported by initiatives promoting electric vehicle adoption in countries like Germany, UK and France.
Key players analysis: Key players operating in the electric scooter market are Amego Electric Vehicles Inc., Ampere Vehicles Pvt. Ltd, BMW Motorrad, ECCITY Motocycles, GenZe, Gogoro Inc., GOVECS GmbH, Hero Eco, Honda Motor Co. Ltd., Jiangsu Xinri E-Vehicle Co., Ltd., Kumpan Electric, Piaggio & C. SpA, Sanyang Motor Co. Ltd., Silence Urban Ecomobility, Terra Motors Corp., TORROT ELECTRIC EUROPA S.A, TVS Motor Company, Vmoto Limited, and Yadea Group Holdings Ltd.
Read More: https://blogger-veritas.blogspot.com/2023/12/increasing-adoption-of-lithium-ion.html
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