Electric scooters are lightweight, compact, and eco-friendly vehicles used for personal transportation purposes. The increasing traffic congestion and rising fuel prices have boosted the demand for affordable transportation alternatives, thereby driving the adoption of electric scooters. Electric scooters are convenient for short-distance commuting and come equipped with features such as phone charging, GPS navigation, and anti-theft alarms. They are suitable for urban landscapes and finding parking.

 

The global electric scooter market is estimated to be valued at US$ 30.36 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Rising consumer preference for personal mobility solutions is one of the major drivers of the electric scooter market. People are preferring electric scooters for daily commute as they are more cost-effective and eco-friendly compared to private vehicles. Additionally, growing concerns regarding traffic congestion and carbon emissions are encouraging commuters to switch to electric scooters. Governments across regions are implementing initiatives to promote the use of electric vehicles for commuting. For instance, many countries offer purchase incentives and subsidies for electric scooters. This is positively impacting the adoption of electric scooters. Moreover, key electric scooter manufacturers are focused on enhancing product features. They are introducing smart scooters integrated with GPS, advanced batteries with higher driving range, and wireless charging capabilities. Such innovations are attracting more consumers, thereby fueling the electric scooter market growth over the forecast period.

SWOT Analysis
Strength: Electric scooters have several benefits over traditional gasoline-powered scooters such as low maintenance costs, zero emissions and cheap operating costs since electricity is relatively inexpensive. They are also very convenient to use for last-mile transportation needs in urban areas. In addition, advanced lithium-ion battery technologies provide electric scooters with sufficient range on a single charge.

Weakness: The high initial purchase cost of electric scooters presents a major barrier for many customers. Also, the limited driving range restricts their usage for long-distance commuting. Slow charging times are another limitation as full charging takes several hours.

Opportunity: With rising environmental concerns and stringent emission norms, demand for eco-friendly mobility solutions is on the rise. This provides a massive market opportunity for electric scooters in the coming years. Furthermore, advancements in battery technologies are expected to increase vehicle range and reduce charging times.

Threats: Traditional gasoline-powered scooters/motorcycles are already well-established with massive production scale and a well-developed sales and service network. This poses strong competition for electric scooters. Stringent safety and quality regulations also increase compliance costs for manufacturers.

Key Takeaways
Global Electric Scooter Market Size is expected to witness high growth. Factors such as growing environmental concerns, strict emission norms and advancements in battery technologies are driving demand.

Regional analysis related content comprises China has emerged as both the largest producer and consumer of electric scooters globally, supported by the Chinese government's initiatives to lower vehicle emissions. India is also witnessing rising sales on the back of growing usage of rented shared two-wheelers for last-mile connectivity in cities.

Key players operating in the Electric Scooter market are Accenture plc, Hewlett-Packard Company, BAE Systems plc, Tata Consultancy Services Limited, Fujitsu Limited, Lockheed Martin Corporation, Infosys Technologies Limited, Oracle Corporation, Harris Corporation, and IBM Corporation. The market is fragmented in nature with large players focused on expanding production capacity and product development.

 

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