Electric Scooter Market to Reach $408.1 Billion by 2031 - Driven by Growing Localization of Electric Scooter Production in Emerging Economies and Increasing Consumer Preference for Electric Two-Wheelers - Exclusive Report by Meticulous Research®

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The growth of the electric scooter market is driven by the growing localization of electric scooter production in emerging economies, increasing consumer preference for electric two-wheelers over internal combustion engine (ICE) models, and the rising shift in developed economies toward electric-powered two-wheelers. However, increasing reliability concerns among consumers, stemming from a rise in accidents involving electric two-wheelers and insufficient investment by traditional two-wheeler manufacturers in electric scooter development, restrain the growth of this market.

The rise in government initiatives to mitigate traffic congestion and pollution is expected to generate market growth opportunities. On the other hand, a lack of charging infrastructure poses a major challenge for the market's growth.

INCREASING LOCALIZATION OF ELECTRIC SCOOTER MANUFACTURING IN EMERGING ECONOMIES

The increasing traffic congestion and long commutes are driving commuters to seek more convenient, time-efficient, and cost-effective transportation options. Micro-mobility solutions, which are ideal for short distances and specific speed ranges, include bicycles, skateboards, e-bikes, scooters, skates, and small electric vehicles powered by rechargeable batteries. As micro-mobility gains traction, the industry has introduced vehicle-sharing alternatives. The scooter-sharing system, launched in 2018, allows users to access electric scooters for short-term use without the need for ownership. These dockless scooters, which do not have designated parking spots, can be located via an e-scooter application.

These scooters, which are now available in more than 100 cities worldwide, have been flooding streets since the introduction in recent years of sharing schemes similar to the cycle hire projects. There are, for example, more than 15,000 scooters available for hire on the streets of Paris. The vehicles are also growing in popularity due to their low environmental impact compared with other modes of transport. By 2023, electric two-wheelers will make up 8% of all two-wheelers on the road. Currently, this number stands at 2.5%. The monthly installs of e-scooter sharing apps like Bird and Lime increased by 580% during 2018-2019. This number will continue to increase as e-scooter-sharing services continue to gain popularity. The e-scooter revenue is anticipated to rise by 21% By 2023, as major developments and surges are expected in North America, Europe, and Latin America. Europe was quick to grab the e-scooter trend.

Electric Scooter Market Analysis: Key Findings

• By Vehicle Type: In terms of value, in 2024, the e-kick Scooter & bikes segment is expected to account for the largest share of 47.0% of the electric scooter market. However, the electric motorcycles segment is expected to register the highest CAGR during the forecast period from 2024 to 2031.
• By Power Output: In terms of value, in 2024, the less than 3.6 kW segment is expected to account for the largest share of 63.3% of the electric scooter market. However, the 3.6 kW to 7.2 kW segment is anticipated to register the highest CAGR of 30.4% during the forecast period from 2024 to 2031.
• By Battery Technology: In terms of value, in 2024, the lithium-ion battery segment is expected to account for the largest share of the electric scooter market. However, the lithium-ion polymer segment is estimated to register the highest CAGR during the forecast period from 2024 to 2031.
• By Motor Type: In terms of value, in 2024, the hub motors segment is expected to account for the larger share of the electric scooter market. However, the hub motors segment is projected to register a higher CAGR during the forecast period from 2024 to 2031.
• By Charging Type: In terms of value, in 2024, the connector charging segment is expected to account for the larger share of the electric scooter market. However, the wireless charging segment is poised to register a higher CAGR of 41.2% during the forecast period from 2024 to 2031.
• By End User: In terms of value, in 2024, the business organizations segment is expected to account for the largest share of 41.0% of the electric scooter market and register the highest CAGR during the forecast period from 2024 to 2031.

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Geographic Analysis:

By geography, the electric scooter market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In terms of value, in 2024, Asia-Pacific is expected to account for the largest share of 81.5% of the market.

Asia-Pacific's dominant position in the electric scooter market is attributed to several factors, including rising incomes in developing countries, rising fuel prices, traffic congestion, and pollution. These factors are fueling the demand for cost-effective and eco-friendly transportation options, such as electric scooters. Governments across various countries in the region are implementing initiatives to encourage the adoption of electric vehicles, while industry players are investing in charging infrastructure and introducing e-scooters to cater to the increasing demand. Moreover, rising consumer interest in electric vehicles, driven by tax incentives, further supports market growth in this region.

Asia-Pacific is a leading market for electric scooters, driven by technological advancements, rising demand for electric vehicles, government initiatives aimed at reducing carbon emissions, and the development of charging infrastructure. Companies are innovating with new product offerings and expanding charging networks. Moreover, increasing consumer interest in EVs, fueled by tax incentives, is further stimulating market growth in this region. Developing economies have established targets to boost EV sales, prompting manufacturers, vendors, and other stakeholders to refine their marketing strategies and enhance sales efforts.

North America: The Fastest-growing Regional Market

The electric scooter market in North America is projected to register the highest CAGR of 50.1 % during the forecast period. In terms of value, in 2024, the U.S. is expected to account for the major share of 53.0% of the electric scooter market in North America. The growth of this regional market can be attributed to several factors, including accelerated urbanization, increased environmental awareness, and the growing demand for adaptable and sustainable transportation solutions. Urban centers across the U.S. and Canada have adopted electric scooters as an effective remedy for traffic congestion and last-mile transportation challenges. In the U.S., the automotive sector is focused on innovation, technological advancement, and the development of sophisticated electric vehicles. The rising imperative to cut carbon emissions, the demand for advanced and rapid-charging infrastructure, and the growing shift of mass-premium consumers from gasoline and internal-combustion-engine vehicles to electric vehicles are anticipated to drive the growth of the electric vehicle market.

Italy Continues to Dominate the Electric Scooter Market in Europe

In 2024, Italy is expected to account for the largest share of the electric scooter market in Europe. Leading players in Italy are increasingly investing in electric scooter development. For instance, in March 2020, Helbiz introduced the country's inaugural fleet of electric scooters in Rome. This initiative added 1,000 e-scooters to Helbiz's existing fleet of 2,500 e-bikes, enhancing sustainable transportation options. Additionally, to support this shift, ElectReon Wireless, an Israeli company, has developed technology enabling electric vehicle batteries to recharge while in motion via a specialized electrified road. The company is implementing this technology by embedding copper coils under asphalt to facilitate wireless energy transfer.

Furthermore, the Italian government is actively promoting the adoption of electric scooters. In July 2020, Italy announced a goal to have 1 million electric vehicles on the roads by 2022, with a transition cost estimated at approximately EUR 10 billion. To support this shift, government incentives are offered at around USD 10,000 per vehicle. In addition, Italy has committed to banning diesel vehicles by 2024. Despite the challenges posed by the COVID-19 pandemic, 32,000 fully electric cars were sold in Italy in 2020, with the Renault Zoe leading in registrations at 5,470 units, driven by various incentive programs and subsidies. These measures have significantly boosted the electric vehicle market in Italy.

Electric Scooter Market: Competition Analysis

This report offers a competitive analysis based on an extensive assessment of the leading players' product portfolios, geographic presence, and key growth strategies adopted over the past three to four years. Major companies in the electric scooter market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by most companies in the electric scooter market were product launches, expansions, mergers & acquisitions, agreements, collaborations, and partnerships. The key players operating in the electric scooter market include Fuji-Ta Bicycle Co., Ltd. (China), Trek Bicycle Corporation (U.S.), Yamaha Motor Co., Ltd. (Japan), Yadea Group Holdings Ltd. (China), Riese & Müller GmbH (Germany), Leon Cycles (Germany), Niu Technologies (China), Walberg Urban Electrics GmbH (Germany), myStromer AG (Switzerland), Magnum Bikes (U.S.), Pedego Electric Bikes (U.S.), Aventon Bikes (U.S.), Govecs AG (Germany), Zhejiang Minimotors Bike Co Ltd (China), Zero Motorcycle Inc. (U.S.), Gogoro Inc. (Taiwan), Ather Energy Pvt. Ltd (India), Energica Motor Company (Italy), Revolt Motors (India), Hero MotoCorp Ltd. (India), and Rad Power Bikes Inc. (U.S.).

Electric Scooter Industry Overview: Latest Developments from Key Industry Players

• In April 2024, Greaves Electric Mobility Private Limited (India) launched the first high-performance family electric scooter, the Ampere Nexus. Ampere Nexus is entirely designed, developed, and manufactured in India and features multiple first-ever innovations and class-leading specifications.
• In August 2023, Gogoro Inc. (Taiwan) partnered with Swiggy (India) to provide access to Gogoro Smartscooter. Battery swapping is essential in successfully transforming India's urban fleets to electric.
• In January 2023, BUGATTI Automobiles S.A.S. (France) launched a premium version of its revolutionary electric scooter design in a mobile transformation. The Bugatti premium electric scooter has been updated with more modern conveniences and achieves an even greater experience for the average operator than previously designed.
• In May 2022, TVS Motor Company (India) launched the TVS iQube Electric scooter in three avatars that come loaded with a best-in-class on-road range of 140 km on a single charge. They offer a host of intelligent connected features such as a 7" TFT touchscreen and clean UI, infinity theme personalization, voice assist and TVS iQube Alexa skillset, intuitive music player control, OTA updates, fast charging with a plug-and-play carry-along charger, vehicle health, and safety notifications, multiple Bluetooth and Cloud Connectivity options, and 32-liter storage space.
• In February 2021, Riese & Müller GmbH (Germany) extended their administrative and production building in Mühltal near Darmstadt, with a new building for a number of different departments, from new production units to administrative offices.
• In February 2021, Aventon Bikes (U.S.) announced two modifications in their e-bikes: throttle function and modifications to pedal assist levels 1 and 2 for smoother acceleration.
• In February 2021, Rad Power Bikes Inc. (U.S.) announced an investment of USD 150 million from Morgan Stanley Distribution, Inc. (U.S.) and Fidelity Management & Research Company (U.S.) to extend its market leadership, drive innovation, and scale retail and service offerings.
• In June 2021, Gogoro Inc. (Taiwan) signed a partnership with Foxconn, the world's largest electronics manufacturer, to accelerate the expansion of Gogoro's Battery Swapping System and Smartscooter. This partnership will accelerate Gogoro's global expansion by utilizing Foxconn's world-leading manufacturing capabilities to introduce new levels of manufacturing capabilities and scale for Gogoro battery swapping technologies and Smartscooter.
• In April 2021, Hero MotoCorp Ltd. (India) launched the new Hero Electric Nyx, which has a range of 100 km/charge, is high in style, and has low maintenance costs.

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Scope of the Report:

Electric Scooter Market Assessment—by Vehicle Type

• E-Kick Scooter & Bikes
• Electric Motorcycles
• Electric Mopeds

Electric Scooter Market Assessment—by Power Output

• Less Than 3.6 kW
• 3.6 Kw to 7.2 kW
• 20 Kw to 100 kW

Electric Scooter Market Assessment—by Battery Technology

• Less Than 3.6 kW
• 3.6 Kw to 7.2 kW
• 20 Kw to 100 kW

Electric Scooter Market Assessment—by Motor Type

• Hub Motors
  • Gearless Hub Motors
  • Geared Hub Motors
• Mid-Drive Motors

Electric Scooter Market Assessment—by Charging Type

• Connector Charging
• Wireless Charging

Electric Scooter Market Assessment—by End User

• Business Organizations
• Micromobility Service Providers
• Individuals
• Academic Institutes/Universities
• Government Institutions
• Other End Users

Electric Scooter Market Assessment—by Geography

• Asia-Pacific
  • China
  • India
  • Thailand
  • Japan
  • South Korea
  • Singapore
  • Rest of Asia-Pacific
• Europe
  • Germany
  • France
  • Netherlands
  • Italy
  • Spain
  • U.K.
  • Switzerland
  • Sweden
  • Norway
  • Denmark
  • Rest of Europe
• North America
  • U.S.
  • Canada
• Latin America
• Middle East & Africa

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Electric Scooter Market Report Summary -

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