Strong Push for NEVs to cut Pollution Levels in Urban Areas Drives the E-Scooters Market
Government targets for the introduction of e-mobility are key driving forces behind the e-scooters market growth. Market Research Future (MRFR) asserts that the global e-scooters market will achieve notable growth by 2030, growing approximately at a 7% CAGR during the forecast period (2022 – 2030). Improvements in Li-ion batteries and the rising demand for lightweight e-scooters with increased lifespan boost market shares.
The global e-scooters market is garnering substantial revenues. The increasing pressure to reduce carbon footprint globally promotes e-mobility as an eco-friendly alternative to commuting short distances. Moreover, increasing fuel costs and maintenance of fuel-powered vehicles are escalating the market on the global platform. Developments in battery technologies and declining battery costs bolster the market size.
Top Players leading the global e-scooters market include,
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Factors such as decent growth in the renewable sector and increasing focus on product development with technological advancements are expected to impact industry growth positively. The development of newer battery technologies with a longer life is resulting in continuous research & development, which would push the e-scooters market further.
E-Scooters (Electric scooters) are garnering huge popularity worldwide. They have become more popular among urbanites for the last mile of commutes or neighborhood mobility. E-scooters require minimal infrastructure and storage, which makes them an easily scalable clean mobility option. Operating costs in an e-scooter are relatively lesser, and they offer excellent performance compared to conventional ICE vehicles.
Although still in their nascent stage, e-scooters are gaining much attention. These vehicles, due to their simplistic design, have low maintenance costs. They save costs related to fuel, spark plug change, and oil filter replacement characteristics. Switching from fossil fuel vehicles to e-scooters helps reduce congestion on roads by 40 % and tackle the largest source of air pollution.
E-Scooters Market Segments
The e-scooters market is segmented into e-scooter types, battery types, voltage, categories, and regions. The e-scooter type segment is sub-segmented into retro, standing/self-balancing, and folding. The battery type segment is sub-segmented into sealed lead acid, Li-ion, and others. The voltage segment is sub-segmented into 36V, 24V, 48V, and more than 48V. The category segment is sub-segmented into L1e and L3e.
E-Scooters Market Regional Analysis
North America dominates the global e-scooters market owing to the presence of various key manufacturers and the rapid adoption of these vehicles, especially in the US. Growing demand for sustainable and compact motors, with low operating costs and the large production units of e-bikes in the region, fosters market growth.
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Continuously rising demand for traveling convenience over short distances and steadily dropping prices of batteries used in the e-scooters are fostering the growth of the e-scooters market in the region, drawing consumers’ attraction towards electric mobility. E-scooters are already popular in the US, where urbanites depend on rented e-scooters as a favorite option for the “last mile” of their commute or mobility.
The e-scooters market in the European region accounts for the second-largest market globally. E-bikes are one of the newest trends in ride-sharing services in the region. Moreover, the lesser operating cost associated with electric mobility attracts users, and e-scooter sales are increasing in Europe. Owing to the strict government regulations to control Co2 emissions and favorable incentives policies encourage the adoption of e-scooters.
The Asia Pacific e-scooters market has rapidly emerged as another lucrative market globally. Developing countries such as Japan, China, India, and other Asian countries such as Taiwan, Singapore, and others have many two-wheeler users. Moreover, the growth in vehicle charging infrastructures in emerging countries such as China and Taiwan is increasing the market size.
E-Scooters Market Competitive Landscape
Highly competitive, the e-scooters market appears to be well-established due to the presence of several notable players. Players incorporate strategic initiatives such as acquisition, partnership, product launch, and expansion to gain a competitive advantage in this market.
Key players focus on product innovation and new manufacturing processes. This would result in intensifying the competition in the market. The high growth potential demonstrated by the market attracts several new entrants; even this is anticipated to augment the already competitive nature of the market.
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For instance, on Sep.13, 2022, Honda Motor Co., Ltd. (Japan) revealed its plans to foray into the electric 2-wheeler segment and launch an e-scooter – the Activa Electric for the Indian market. The bike maker has lined-up two e-scooters for the Asian, European, and Japanese markets. Honda will introduce 10 new products, including electric scooters and flex-fuel bikes, by 2030.
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