Electric Scooters Market to Surpass USD 68.29 Billion by 2030 on Account of Rising Urbanization and Traffic Congestion Coupled with Government Initiatives | By SNS Insider

As per SNS Insider’s research, the electric scooters market is experiencing robust growth, fueled by a convergence of environmental awareness, technological advancements, government support, urbanization trends, and economic considerations.

Pune, Feb. 02, 2024 (GLOBE NEWSWIRE) — The Electric Scooters Market, as per the SNS Insider report, achieved a valuation of USD 32.80 billion in 2022 and is projected to attain USD 68.29 billion by 2030, experiencing a compound annual growth rate (CAGR) of 9.6% from 2023 to 2030.

Market Overview

Electric scooters have emerged as a revolutionary and eco-friendly mode of personal transportation, reshaping urban mobility and garnering widespread attention in recent years. As the world seeks sustainable alternatives to traditional vehicles, electric scooters have positioned themselves as a promising solution.

Market Analysis

One of the primary catalysts behind the surging demand for electric scooters is the increasing global consciousness regarding environmental issues. As the adverse effects of fossil fuel consumption become more evident, individuals and governments alike are seeking sustainable transportation alternatives. Electric scooters, being emission-free and energy-efficient, align with the growing need for eco-friendly commuting options. The electric scooters market is witnessing rapid technological advancements, contributing to enhanced performance, safety, and user experience. Innovations such as improved battery efficiency, smart connectivity features, and lightweight materials are driving consumer interest. As technology continues to evolve, electric scooters are becoming more accessible, reliable, and user-friendly, further boosting their market penetration. The surge in global urbanization has led to increased traffic congestion in metropolitan areas. Electric scooters offer a convenient and agile solution for navigating through crowded city streets.

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Market Report Scope:

Report Attributes Details
Market Size in 2022 USD 32.80 billion
Market Size by 2030 USD 68.29 billion
CAGR CAGR of 9.6% by 2023-2030
Market Opportunity
  • The government initiatives for climate control
Market Segments
  • The rise in demand for electric scooters
Major Market Players Gogoro, BMW Motoradd international, BOXX Corp, Green energy Motors, AllCell Technologies, Greenwit technologies, Honda Motor, KTM AG, Mahindra GenZe, Jiangsu Xinri E-Vehicle and other key players.

Key Takeaway from Electric Scooters Market Study

  • In the Lithium Ion segment, technological advancements have propelled electric scooters to new heights of efficiency and sustainability. Lithium Ion batteries offer a higher energy density compared to traditional lead-acid batteries, providing electric scooters with an extended range and faster charging times.
  • The Belt Drive segment has emerged as a key player in enhancing the performance and efficiency of electric scooters. The traditional chain drive systems are gradually being replaced by belt drives due to their smoother operation, reduced maintenance requirements, and quieter performance. Belt drives offer a seamless riding experience by eliminating the need for lubrication and minimizing wear and tear.

Recent Developments

  • Hero MotoCorp, the renowned Indian two-wheeler manufacturer, is set to make waves in the European market with the introduction of its electric scooters. This ambitious venture aligns with the global push towards sustainable and eco-friendly transportation solutions, marking a significant step for Hero MotoCorp in diversifying its product portfolio.
  • In a significant milestone for Indonesia’s electric mobility sector, the joint venture between GoTo, a leading Indonesian tech company, and TBS, a prominent automotive manufacturer, has initiated the construction of a state-of-the-art electric scooter plant. This development underscores the growing importance of sustainable transportation solutions in emerging markets and positions the joint venture as a key player in the electric vehicle landscape.

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Market Dynamics Analysis

In the landscape of urban mobility, the electric scooters market has experienced a notable surge, driven by a confluence of factors that shape its dynamic ecosystem. Among the primary drivers propelling the growth of electric scooters is the increasing emphasis on sustainable and eco-friendly transportation solutions. With a rising global awareness of environmental concerns, consumers are actively seeking alternatives to traditional gasoline-powered vehicles, and electric scooters provide a convenient and emission-free mode of transportation. Moreover, the escalating traffic congestion in urban centers has spurred the adoption of compact and agile electric scooters as a viable solution for last-mile connectivity, enabling users to navigate through crowded streets with ease. The advent of innovative technologies, such as smart connectivity features and advanced battery systems, further enhances the appeal of electric scooters, contributing to their market momentum. On the flip side, however, the market grapples with certain restraints, most notably concerns regarding infrastructure inadequacies, including a lack of charging stations in urban areas.

Key Regional Developments

In North America, the electric scooters market is witnessing a surge in innovation and technological advancements. The region’s strong focus on sustainable practices, coupled with a robust infrastructure for electric vehicle adoption, has created a favorable environment for market growth. Europe stands out as a prominent player in the market, driven by the continent’s commitment to sustainable urban development. With an increasing number of European cities implementing stringent emission norms and congestion charges, electric scooters have emerged as an attractive alternative for short-distance commuting. The Asia-Pacific region is witnessing a massive surge in the adoption of electric scooters, fueled by rapid urbanization and the need for efficient, cost-effective transportation solutions.

Impact of Recession

The recession has undeniably altered consumer spending patterns, with a notable shift towards cost-effective and sustainable transportation options. Electric scooters, being environmentally friendly and economical, have witnessed a surge in demand. Despite the increased demand, the electric scooters market has not been immune to supply chain disruptions, a common consequence of economic recessions. Manufacturers have grappled with raw material shortages, transportation delays, and workforce challenges. These hurdles have led to a temporary slowdown in production, affecting both established companies and emerging players in the market.

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TABLE OF CONTENT

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 Impact of the Russia-Ukraine War

4.2 Impact of Ongoing Recession

4.2.1 Introduction

4.2.2 Impact on major economies

4.2.2.1 US

4.2.2.2 Canada

4.2.2.3 Germany

4.2.2.4 France

4.2.2.5 United Kingdom

4.2.2.6 China

4.2.2.7 Japan

4.2.2.8 South Korea

4.2.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Electric Scooters Market, By Battery  

8.1 Glass

8.2 Metal

8.3 Plastic

8.4 Paper & Paperboard

8.5 Others

9. Electric Scooters Market, By Drive Type

9.1 Cartons

9.2 Bottles

9.3 Jars & Containers

9.4 Boxes

9.5 Others

10. Electric Scooters Market, By End Use

10.1 Pharmaceutical

10.2 Food & Beverage

10.3 Personal Care

10.4 Others

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.5 USA

11.2.6 Canada

11.2.7 Mexico

11.3 Europe

11.3.1 Eastern Europe

11.3.1.5 Poland

11.3.1.6 Romania

11.3.1.7 Turkey

11.3.1.8 Rest of Eastern Europe

11.3.2 Western Europe

11.3.2.4 Germany

11.3.2.5 France

11.3.2.6 UK

11.3.2.7 Italy

11.3.2.8 Spain

11.3.2.9 Netherlands

11.3.2.10 Switzerland

11.3.2.11 Austria

11.3.2.12 Rest of Western Europe

11.4 Asia-Pacific

11.4.5 China

11.4.6 India

11.4.7 Japan

11.4.8 South Korea

11.4.9 Vietnam

11.4.10 Singapore

11.4.11 Australia

11.4.12 Rest of Asia-Pacific

11.5 Middle East & Africa

11.5.1 Middle East

11.5.1.5 UAE

11.5.1.6 Egypt

11.5.1.7 Saudi Arabia

11.5.1.8 Qatar

11.5.1.9 Rest of Middle East

11.5.2 Africa

11.5.2.5 Nigeria

11.5.2.6 South Africa

11.5.2.7 Rest of Africa

11.6 Latin America

11.6.5 Brazil

11.6.6 Argentina

11.6.7 Colombia

11.6.8 Rest of Latin America

12 Company Profile

12.1 BMW Motoradd international

12.1.1 Company Overview

12.1.2 Financial

12.1.3 Products/ Services Offered

12.1.4 SWOT Analysis

12.1.5 The SNS View

12.2 BOXX Corp

12.3 Gogoro

12.4 Green energy Motors

12.5 Greenwit Technologies

12.6 Honda Motor

12.7 KTM AG

12.8 Mahindra GenZe

12.9 AllCell Technologies

12.10 Jiangsu Xinri E-Vehicle

13. Competitive Landscape

13.1 Competitive Bench marking

13.2 Market Share Analysis

13.3 Recent Developments

13.3.1 Industry News

13.3.2 Company News

13.3.3 Mergers & Acquisitions

14. Use Case and Best Practices

15. Conclusion

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