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E-Scooters Market Business Revenue, Future Scope, Trends, Key Players And Forecast To 2023

Summary

Global E-Scooters Market Research Report: Information By Battery Type (Sealed Lead Acid, Li-Ion, Ni-MH), by Technology (Plug-In, Battery Operated), by Voltage (36V, 24V, 48V, More than 48V), by E-Scooter Type, by Category, and Regions –Forecast till 2023

E-Scooters Market Overview

E-Scooters (Electric scooters) are garnering huge popularity, worldwide. Urbanites around the world hop-on rented e-scooters as an increasingly popular option for the “last mile” of commutes, short distance commute, or for neighborhood mobility. Minimal infrastructure and storage requirements of e-scooters make them an easily scalable clean mobility option.

Operating costs in an e-scooter are relatively lesser, and it offers excellent performance compared to the conventional ICE vehicles. These vehicles, due to their simplistic design, have low maintenance costs. They save costs related to fuel, spark plug change, and oil filter replacements characteristics. Switching from cars to e-scooters would reduce congestion by 40 %, helping to tackle the largest source of air pollution.

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Although still in its nascent stage, e-scooters are gaining quite an attention, and its market is garnering substantial prominence, globally. Due to the increasing pressure to reduce the carbon footprint across the globe, e-mobility has become an eco-friendly alternative to commute short distances.

Acknowledging the market prominence, this market is garnering currently, Market Research Future (MRFR), on its recently published study report asserts that the global e-scooters market would grow feverishly by 2023, posting a significant CAGR throughout the forecast period (2017 – 2023). New government targets for the introduction of e-mobility are acting as a key driving force for the growth of the market.

Segments

For a better understanding of the report, the market is segmented into six key dynamics:

By Battery Type                : Sealed Lead Acid, Li-Ion, and Ni-MH, among others.

By Technology  : Plug-in and Battery Operated.

By Voltage                          : 36V, 24V, 48V, and More than 48V

By E-Scooter Type           : Retro, Standing/Self-balancing, and Folding.

By Category                        : L1e (light two-wheel powered vehicle) and L3e (two-wheeler motorcycle).

By Regions              :  Asia Pacific, North America, Europe, and Rest-of-the-World.

Regional Analysis

North America dominates the global e-scooters market owing to the presence of various key manufacturers and rapid adoption of these vehicles, especially in the US. Growing demand for sustainable, compact motors with low operating cost and the large production units of e-bikes foster the growth of the market in the region. 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 consumer’s 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 commutes or mobility. Recently, on June 17, 2019-07-0, New York lawmakers legalized electric scooter and bike sharing services throughout the state, and a Senate bill has already come into effect. Washington, DC, is one of the first US cities to allow e-scooters services. Nearly 1 in 6 residents in DC used e-scooters in the past year, including 6 % of users who used them at least a few times a week.

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 resultantly, e-scooter sales are increasing in Europe. Owing to the strict government regulations to control Co2 emissions and favorable incentives policies that encourage the adoption of e-scooters, the region is expected to grow at a substantial CAGR from 2017 to 2023.

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 a large number of two-wheeler users. Moreover, the growth in vehicle charging infrastructures in emerging countries such as China and Taiwan are increasing the size of the market.

China and Taiwan are considered, as a home for e-scooters manufacturing in Asia, whereas, India’s e-scooters market is continually rising due to the immense focus on the EV industry by the Modi Government. E-scooters manufacturers from the US, Spain, and Germany are looking forward to localizing e-scooters and battery packs in India. In the APAC, there is a strong push for New Energy Vehicles (NEVs) to cut down on pollution in urban areas.

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. High growth potential demonstrated by the market attracts several new entrants; even this is anticipated to augment the already competitive nature of the market.

Major Players

Players leading the global e-scooters market include Vmoto Limited (Australia), Gogoro Inc. (Taiwan), Terra Motors Corporation (Japan), Amego Electric Vehicles Inc. (Canada),  Jiangsu Xinri Electric Vehicle Co. Ltd. (China), NYCeWheels (US), Ampere Vehicles Pvt. Ltd. (India), GOVECS GmbH (Germany), Hero Electric Vehicles Pvt. Ltd. (India), Kumpan Electric (Germany), Mahindra GenZe (US), Ather Energy (India), and Torrot Group (Spain), among others.

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