Electric Scooter Market Global Forecast by Country, Product (Folding, Retro, Standing/Self Balancing), Battery Type, Company Analysis
Electric scooters also called electric-powered two-wheelers. A battery pack and a motor are installed to store and transform the electricity. It is a seemingly fun and environmentally friendly option for the short journey. Governments worldwide have formulated several policies to increase the penetration of electric scooters by offering various advantages for consumers and manufacturers in the form of subsidies. In 2017, the United States the Corporate Average Fuel Economic (CAFÉ) standards were increasing the adoption of energy-efficient automobiles by framing regulations to enhance the utilization of alternative fuel vehicles and reduce fossil fuel consumption. According to the research Global Electric Scooter Market is expected to reach US$ 34.2 Billion by 2026.
Around the globe, some of the most significant factors driving the global electric scooter business are climate change and increasing prices of petroleum products. Consumers from emerging countries are already affected by the increased cost of petrol. Easy incorporation of high mechanical efficiency, regenerative braking, low noise levels, and relatively economical maintenance costs are crucial factors providing battery-powered vehicles with an edge over traditional variants with internal combustion engines (ICE).
The electric scooter market is growing in developed and developing countries. Due to the developments in battery technologies are one of the key trends that will gain traction in the electric-scooters market globally. The lithium-ion battery will continue to be the important factor of the electric scooter market. The improvements in Li-ion batteries, electric scooters have made them light in weight and increased their lifespan compared to lead-acid and valve-regulated lead-acid (VRLA) batteries. Electric Scooter Industry World over was US$ 20.9 Billion in 2020.
As per our Report, by-product, the retro segment dominates the electric scooter market due to the shift toward green vehicles for commuting over short distances. This move has served to reduce overall commuting costs for consumers over the world. As per this research study, Global E-scooter Market will grow with a CAGR of 8.55% during 2020-2026.
The Globally United States is slated to witness witnessing a steep growth in the entry of international electric scooter manufacturers. Vendors active in the United States focus on launching multiple variants of electric scooters to attract the young population. In addition, governments worldwide are keen to curb the pollution levels by enforcing stringent emission norms, extra tax on new vehicle purchase, and special concessions on the purchase of electric scooters to consumers and manufacturers.
COVID-19 Impacts on E- Scooter Industry
The current pandemic has resulted in the overall shutdown, restrictions across the countries. These have impacted the temporary shutdown of manufacturing industries and other business, and at the same time, this has negatively impacted the sales of e-scooters globally. Due to this, manufacturing company, are now focusing on reducing operational costs.
Companies Working in Electric Scooter Space Players such as Energica Motor Company, Niu Technologies, Vmoto Limited, Yadea Group Holdings Ltd and KTM Group are focused on launching last-mile e-scooter rental services in different countries and cities with a joint venture strategy to expand their industry footprint across the world.
The report titled “Electric Scooter Market Global Forecast by Country (China, India, Japan, Germany, United States, United Kingdom, Spain, France, Russia, Italy, Poland, Others), Product (Folding, Retro, Standing/Self Balancing), Battery Type (Lithium-ion (Li-Ion), Sealed Lead Acid (SLA), Nickel-metal hydride (NiMH), Others), Company (Vmoto Limited, Energica Motor Company, Niu Technologies, Yadea Group Holdings Ltd, KTM Group)" provides a detailed analysis of Electric Scooter Industry.
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