The electric scooter market is estimated to be worth US$ 10.4 billion in 2023 and is projected to be valued at US$ 24.8 billion by 2033. Between 2023 and 2033, the market is expected to register a CAGR of 9.1%. The electric scooter market is expected to grow due to the implementation of government regulations to promote the adoption of electric bikes and consumer preference for using e-bikes as an eco-friendly.
The increasing adoption of electric scooters with lighter weight and more excellent battery life is expected to generate profitable revenue during the forecast period friendly efficient commute solutions. The increased consumer awareness and rising demand for environmentally friendly forms of transportation are expected to boost the market growth during the forecast period.
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Growing environmental awareness and concerns about air pollution and carbon emissions have led to the adoption electric vehicles. Electric scooters produce zero emissions, making them an eco-friendly alternative to gasoline-powered vehicles. Advances in battery technology have increased the range and performance of electric scooters. Lithium-ion batteries have become more affordable and efficient, leading to longer-lasting and faster-charging scooters.
Key Takeaways
From 2018 to 2022, the electric scooter market demand expanded at a CAGR of 7.1%
Based on product type, the maxi electric scooter segment is expected to account for a CAGR of 9.0% during the forecast period.
Global electric scooter demand in the United Kingdom is predicted to account for a CAGR of 8.9% through 2033.
In the United States, the market is expected to account for a CAGR of 9.0 % between 2023 and 2033.
China is projected to expand by a value CAGR of 8.7% between 2023 and 2033.
By 2033, the electric scooter market in India is anticipated to record a CAGR of 8.5% during the forecast period.
“The increasing awareness of environmental issues, urbanization, and the need for affordable and efficient mobility solutions is anticipated to drive the market growth during the forecast period," - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Read more: https://www.futuremarketinsights.com/reports/electric-scooters-market
Competitive Landscape
Leading electric scooter manufacturers increasingly focus on expanding their product offerings to strengthen their customer base. They are adopting growth strategies such as new product launches, partnerships, acquisitions, mergers, collaborations, etc. They expand their global footprint and gain a competitive edge in the market by following these strategies.
Several industry participants in the global electric scooter market also concentrate on providing their customers with interchangeable battery technologies for a more extended range.
- In December 2021, with an investment of Rs 300 crore, Bajaj Auto Ltd. revealed that it will establish an electric vehicle production facility in Akurdi, Pune. The factory, on which work has already started, will be able to produce 5,000 EVs annually and will serve both domestic and international markets.
- In August 2021, in India, Ola introduced the Ola S1 series, the company's first e-scooter. The Ola S1 and Ola S1 Pro models of the electric scooter were released.
- In August 2020, with a top speed of 25 km/h, Okinawa Autotech unveiled the R30, a new electric scooter that falls into the low-speed category.
