Electric Scooter and Battery Market Overview
The Global Electric Scooter and Battery Market are expected to be valued at 72,621.1 thousand units by 2025, with a CAGR of 17.93% during the forecast period (2019–2025).
The report covers segmentation and drivers for a better glimpse of the market in the coming years. Electric scooters are two or three-wheeled vehicles that run on rechargeable batteries. This power is stored in a rechargeable battery, which drives the functioning of electric motors. There are three types of electric scooters – retro, self-balancing, and folding. These scooters are used for both, commercial and recreational purposes.
The global market is mainly driven due to the increase in demand for electric scooters, strategic initiatives by major players, and the demand for electric scooters among tourists. However, the high prices of electric scooters and underdeveloped charging infrastructure and poor aftermarket services are expected to hamper the growth of the global electric scooter and battery market during the forecast period.
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Competitive Analysis
Some of the prominent players in the global electric scooter and battery market are Greenwit Technologies, Vmoto Limited, GOVECS AG, TAIZHOU UGBEST EV CO., LTD, PIAGGIO & C.SPA, ZNEN MOTOR, Wuxi YADEA Export-Import Co., Ltd, Jiangsu Xinri E-Vehicle Co., Ltd (SUNRA), ZNEN MOTOR; BMW AG, Honda Motor Co., Ltd., Mahindra & Mahindra Ltd, Terra Motors Corporation, Yamaha Motor Co. Ltd., BOXX Corp., and Gogoro Inc.
BMW AG focuses on vehicle electrification by reducing fuel consumption and vehicle emissions with the development of highly efficient combustion engines, electrification of drivetrains, intelligent lightweight construction, and coordinated energy management in vehicles. It has been increasing investments in improving the technology for electric vehicles to enhance the driving experience. Furthermore, it focuses on new product development as a strategy to provide a wide variety of products to its customers and expand its presence in untapped regions and generate revenue. For instance, BMW AG introduced a new electric scooter – X2City.
Jiangsu Xinri E-Vehicle Co., Ltd plans to increase collaborations and partnerships with global renowned exporters and distributors, across Asia-Pacific and Europe. It focuses on extending its partnership agreements in China with government-oriented companies and departments to increase its sales and enhance its R&D capabilities. Furthermore, it strategizes to incorporate a lean and flexible business model in its business operation in China and other countries in the region to strengthen its regional presence in the electric scooter market.
Electric Scooter and Battery Market Segmental Analysis
The global electric scooter and battery market is segmented based on type, product, voltage, and travel range. On the basis of type, the global electric scooter market has been segmented into- plug-in and battery-based. On the basis of product, the global electric scooter market in this report has been segmented into– retro, self-balancing, and folding. On the basis of voltage, the global electric scooter market in this report has been segmented into– 24V, 36V, 48V, and more than 48V. On the basis of travel range, the global electric scooter market in this report has been segmented into– up to 20 km, 20 km–40 km, and more than 40 km.
On the basis of type, in 2018, the battery-based electric scooter segment held the larger market share owing to the increase in sales of electric scooters in recent years. It is expected to maintain its position in the global market during the forecast period.
On the basis of product, the retro segment accounted for the largest market share as retro electric scooters provide users a longer driving range. A self-balancing electric scooter is a two-wheel scooter that is designed and manufactured for residential and commercial applications. Both young and geriatric individuals can use standing/self-balancing scooters. Hence, a self-balancing electric scooter is projected to grow at the highest CAGR during the forecast period.
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On the basis of voltage, in 2018, the more than 48V segment held the largest market share owing to the increase in demand for a higher driving range with reduced charging periods and a higher weight carrying capacity. The 48V battery is used in retro and self-balancing electric scooters. The demand for high-speed electric scooters is increasing owing to the growing battery capacity and reduced weight of the batteries, which are expected to fuel the growth of the global electric scooter market, further.
On the basis of travel range, in 2018, the more than 40 km segment held the largest market share owing to the increase in demand for a higher driving range with reduced charging and growing demand for retro type electric scooters. The more than 40 km (more than 25 miles) segment primarily found in retro type electric scooters. Such electric scooters are widely used in long-run outdoor applications, such as downtown trips and commuting to workplaces.
Regional Analysis
Geographic analysis of the global electric scooter and battery market spans across North America, Europe, Asia Pacific (APAC), and rest of the world (RoW).
In 2018, Asia–Pacific was the leading market with a market volume of 11,818.8 thousand units. The regional market volume is expected to reach 38,398.8 thousand units by 2025 with an impressive 18.45% CAGR during the forecast period.
Europe is expected to witness the highest growth in the global electric scooter market, owing to the new emission standards introduced by the government. The government is heavily investing in the installation of more charging stations in public areas, such as parking areas, malls, and gas stations. Additionally, the tourism industry in the country is growing at a steady pace, which is why premium hotels are installing the electric mobility charging stations in their surroundings, owing to the increasing use of electric scooters. Furthermore, in 2019, the government introduced incentives related to EVs, which accounts for nearly thirty percent off the list price of the vehicle for every purchase of the EVs, is expected to boost the employment of electric scooters among consumers.
North America is is expected to witness significant growth in the electric scooter market. The increased demand for electric scooter and battery in the region can be attributed to factors, such as the government’s initiatives toward the adoption of all-electric vehicles for mobility. The regional electric scooter and battery market is expected to be valued at 11,690.5 thousand units by 2025 at a CAGR of 15.34% during the forecast period.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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