Electric Scooters Market: Global Industry Analysis and Opportunity Assessment 2017-2027 Research Report By Future Market Insights
Electric scooters are electricity powered scooters that run on rechargeable batteries and distinct from motorcycles in terms of having step-through frame. Traditionally, vehicles with step-through frame is preferred for females owing to the advantages such as light weight and high comfort. After the introduction of electric scooters into the market, the scenario has changed. Now electric scooters, which are equipped with most modern features are widely preferred by both men and women alike. Electric scooters market is estimated to grow at a stable rate owing to the factors such as silent operation, incentives & subsidies from the government, better efficiency, environmental friendly, and lightweight than the conventional vehicles.
The electric scooters industry is undergoing high technological advancements and innovations, one of them being the transition in battery technologies. These technological advancements and innovative equipment will spur the global electric scooters market and eliminate growth restraints such as range anxiety, the higher cost when compared to conventional vehicles and less developed charging stations. Though a few early electric scooters used nickel-metal hybrid batteries, majority electric scooters of present are powered by lithium-ion rechargeable batteries. Over the past few years, the electric scooters market has witnessed the entry of many large OEMs into the dome.
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North America and Europe are expected to grow at a steady pace over the forecast period, due to the government initiatives. Additionally, Asia Pacific region is estimated to grow rapidly over the forecast period, owing to various factors such as favourable demographics, rising standard of living, ongoing development in urban & rural areas and improvement in road infrastructure.
Global Electric Scooters Market: Dynamics
A key growth driver for electric scooters is the zero/low tailpipe emission, which makes the electric scooters eco-friendly. Tailpipe emission is a major concern associated with internal combustion engine vehicles.
Rise in fuel prices and low noise operation of electric scooters are estimated to fuel the growth of global electric scooters market. The growth in the transportation sector has severely depleted the non-renewable petroleum reserves causing the fuel prices to rise. This rise will be exponential during the upcoming years as crude oil reserves will be reduced leading to higher demand, paving a way for the growth of vehicles running on alternate sources of energy.
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One of the significant restraints associated with electric scooters market is less developed charging station infrastructures. In the United States, only around 32,000 charging ports are available from 12,700 charging stations in the road network, while the sales of Plug-In Hybrid and all electric vehicles in the country was around 150,000 units in 2015 alone.
The relatively higher cost than conventional vehicles and range anxiety also act as growth restraints in the global electric scooters market.
Global Electric Scooters Market: Segmentation
Global electric scooters market can be segmented on the basis of technology as follows:
- Hybrid Electric Vehicles
- Plug-In Hybrid Electric Vehicles
- Battery Electric Vehicles
Global electric scooters market can be segmented on the basis of power source as follows:
- Stored Electricity
- On Board Electric Generator
Global Electric Scooters Market: Regional Outlook
On the basis of region, Asia Pacific is expected to be the growth engine of the electric scooters market over the forecast period. The key countries mentioned in the Asia-Pacific region are China, ASEAN and India as an outcome of steady gross domestic product (GDP) growth, a favourable demographic profile i.e., a younger population and an underdeveloped public transport system. The North America, Japan and Europe are expected to grow at a steady rate over the forecast period.
Global Electric Scooters: Market Participants
Examples of some of the market participants in the global electric scooters market identified are:
- Gogoro Inc.
- Mahindra GenZe
- Jiangsu Xinri E-Vehicle Co.,Ltd.
- BMW Motorrad International
- Yamaha Motor Co., Ltd.
- Honda Motor Co., Ltd.
- Vmoto Limited
- Hero Electric
- Yadea Technology Group Co., Ltd.
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