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Key Emerging Trends in the E-Scooters Market
The government in has been actively promoting the widespread adoption of electric vehicles (EVs) as part of its commitment to reducing air and carbon pollution. To encourage this shift, the government offers substantial purchase subsidies for electric scooters and imposes restrictions on the use of gas-powered scooters in certain major cities, particularly on designated days. In a recent development reported by Dezan Shira & Associates, the Chinese government initially planned to conclude EV subsidies and tax benefits by 2022. However, in mid-2023, amid a slowdown in auto sales, the government decided to partially extend these support measures.
In June 2023, announced an extensive 520-billion-yuan (US$72.3 billion) tax incentive package over four years, focusing on electric vehicles and environmentally friendly automobiles. According to the Ministry of Finance, the extended program provides a complete exemption from purchase tax for New Energy Vehicles (NEVs) purchased between 2024 and 2025, amounting to a maximum of RMB30,000 (US$4,170) per vehicle. However, from 2026 to 2027, the exemption will reduce by half and be capped at RMB15,000 (US$2,078). These generous government subsidies and tax incentives are expected to play a significant role in boosting demand for electric scooters and other EVs in China's rapidly growing urban areas, thereby supporting the expansion of the electric scooter market.
In addition to financial incentives, the government establishes standards and requirements for electric vehicle manufacturers. Through a combination of substantial financial support and supportive regulations, the government has made electric scooters an appealing and viable option for consumers. This robust government backing emerges as a key driver propelling the remarkable growth observed in electric scooter market. The proactive measures taken by the government underscore its commitment to fostering a sustainable and eco-friendly transportation ecosystem within the country.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Increasing awareness regarding electric vehicles across the world |
| Market Dynamics | Reducing cost of electric scooters and motorcycles Supportive government initiatives |
E-Scooters Market Highlights:
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