ID: MRFR/AM/6643-CR | July 2019 | Region: Global | 133 pages
Global Electric Scooter and Battery Market in terms of value is estimated to register 17.93% CAGR during the forecast period. The global market for electric scooter and battery is proliferating due to the increase in demand for electric scooters, strategic initiatives by major players, and demand for electric scooters among tourists. However, the growth of the global market may be hindered by the high prices of electric scooters and batteries and underdeveloped charging infrastructure and poor aftermarket services.
Asia-Pacific is expected to be the dominating region in the electric scooter and battery market owing to the rise in the number of electric scooter rental stores and kiosks. For instance, OjO Electric, LLC, an American light electric vehicle (LEV) mobility solutions company, announced its plans to introduce a new line-up of electric scooter rideshare in Singapore in 2019, owing to the reputation of the country for rapid technological advancements.
In 2018, Europe held the second largest market share in the global electric scooter and battery market, owing to the new emission standards introduced by the government. The new rules could increase the sale of electric automobiles in Europe from 0.6 % of the 14.5-million vehicle annual market to more than 2 %during the forecast period, Additionally, the EU is taking collective efforts to reduce CO2 emissions of new vehicles sold in Europe. The constant efforts by the government to reduce the gas emission is projected to fuel the market demand for electric vehicles, mobility scooters, and motorcycles, during the forecast period.
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 largest market share owing to the increasing 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.
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.
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 the growing demand for retro type electric scooters. The more than 40 km (more than 25 miles) segment is primarily found in retro type electric scooters. These electric scooters are widely used in long-run outdoor applications, such as downtown trips and workplace commute.
The key players of the global electric scooter and battery market are Wuxi YADEA Export-Import Co. LTD. (China), Jiangsu Xinri E-Vehicle Co., Ltd (SUNRA) (China), BMW AG (Germany), Honda Motor Co., Ltd. (Japan), Mahindra & Mahindra Ltd (India), Terra Motors Corporation (Japan), Yamaha Motor Co. Ltd. (US), BOXX Corp. (US), Gogoro Inc.(Taiwan), Greenwit Technologies (Canada), Vmoto Limited (Australia), GOVECS AG (Germany), TAIZHOU UGBEST EV CO., LTD (China), PIAGGIO & C.SPA (Italy), and ZNEN MOTOR (China).
On the basis of region, the global electric scooter and battery market is segmented into North America, Europe, Asia-Pacific (APAC), and the rest of the world (RoW).
Global Electric Scooter and Battery Market, by Region, 2018
Source: MRFR Analysis
In the year 2018, the market was led by Asia-Pacific with a 51.2% share, followed by Europe and North America with shares of 23.1% and 18.8%, respectively. The growth of the electric scooter market in North America is estimated to witness a significant growth, especially due to the government’s initiatives toward the adoption of all-electric vehicles for mobility. According to the US government’s official source for fuel economy information, the government has introduced a regulation that offers a federal income tax credit to the owners of electric vehicles that are purchased after 2010 based on the capacity of the battery used to power the vehicle. Moreover, the presence of various premium and emerging electric scooter manufacturers, such as BOXX Corp., ZEV, and Unagi Scooters, in the region is estimated to increase the production and export capabilities of the region during the forecast period.
The rest of the world comprises of South America and the Middle East & Africa. Frequent partnerships between the global start-up companies with the domestic start-ups to strengthen their portfolio, drive the electric scooter and battery market in the region. Additionally, technological advancements have resulted in the introduction of ride-hailing services in the region, which are expected to create opportunities for globally established electric scooter manufacturers in the region.
The global electric scooter and battery market is segmented based on type, product, voltage, travel range, and region. The global market was led by Asia-Pacific and projected to be dominant throughout the forecast period, whereas Europe is projected to witness the highest growth rate during the forecast period.
Key Questions Addressed by the Report
Frequently Asked Questions (FAQ) :
The global electric scooter and battery market is maturing at a whopping 17.93% CAGR over the review period of 2017 to 2023.
A few significant players of the global electric scooter and battery market are GOVECS AG (Germany), TAIZHOU UGBEST EV CO., LTD (China), PIAGGIO & C.SPA (Italy), and ZNEN MOTOR (China), among others.
The battery-based segment is expected to drive market growth over the review period.
The retro segment is likely to witness the highest demand in the electric scooter and battery market over the assessment period.
The North American region is expected to witness the highest growth.
The 48V segment is slated to witness higher growth over the assessment period.