The Electric Scooter and Battery Market size was valued at USD 2.5 Billion in 2022. The electric scooter and battery industry is projected to grow from USD 2.95 Billion in 2023 to USD 11.05 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.96% during the forecast period (2023 - 2032). The growing demand for fuel-efficient automobiles, coupled with increasing concerns over greenhouse gas (GHG) and carbon emissions and stringent emission norms by government agencies, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for electric scooters and battery is being driven by the increasing cost of petroleum products is one of the significant factors driving the electric scooter and battery market growth. The growing cost of gasoline is already impacting consumers in emerging markets. Electric two-wheelers will significantly lower the running costs of these vehicles owing to being more fuel-efficient than conventional two-wheelers. With a longer range than the existing generation of e-two wheelers, this scooter is expected to be developed by manufacturers. Maintenance will not be a problem as there are more irregular moving domains than on traditional two-wheelers. The most costly maintenance is changing the battery, which is rarely done.
Additionally, the increasing adoption of these scooters across the globe is boosting market growth owing to their advantages, such as low noise levels, low maintenance prices, and high mechanical efficiency. Governments also offer monetary and non-monetary incentives, which result in significant market growth. Customers are more intended about the environmental impact of conventional methods of transportation and are moving to electric scooters.
The market players are innovating innovations in battery technology to propel market growth. For instance, in October 2021, Mahle Powertrain and UK-based Allotrope Energy launched, in partnership, a new battery technology that can revolutionize EV charging. It is lithium-carbon technology; it offers ultra-fast recharging with good power density. It would suit a wide range of electric scooters, including e-scooters. Lithium-carbon technology has been developed by combining the benefits of supercapacitors and traditional lithium-ion batteries. The final development is a battery cell that can quickly recharge and retain good energy density. It is also durable at high temperatures and, thus, allows high current delivery and fast recharging. Developments like these are anticipated to drive the electric scooter and battery market revenue.
Increasing production and sales of electric scooters and bikes across developing nations such as China, India, Vietnam, and Indonesia, where consumers use many two-wheelers, fuels the market growth. Developing nations are witnessing a significantly high rate of adoption of electric scooters than electric bikes and motorcycles, which accounted for around 70% of total electric motorcycle and scooter sales in 2020. This rise in adoption increases the use of electric batteries in the scooter and further drives the market. Moreover, rising fuel prices and awareness about a reduction in the utilization of fossil fuels across the globe is also propelling the adoption of electric scooter and battery.
The Electric Scooter and Battery Market segmentation, based on type, includes plug-in and battery-based. The battery-based segment dominated the market, accounting for 35% of market revenue (0.87 Billion). In developing economies, category growth is driven by the growing requirement for high-performance batteries, such as Li-ion and NiMH. Moreover, batteries are high charging-discharging efficiency, high charge density, and low weight. However, the plug-in is the fastest-growing category over the forecast period due to its cost-effectiveness.
The Electric Scooter and Battery Market segmentation, based on product, includes retro, self-balancing, and folding. The retro category generated the most income due to increased fuel and maintenance costs. Since old-fashioned electric vehicles are still in consumer demand, this drives market growth. However, folding is the fastest-growing category due to the establishment of smart vehicles that belong to the next generation with big data and IoT.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Electric Scooter and Battery Market segmentation, based on Voltage, includes 24V, 36V, 48V, and more than 48V. The 48V category generated the most income (70.4%) as these batteries have a high level of connectivity with e-scooters and have higher power output. However, more than 48V is the fastest-growing category owing to the growing consumer preference for high voltage e-scooters for long-range distances.
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The Asia-Pacific electric scooter and battery market will dominate this market, owing to the increasing affordability of e-scooters, and growing awareness among customers regarding clean energy transportation to curb vehicular emissions will boost the market growth in this region. Moreover, China’s electric scooter and battery market held the largest market share, and the Indian electric scooter and battery market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Electric Scooter and Battery Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's electric scooter and battery market accounts for the second-largest market share due to the growing investments in EV charging infrastructure and research support for innovative high-density batteries in this region. Further, the German electric scooter and battery market held the largest market share, and the UK electric scooter and battery market was the fastest-growing market in the European region.
The North American electric scooter and battery market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rising consumer awareness regarding the negative impact of carbon emissions. Moreover, US electric scooter and battery market held the largest market share, and the Canadian electric scooter and battery market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the electric scooter and battery market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the electric scooter and battery industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global electric scooter and battery industry to benefit clients and increase the market sector. Major players in the electric scooter and battery market, including Sanyo, Sony, Samsung, Panasonic, LG, Chilwee Group, and others, are attempting to increase market demand by investing in research and development operations.
Gogoro is a Taiwanese company that developed a battery-swapping refueling platform for urban electric two-wheel scooters, mopeds and motorcycles. The company manufactures two-wheeled electric vehicles and battery swapping infrastructure. The Company offers a smart electric scooter with cloud connectivity and an electric powertrain that utilizes swappable battery infrastructure for gathering, analyzing, and sharing riding data via a mobile application on the rider's smartphone. Gogoro serves customers in Taiwan. In September 2022, Gogoro Inc. introduced Smart scooters and a battery-swapping system in the Tel Aviv metropolitan area. In the future, the products will also be introduced in additional Israeli cities in collaboration with Paz Group and Metro Motor.
Vmoto Limited is a manufacturer and supplier of electric-powered scooters. The product portfolio of the company includes electric scooters and four-wheel vehicles. It offers products under three brands, Vmoto, Super Soco and E-Max. The company’s Super Soco brand portfolio includes Super Soco 4000W, CPX, TC, TS, MAX and CUX. Its E-Max's products include VT100LD and VT120LD. Vmoto has manufacturing facilities located in Nanjing, China. In February 2021, Vmoto Limited expanded its e-scooter portfolio by adding TS, TC, and CUmini models.
September 2022:Â NIO announced the opening of its first battery swap station in Germany in Zusmarshausen, situated along the busy A8 highway between Munich and Stuttgart. The battery swap station can perform up to 312 power conversions daily. The vehicle's electric control system, motor, and battery will all be thoroughly examined before each swap to ensure they are in working order.
June 2020:Â Hero Electric, India's largest e-two-wheeler manufacturer, has declared a new online scheme called "Clean Air Mission 2020" to increase the faster adoption of its models. The firm is offering a huge variety of attractive deals via its online initiative.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 2.5 Billion |
| Market Size 2023 | USD 2.95 Billion |
| Market Size 2032 | USD 11.05 Billion |
| Compound Annual Growth Rate (CAGR) | 17.96% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Product, Voltage, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Wuxi YADEA Export-Import Co. LTD. (China), BMW AG (Germany), Honda Motor Co., Ltd. (Japan), Terra Motors Corporation (Japan), Mahindra & Mahindra Ltd (India), Yamaha Motor Co. Ltd. (US), PIAGGIO & C.SPA (Italy), and ZNEN MOTOR (China). |
| Key Market Opportunities | Growing government support for the promotion of e-mobility across the globe |
| Key Market Dynamics | The growing presence of EV manufacturers in developing economies |
Electric Scooter Battery Market Highlights:
Frequently Asked Questions (FAQ) :
The Electric Scooter and Battery Market size was valued at USD 2.5 Billion in 2022.
The global market is projected to grow at a CAGR of 17.96% during the forecast period, 2023-2032.
Asia Pacific had the largest share of the global market
The key players in the 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).
The battery-based category dominated the market in 2022.
The Retro had the largest share in the global market.
• The 48V had the largest share in the global market.
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
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