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The global electric scooter and battery market is likely to reach US$ 11.05 BN by 2032, growing at a 17.96% CAGR from 2023 to 2032. The world is increasingly focusing on lowering carbon emissions and supporting cleaner mobility technologies, there has been a rise in demand for electric scooters that have led to an increase in their battery usage.
Technological innovations play an important role in the dynamics of electric scooter battery market. As academic and industrial communities strive to optimize battery performance, consumers enjoy a longer working time of the batteries as well as better overall functionality. The fast pace of innovation in the battery technology further impacts market competition, as firms try to outdo each other with new breakthroughs.
Government initiatives and regulatory support add to the electric scooter battery market dynamics. Many nations are introducing stringent emission laws and offering incentives to promote the use of electric vehicles such as scooters. Subsidies, tax credits and favorable regulatory frameworks encourage manufacturers’ investments in electric scooter production leading to an increase of batteries demand.
Due to the increased level of focus on sustainability by governments across the world, it is likely that electric scooter battery market will have a growth trend. The market dynamics are also greatly influenced by consumer awareness and preferences. With the increasing number of environmentally concerned consumers looking for other forms of transport, demand on electric scooters increases.
There are several benefits associated with electric scooters, including lower operational costs, less maintenance needed and the ability to charge at home or in public stations that appeal to many urban commuting individuals. As a result, the market dynamics adapt to changing consumer needs and preferences.
The global economic situation and geopolitical factors can affect the supply chain as well as pricing in the electric scooter battery market. Prices of raw materials, trade tensions and disruptions in the supply chain can all impact on market dynamics which affect production costs flow through to consumer pricing.
These external factors must be managed by the players in this industry to have a competitive advantage and ensure that electric scooter battery market remains stable.
The collaborations and partnerships within the industry also add dynamism to this market. Strategic alliances are common among companies to benefit from complementarities, joint research and development costs, or wider markets.
The Electric Scooter and Battery Market size was valued at USD 2.95 Billion in 2023. The Electric Scooter and Battery industry is projected to grow from USD 3.47 Billion in 2024 to USD 11.05 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.53% during the forecast period (2024–2032). 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 2024 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.
April 2024: Greaves Electric Mobility's two-wheeler brand Ampere has introduced its first luxury electric scooter, which is called the Ampere Nexus. The Ampere Nexus is priced at introductory pricing that range from Rs 1.10 lakh to Rs 1.20 lakh (ex-showroom). Zanskar Aqua, Lunar White, Indian Red, and Steel Grey are the four colors that are available for the Nexus, which is not eligible for government subsidies under the Electric Mobility Promotion Scheme (EMPS). The Nexus is offered in two variants: the standard EX, which costs Rs 1.10 lakh, and the top-spec ST, which costs Rs 1.20 lakh. As soon as the initial deal is no longer available, these costs will increase by Rs 10,000.
The Nexus, which was introduced by the Ampere NXG concept, is the most feature-packed Ampere e-scooter to date. It is also much more equipped than the Primus, which it essentially replaces in the lineup of products it basically replaces. According to the business, reservations for the Nexus are currently being accepted, and the company has confirmed that the delivery of the scooter will start in the second part of May.
Despite the fact that it keeps certain design and style elements from the NXG, the Nexus does not have some of the showfloor details that were included in the idea. For example, the swing arm that was only on one side has been replaced with a swing arm that is more traditional. A telescopic fork and twin rear shock absorbers are two of the features that are included on the Nexus, which adheres to the tried-and-true formula of an electric scooter designed for families.
Additionally, the form factor is not too unlike to that of previous Ampere scooters. The seat of the scooter is 712 millimeters in length, and the height of the seat is a very comfortable 765 millimeters. The illumination is entirely composed of LEDs. The scooter has a wheelbase that is 1,319 millimeters in length, and it has 235 millimeters of floorboard area in addition to 170 millimeters of ground clearance.
September 2022: 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.
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