According to SNS Insider’s research, environmental concerns, cost-effectiveness, technological innovation, urban congestion, government support, evolving consumer lifestyles, and the rise of micromobility services are all contributing to the electric scooters market‘s expansion.
The electric scooters market, as indicated by the SNS Insider report, had a valuation of USD 32.80 billion in 2022. It is projected to reach USD 68.29 billion by 2030, experiencing a compound annual growth rate (CAGR) of 9.6% during the forecast period spanning from 2023 to 2030.
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Market Report Scope
In recent years, the transportation landscape has witnessed a remarkable shift, marked by the advent of electric scooters. These sleek, efficient, and eco-friendly devices have taken urban environments by storm, revolutionizing the way people commute, reduce their carbon footprint, and address the challenges of urban congestion. Electric scooters are equipped with an electric motor, which can be either hub-mounted or chain-driven, providing the necessary thrust for movement. Improved battery technology, better motor efficiency, and the integration of smart features like GPS tracking and mobile apps have enhanced the e-scooter experience.
Market Analysis
One of the most significant drivers behind the growth of the electric scooters market is the increasing global focus on environmental sustainability. With the pressing need to reduce carbon emissions and combat climate change, electric scooters have emerged as a clean and eco-friendly alternative to traditional gasoline-powered vehicles. Consumers and governments alike are recognizing the role electric scooters play in reducing air pollution and promoting greener urban mobility. The cost-effectiveness of electric scooters is another compelling factor driving their market growth. In comparison to conventional automobiles, electric scooters are more affordable to purchase, operate, and maintain. They offer a budget-friendly solution for last-mile transportation, attracting budget-conscious consumers and students who seek a convenient and economical means of commuting. Advancements in electric scooter technology have opened up new possibilities for the industry. Lithium-ion batteries, improved motor efficiency, and connectivity features like smartphone apps have enhanced the performance and user experience of electric scooters. This progress has significantly increased consumer confidence in the reliability and practicality of electric scooters, driving demand.
Impact of Recession
With disposable income diminishing for many households, consumers are more likely to opt for budget-friendly electric scooters. This shift may impact the demand for high-end electric scooters, leading manufacturers to focus on more affordable models to cater to this new market dynamic. As remote work becomes a more permanent feature of the job landscape, there is an increased emphasis on electric scooters as a convenient and socially distanced commuting solution. This trend has provided an opportunity for the electric scooters market to grow, as individuals seek alternative modes of transportation to avoid crowded public transport. Several measures, such as tax incentives and infrastructure improvements, have created a favorable environment for the growth of the market.
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Impact of Russia-Ukraine War
The electric scooters market has seen a mixed impact on sales and demand. On one hand, the shift toward cleaner, more sustainable transportation options in the wake of environmental concerns has fueled the demand for electric scooters. However, the supply chain disruptions and increased material costs have the potential to affect the affordability and accessibility of electric scooters, impacting sales in some regions. In response to the supply chain disruptions and increased costs, some electric scooter manufacturers are exploring opportunities for localized manufacturing and sourcing alternative materials. This adaptation may help mitigate the risks associated with geopolitical conflicts and diversify supply chains.
Key Regional Development
North America is emerging as a major hub for electric scooter adoption. The United States and Canada have witnessed substantial growth in this market, driven by a surge in micro-mobility solutions and the need to reduce greenhouse gas emissions. Regulatory frameworks in many North American cities have evolved to accommodate e-scooters, further promoting their use. Europe is another significant player in the electric scooters market. Cities like Paris, Berlin, and Madrid have embraced e-scooters as part of their urban transport solutions. The European market benefits from well-established bicycle infrastructure and an eco-conscious population. The Asia-Pacific region, with its bustling cities and increasing urbanization, represents an enormous growth opportunity for the market. In countries like China and India, where traffic congestion and air pollution are significant concerns, electric scooters have found a receptive market.
Key Takeaway from Electric Scooters Market Study
- Lithium-ion batteries have revolutionized the electric scooter industry due to their exceptional energy density, longevity, and low maintenance requirements.This segment is characterized by the use of lithium-ion batteries as the primary power source, replacing traditional lead-acid batteries and other alternatives.
- The belt drive segment is characterized by the use of belt drives, also known as friction drives, as the primary means of propelling electric scooters.Belt drives operate quietly, creating a noise-free and peaceful riding experience. This is particularly appealing to urban commuters who prefer a noise-free mode of transportation.
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Recent Developments Related to Electric Scooters Market
- Shema Electric, a leading innovator in the electric mobility industry, has recently unveiled an exciting and cutting-edge range of high-speed electric scooters, setting a new standard for urban commuting.With advanced electric motors and high-capacity lithium-ion batteries, Shema Electric’s new scooters are capable of reaching remarkable speeds while maintaining extended mileage on a single charge.
- Ola Electric, a prominent player in the electric vehicle industry, has just unveiled its latest addition to the e-scooter lineup, the highly anticipated S1X. This e-scooter boasts an impressive range that makes it an ideal choice for both daily commuting and recreational rides.
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