Global Electric Scooter Market Analysis 2024-2031: Technological Advancements in Battery and Motor Efficiency, Government Initiatives Fueling Expansion - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Electric Scooter Market by Vehicle Type (Electric Motorcycles, E-Kick scooters & Bikes, Electric Mopeds), Power Output (Less Than 3.6kW, 3.6kW to 7.2kW), Battery Technology, Motor Type, Charging Type, End-user, and Geography - Forecast to 2031" report has been added to ResearchAndMarkets.com's offering.

The global electric Scooter market is projected to reach $408.1 billion by 2031, at a CAGR of 21.6% from 2024-2031. By volume, this market is expected to reach 298.5 million units by 2031 at a CAGR of 18.1% during the forecast period 2024 to 2031.

The growth of the global electric scooters market is driven by the increasing localization of electric scooter manufacturing in emerging economies, the increasing consumer acceptance of electric two-wheelers compared to ICE two-wheelers, and the rising inclination of developed economies toward electric-powered two-wheelers.

However, the growing reliability issues among consumers due to increasing incidents of accidents involving electric two-wheelers and inadequate investment by legacy two-wheeler manufacturers toward electric scooters restrain the growth of this market. The rise in government initiatives to mitigate traffic congestion and pollution is expected to generate market growth opportunities. However, the lack of charging infrastructure poses a major challenge for the market's growth.

Market Dynamics and Growth Factors

The global market for electric scooters is experiencing a significant upswing, driven by the collective shift towards eco-friendly transportation and advancements in electric vehicle technology. The market extends across various segments, including electric motorcycles, e-kick scooters & bikes, and electric mopeds, each contributing to the evolving landscape of personal and shared mobility options. Enhanced battery technology, innovative motor designs, diverse charging methods, and the spectrum of power outputs cater to a wide array of user preferences and requirements.

Government Initiatives Fueling Expansion

Robust support from government policies designed to promote electric mobility, along with incentives aimed at reducing greenhouse gas emissions and pollution, is propelling the growth of the electric scooter sector. Additionally, the increasing cost of gasoline and strict emissions norms are incentivizing consumers to turn to electric alternatives, particularly in the motorcycle segment which is poised for substantial growth.

Technological Advancements in Battery and Motor Efficiency

Noteworthy advances in battery and motor technologies are augmenting the capabilities of electric two-wheelers. The lithium-ion polymer battery segment, for example, is expected to witness considerable growth, attributable to its robust power-to-weight ratio, quick charging, and longevity. Similarly, the preference for hub motors is escalating chiefly due to their integration into government-promoted EV initiatives and their burgeoning adoption within the electric two-wheeler market.

Challenges and Opportunities

While the electric scooter market faces challenges such as the nascent stage of charging infrastructure and safety concerns, opportunities abound in the form of government-led agendas aiming to alleviate traffic congestion and reduce carbon footprints. The proactive adoption by business organizations and expansion in North America signifies the market's potential for futuristic, scalable transportation solutions.

Regional Growth Prospects

Geographical analysis of the market indicates that North America is set to experience the highest growth rate during the forecast period, supported by urbanization trends, environmental considerations, and the evolution of sustainable transport solutions that address the last-mile connectivity challenges in urban centers.

Key Players Leading the Charge

The global electric scooters market is comprised of various key players, each contributing to the vibrant competitive landscape through strategic initiatives, innovative product offerings, and market expansion efforts. With investments in research and development, these companies are consistently enhancing their product portfolios to better cater to the burgeoning diverse needs of customers globally. The electric scooter market's trajectory suggests a progressive shift in transportation paradigms where efficiency, sustainability, and innovation coalesce to redefine the future of urban mobility.

Companies Featured

• Fuji-Ta Bicycle Co. Ltd. (China)
• Trek Bicycle Corporation (U.S.)
• Yamaha Motor Co. Ltd. (Japan)
• Yadea Group Holdings Ltd. (China)
• Riese & Müller GmbH (Germany)
• Leon Cycles (Germany)
• Niu Technologies (China)
• Walberg Urban Electrics GmbH (Germany)
• myStromer AG (Switzerland)
• Magnum Bikes (U.S.)
• Pedego Electric Bikes (U.S.)
• Aventon Bikes (U.S.)
• Govecs AG (Germany)
• Zhejiang Minimotors Bike Co Ltd (China)
• Zero Motorcycle Inc. (U.S.)
• Gogoro Inc. (Taiwan)
• Ather Energy Pvt. Ltd (India)
• Energica Motor Company (Italy)
• Revolt Motors (India)
• Hero MotoCorp Ltd. (India)
• Rad Power Bikes Inc. (U.S.)

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