Electric Scooter Market Size to Reach 22.09 Billion by 2024 with Market Key Players - Terra Motors Corporation; Jiangsu Xinri Electric Vehicle Co., Ltd.; Gogoro, Inc.; Vmoto Limited; and Mahindra GenZe, BMW Motorrad International

Electric Scooter Market Size and Growth Rate:

According to the research report, the Electric Scooters Market Size was valued at 12.95 USD Billion in 2016, and it is expected to reach USD 22.09 Billion by the end of 2024 with growing at a CAGR of 6.5% During the Forecast Period 2024.

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Electric Scooter Market Overview:

Electric scooters are two- or three-wheel vehicles that run on electricity. This energy is stored in a rechargeable battery that drives the operation of electric motors. The slow charging time of these electric scooters is one of the main concerns of users.

Electric Scooter Market Drivers and Restraints:

Higher fuel prices should be the main driver of this market growth. In addition, the announcement by the Organization of the Petroleum Exporting Countries (OPEC) to halt oil production has favored the adoption of green transport. According to the International Energy Agency (IEA), escalating fuel prices favor the economic conditions of alternatives, such as electric vehicles and biofuels. In addition, public subsidies in many areas for sales of electric scooters will have a positive impact on the market. It is expected that the growing popularity of electric scooters sharing services, increased consumer awareness of environmentally friendly transportation and lower commodity prices will increase the adoption of electric scooters in the near future. In addition, the ease of transportation offered by these vehicles will stimulate demand around the world.

The electric scooters are deprived of operating performances lower than those of the scooter traditionally used, which is an obstacle to the growth of the market. With minimal power and shorter distance traveled, adoption of electric two-wheelers is still in its infancy in many countries. In addition, the high cost associated with the battery also increases the initial cost of these vehicles, which limits to a certain extent the growth of their sales. The food and beverage sector is one of the main markets for electric scooters. With the large number of large-scale food and beverage outlets worldwide and the growing demand for delivery options, electric scooters have many opportunities to replace traditional delivery vehicles.

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Electric Scooter Market Geographical Segmentation:

The Asia-Pacific was the dominant regional market and valued $ 13.14 million in 2018. This market was mainly driven by manufacturers from Japan, China, India, and Indonesia. China is at the forefront of global sales and production capacity. In addition, local markets are increasingly active due to population growth, increased traffic, reduced prices for electric vehicles and concerns about the environment. It is expected that the increase in investment in vehicle recharge infrastructures and support for innovative high-battery research density contribute to regional growth. The government of North America approved incentives for customers who use electronic bicycles in the form of tax credits.

Key players of the Electric Scooter Market:

BMW Motorrad International is one of the main players in the market. Terra Motors Corporation; Jiangsu Xinri Electric Vehicle Co., Ltd.; Gogoro, Inc.; Vmoto Limited; and Mahindra GenZe are some of the key market players.

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