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Electric Scooters Market Analysis 2020: By Keyplayers ECCITY Motocycles, Sanyang Motor Co. Ltd., Hero Eco (Hero Electric), Jiangsu Xinri E-Vehicle Co., Ltd., Gogoro Inc., BMW Motorrad, GOVECS GmbH, Piaggio & C. SpA, Vmoto Limited, Terra Motors Corp., and

04-15-2020 10:50 AM CET | Industry, Real Estate & Construction

Press release from: Coherent Market Insights

Electric Scooter

Electric Scooter

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Electric scooters or motorcycles are plug-in electric vehicles, evolved from traditional scooters that use electric power or a combination of electric power and power generated by internal combustion engine to propel the vehicle. Electric scooters are popular for their fuel-efficient application and less greenhouse gas emission. They have been deemed as the future of conventional motorcycles. Electric scooters are two- or three-wheeled and are also lightweight, compact, easy to maneuver, and easy to handle. Over the years, electric scooters have evolved a lot with numerous types of models available in the market. There are self-balancing scooters, folding scooters, and three-wheeled scooters. However, standard scooters are still the most preferred product among consumers.
The global electric scooters market is estimated to account for US$ 8,722.6 Mn in terms of value and 4,354.5 Mn Units in terms of volume by the end of 2019.

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Competitive Section

Key companies operating in the global electric scooters market are ECCITY Motocycles, Sanyang Motor Co. Ltd., Hero Eco (Hero Electric), Jiangsu Xinri E-Vehicle Co., Ltd., Gogoro Inc., BMW Motorrad, GOVECS GmbH, Piaggio & C. SpA, Vmoto Limited, Terra Motors Corp., and Honda Motor Co. Ltd.

Market Dynamics- Drivers

1. Low impact created by electric scooters on the environment is expected to drive growth of the global electric scooters market during the forecast period

Conventional motorcycles that run on gasoline or diesel are responsible for air pollution. They emit hazardous compounds including carbon monoxide, nitrogen oxide, carbon dioxide, unburnt benzene, particulate matter, etc. that severely pollute air and are responsible for life-threatening diseases. According to the U.S. Department of Energy Office of Science and the U.S. Environmental Protection, on an average, a gasoline passenger car releases 320 grams of harmful chemicals including carbon dioxide per traveled kilometer or equivalent to over 4,750 kilograms of harmful pollutants per year. On the contrary, electric scooters are less polluting and far more efficient than conventional scooters. Moreover, an individual electric scooter releases 250 grams of pollutants per kilometer traveled, which in turn, is expected to drive the market growth in the near future.

2. Rising fuel prices and growing demand for fuel are expected to propel the global electric scooters market growth over the forecast period

The main source of energy in electric scooters is rechargeable batteries where electricity is stored. These batteries are made of Lithium-ion, Lead, or NiMH that can be recharged by transmission electricity. Moreover, the transportation sector is investing significantly in renewable energy vehicles, due to depleted sources of fossil fuels. Fuel prices around the world are increasing exponentially, which has compelled consumers to shift to electric scooters. This, in turn, is expected to boost the market group

Market Opportunities

1. Advancements in substitute technologies as a source of fuel is expected to offer lucrative growth opportunities

Currently, there are three types of electric scooters in use namely hybrid electric, plug-in electric, and pure electric. Although these scooters have been labeled as green vehicles, the charging stations that recharge batteries often run fossil fuels such as coal or natural gas. Thus, development of alternative technologies to charge these batteries such as solar-powered charging, wind-powered charging stations or fuel cells can offer better prospects in the market. Moreover, fuel cell technology has a bright future among others where it can be charged in 5-10 minutes only, which faster than electric or hybrid vehicles.

2. Lucrative incentives and subsidies offered by various governments are expected to pose conducive business opportunities in the near future

The governments of many countries are offering subsidies and incentives for electric vehicle buyers, in order to endorse green vehicles and curb carbon emission. The countries such as Japan, China, Canada, Germany, and the U.S. have started offering lucrative incentives, subsidies, and tax benefits for electric scooters consumers, in order to boost their sales. Moreover, this model has been followed in Norway, France, and Sweden and has proved to be a success. This, in turn, is expected to offer significant opportunities for market players.

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Market Trends

1. Hybrid electric scooters are expected to witness significant demand

As petroleum reserves are drying up rapidly due to its immense consumption, consumers are shifting towards electric vehicles. However, hybrid electric scooters offer benefits both conventional and electric scooter and perform better than purely electric or plug-in electric scooters. These vehicles come with an internal combustion engine and rechargeable batteries to propel the vehicle. If batteries run out of charge, the internal combustion engine works as back up source of energy, which has increase its adoption among consumers.

2. Uneven distribution of preferences for electric scooters over different regions

Electric scooters are fairly popular in developed regions such as North America and Europe. However, their adoption is low in Latin America, Africa, Eastern Europe, and Middle East. This is majorly due to high supplies of fossil fuels and other substitutes such as ethanol or methanol blend-mixed with petrol, which has decreased the sales of electric sales in these regions.

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Coherent Market Insights
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Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com

About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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