Press release
Electric Scooter/EV Battery Market Increasing Demand and Dynamic Growth with Forecast 2030
Global electric scooter/EV battery market is projected to reach $7.3 billion by 2030, growing at a CAGR of 21.6% from 2021 to 2030. An electric scooter/EV battery is a power storage unit used to provide voltage (power) to the DC motor, controller, lights, and other scooter accessories. An electric scooter battery consists of one or more cells used to provide voltage (power) to different scooter accessories such as the DC motor, lights, and controller.However, the sealed lead-acid batteries (SLA) consist of lead and sulfuric acid that if discarded on the ground may contaminate groundwater and may cause a potential threat to both humans and the environment. Furthermore, several regulatory bodies such as the United Nations Environment Program (UNEP), Environmental Protection Agency (EPA), Ministry of Environment and Forests and others, have laid regulations for the use and disposal of lead-acid batteries. This is expected to hamper the electric scooter/EV battery market growth during the forecast period.
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The rapid growth in the transportation sector uses a lot of fuel that increases pollution and global warming. To promote the use of clean and energy-efficient vehicles lightweight lithium-ion (Li-ion) battery is used to provide voltage to the motor. It has high energy densities than other batteries and a smaller battery size makes it suitable for use in electric scooters. In addition, it uses lightweight lithium for the electrode instead of heavier graphite that enhances the mileage of electric scooters by reducing their overall weight.
Moreover, rising completion among key manufacturers of electric scooters has made them more linear toward using the lightweight lithium-ion battery for providing affordable and last-mile transportation. This is anticipated to increase the sales of lightweight lithium-ion electric scooter batteries; thus creating remunerative opportunities for the market.
The electric scooter/EV battery market is segmented on the basis of product type, capacity, and region. By product type, the market is segregated into Lithium-ion (Li-ion), Lithium iron phosphate battery (LFP), Lithium Polymer (LiPo), Sealed Lead Acid Battery (SLA), and Nickel Metal Hydride Battery (NiMH). The Lithium-ion (Li-ion) segment dominated the global market, in terms of revenue in 2020, with over half of the total market share. They are capable of storing more energy and produce greater output as compared to other electric scooter/EV batteries. This has made the key automobile manufacturers more linear towards using lightweight lithium-ion battery which in turn may propel the market growth.
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Region wise, the electric scooter/EV battery market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific electric scooter/EV battery market size is projected to witness growth at the highest CAGR during the forecast period and accounted for 97.2% market share in 2020. The Indian government has launched several schemes to provide subsidies on the purchase of electric scooters.
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