Press release
Electric Scooter Market Forecast to Grow at 9.9% CAGR from 2024 to 2031 | SkyQuest Technology
Skyquest Technology
Electric Scooter Market [https://www.skyquestt.com/report/electric-scooter-market] size was valued at USD 30.18 billion in 2022 and is poised to grow from USD 33.17 billion in 2023 to USD 70.58 billion by 2031, growing at a CAGR of 9.9% in the forecast period (2024-2031).
Electric scooters are two- or three-wheeled electric vehicles that plugin. A rechargeable battery provides electricity to one or more electric motors. Rising demand for fuel-efficient vehicles, combined with growing concerns about greenhouse gas and carbon emissions, is predicted to drive the adoption of electric scooters (e-scooters) during the forecast period. Rise in the use of electric scooters for short commutes, increase in environmental concerns, and surge in spending by ride-hailing companies in the micro-mobility sector drive the growth of the market. With the rise of micromobility, industry players have developed vehicle-sharing solutions that allow people to avoid buying their own micromobility vehicles. Public transportation vehicles, such as taxis and buses, release greenhouse gases. People are increasingly using rechargeable vehicles; therefore, market demand is anticipated to increase throughout the forecast period.
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Top Players in the Electric Scooter Market
* YADEA Technology Group Co., Ltd. (China)
* OLA Electric (India)
* TVS Motor Company (India)
* Ather Energy (India)
* Hero Electric (India)
* Gogoro (Taiwan)
* VMOTO Limited (Australia)
* NIU International (China)
* Silence Urban Ecomobility (Spain)
* Jiangsu Xinri E-Vehicle Co., Ltd. (China)
* Askoll EVA S.p.A. (Italy)
* Revolt Intellicorp Private Limited (Revolt Motors) (India)
* CAKE (Sweden)
* Piaggio Group (Italy)
* KTM AG (Austria)
* Harley Davidson (USA)
* BMW Group (Germany)
* AIMA Technology Group Co., Ltd. (China)
* Honda Motor Co., Ltd. (Japan)
* Bajaj Auto Ltd. (India)
From Expensive to Affordable: Why Battery Prices Matter
According to pricing study on modern electric scooters and motorcycles, batteries account for roughly 60%-70% of the total cost of an electric two-wheeler. Aside from that, most automobiles require battery replacement after 4 to 5 years of use. Thus, battery cost is the most important consideration in making electric scooters and motorcycles affordable in terms of maintenance and purchasing price. The continued drop in lithium battery prices will make electric scooters and motorbikes far less expensive due to most of the OEMs employing lithium-ion batteries in their electric two-wheelers. The price of these batteries has reduced considerably, from USD 684 in 2013 to USD 132 in 2021. This has improved market acceptability.
How Gogoro and Asian Vendors Are Shaping the Industry
The market is concentrated due to its strong product portfolio and extensive distribution network of major players in both developed and emerging markets. The leading market participants are prioritizing R&D efforts and product-level strategy. For instance, Gogoro's e-scooter with a swappable, reusable battery revolutionized the Taiwanese market. Several Asian manufacturers are collaborating with the business to include the swappable models. Major Japanese brands including as Honda, Yamaha, Suzuki, and Kawasaki compete in the Asian market with these scooters.
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Segments covered
Battery Technology
Sealed Lead Acid, Lithium-ion, Nickel Metal Hydride and Sodium-ion
Distance Covered
Below 75 miles, 75 - 100 miles and Above 100 miles
Voltage
24V, 36V, 60V, 72V and Above 72V
Technology
Plug-in and Battery
Vehicle Class
Economy and Luxury
Vehicle Type
E-Scooter/Moped and E-Motorcycles
Usage
Private and Commercial
Motor Type
Mid Drive Motors, Hub Motors and Others
Motor Power
Less than 1.5 KW, 1.5-3 KW and Above 3 KW
Key Developments by Market Players
* May 2024: Greaves Electric Mobility Private Limited (GEMPL), a Greaves Cotton Limited subsidiary, will introduce its first high-performance family electric scooter, the Ampere Nexus, at an ex-showroom price of INR 1,09,900. The Ampere Nexus is fully developed, designed, and constructed in India.
* May 2024: TVS Motor has expanded the range of its highly sought-after electric scooter, the TVS iQube, increasing its product offerings. With the inclusion of these new models, the TVS iQube portfolio is now available for an introductory price of Rs 94,999 ex-showroom.
* April 2024: The E2W, priced at Rs 49,999, will be introduced by Lectrix EV, the SAR Group's electric mobility unit. Notably, Lectrix EV stands out as India's first OEM to innovate by isolating the battery from the vehicle and offering it to clients as a separate service.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/electric-scooter-market
Influence of Electric Scooter Rental Services on Market Growth
The growing popularity of electric scooter sharing and rental services in developed economies such as the U.S., France, Spain, and Germany is boosting global electric scooter demand. In the global electric scooter industry, a rising number of players offer rental services, including Lime, Jump, Razor, Spin, and Bird. Furthermore, the expanding number of non-monetary and monetary incentives encouraging consumers to adopt battery-powered two-wheelers, often known as electric scooters, is pushing global electric scooter sales.
Related Reports:
Blockchain Market [https://www.skyquestt.com/report/blockchain-market]
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Media Contact
Company Name: Skyquest Technology
Contact Person: Mr. Jagraj Singh
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=electric-scooter-market-forecast-to-grow-at-99-cagr-from-2024-to-2031-skyquest-technology]
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Address:1 Apache Way, Westford,
Country: United States
Website: https://www.skyquestt.com/report/electric-scooter-market
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