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Scooter Industry to See Robust Expansion, Valued at $99.71 Billion by 2029
Scooter
What Is the Projected CAGR for the Scooter Market from 2024 to 2025?
The recent years have seen a significant surge in the size of the scooter market. Projections indicate a growth from $72.93 billion in 2024 to $77.14 billion in 2025, with a compound annual growth rate (CAGR) of 5.8%. Factors such as urbanization, increasing traffic congestion, fuel price hikes, environmental considerations, easy maneuverability of the scooters, an increasingly young demographic, the growing sharing economy, and evolving lifestyle habits contribute to this growth seen in the past period.
What are the Expected Market Size and CAGR for Scooter by 2029?
In the coming years, the scooter market is projected to witness a significant expansion, with an expected valuation of $99.71 billion by 2029 and a compound annual growth rate (CAGR) of 6.6%. This anticipated increase during the forecast period can be attributed to factors such as smart connectivity features, the growth of scooter-sharing services, emphasis on sustainable manufacturing, consumer customization options, and developments in scooter design. The market's viability for short commutes also contributes to this growth. Noteworthy trends for the projected period include the incorporation of intelligent features, lightweight and compact designs, technological progress, changing consumer behaviours, the inclusion of advanced safety features, improvements in charging infrastructure, and partnerships with ride-hailing platforms.
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Which Factors Are Driving the Global Scooter Market Expansion?
The scooter market is being propelled by investments in road construction. The repair, maintenance, and creation of new roads are part and parcel of road construction, enhancing transportation convenience. High-quality roads ensure a bump-free, obstructionless ride for vehicles, particularly two-wheelers. The efficiency of scooters notably improves on well-constructed roads. To upgrade transportation services, nations are putting funds into road construction. For instance, the Indian government has granted the Ministry of Road Transport and Highways $13.14 billion for the development of roads and highways. Consequently, the growth in investment is likely to stimulate the scooter market.
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Which Segment Currently Holds the Largest Share of the Scooter Market?
The scooter market covered in this report is segmented -
1) Product Type: Electric Scooters, Gas Scooters, Kick Scooters
2) By Application: Commercial, Individual
Subsegments:
1) By Electric Scooters: Lithium-Ion Battery Electric Scooters, Lead-Acid Battery Electric Scooters, High-Speed Electric Scooters, Foldable Electric Scooters, Off-Road Electric Scooters
2) By Gas Scooters: 50cc Gas Scooters, 150cc Gas Scooters, Heavy-Duty Gas Scooters, Retro Gas Scooters
3) By Kick Scooters: Adult Kick Scooters, Kids Kick Scooters, Folding Kick Scooters, Stunt Kick Scooters
Which Major Trends Are Shaping the Future of the Scooter Industry?
Progression in technology is a major trend in the scooter market. Innovative technologies like artificial intelligence are being utilized in the production of scooters for purposes such as monitoring traffic flow, providing battery backup for electric scooters, assisting delivery services with location tracking, finding parking spaces, among other uses. In April 2022, Voi Technology, a Swedish micro-mobility startup offering electric scooters for last-mile transit, entered a partnership with Drover AI. Through this collaboration, Voi will leverage AI technology to incorporate computer vision in e-scooters across Oslo, for better management of sidewalk driving, adjusting e-scooter parking lots and ensuring a secure driving experience. Drover AI is a software development firm that designs IoT solutions powered by AI for managing fleets of last-mile vehicles.
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Which Key Players Dominate the Scooter Industry Globally?
Major companies operating in the scooter market are Yadea Technology Group Co. Ltd., Ninebot Limited, Neutron Holdings Inc., Bird Rides Inc., Honda Motor Co. Ltd., Yamaha Motor Pvt. Ltd., Piaggio & C SpA, Suzuki Motor Corporation, Hero MotoCorp Ltd., Bajaj Auto Ltd., TVS Motor Company Ltd., Mahindra & Mahindra Ltd., Kawasaki Heavy Industries Ltd., Sanyang Motor Co. Ltd., Gogoro Inc., NIU Technologies, Segway Inc., Razor USA LLC, Okinawa Autotech Pvt. Ltd., Ather Energy Pvt. Ltd., Ampere Electric Vehicles Pvt Ltd., Revolt Intellicorp Pvt. Ltd., Ola Electric Mobility Pvt. Ltd., Zhongneng Vehicle Group Co. Ltd., Baotian Motorcycle Industrial Co. Ltd., Bashan Motorcycle Manufacturing Co. Ltd.
What Are the Fastest-Growing Regions in the Scooter Market?
Asia-Pacific was the largest region in the scooter market in 2024. Asia-Pacific is expected to be the fastest-growing region in the scooter market report during the forecast period. The regions covered in the scooter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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