Press release
Segment Evaluation and Major Growth Areas in the Electric Bikes and Scooters Market
Electric Bikes and Scooters Market
Strong Growth Forecast for the Electric Bikes and Scooters Market
The electric bikes and scooters market size is projected to reach $42.74 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.0%. This upward trend is driven by several important factors including tighter emission standards, the rollout of more charging stations, ongoing reductions in battery costs, incorporation of smart mobility solutions, and the expansion of micro-mobility services. Key trends expected to influence this market through the forecast period are the increased adoption of electric urban mobility options, growth in shared mobility platforms, demand for lightweight electric vehicles, wider use of lithium-ion batteries, and a stronger emphasis on last-mile transportation solutions.
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Current Leaders Steering the Electric Bikes and Scooters Industry
Several prominent players dominate the electric bikes and scooters market, including Bayerische Motoren Werke AG, Honda Motor Co. Ltd., Mahindra & Mahindra Limited, Govecs AG, Yadea Group Holdings Ltd., Giant Manufacturing Co. Ltd., AIMA Technology Co. Ltd., Trek Bicycle Corporation, Dongguan Tailing Electric Vehicle Co. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., Energica Motor Company S.p.A., Gogoro Inc., KTM AG, Yamaha Motor Co. Ltd., Vmoto Limited, Zero Motorcycles Inc., Tianjin Golden Wheel Group Co. Ltd., Hero Electric Vehicles Pvt. Ltd., Terra Motors Corporation, Aventon Bikes, Z Electric Vehicle Corporation, Fuji-Ta Bicycle Co. Ltd., Prodeco Technologies LLC, Zhejiang Luyuan Electric Vehicle Co. Ltd., Amego Electric Vehicles Inc., Shandong Incalcu Electric Vehicle Co. Ltd., Cowboy Electric Bikes, Keego Mobility Co. Ltd., Rad Power Bikes, Volt Motorcycles Ltd., Karbon Kinetics Limited, Raleigh Bicycle Company, Piaggio & C. SpA, Ather Energy Private Limited, Evoke Electric Motorcycles Ltd., Lightning Motorcycle Corp., Derby Cycle Holding GmbH, Riese & Müller GmbH, and Stromer Electric Bikes.
Recent Acquisition Expanding Market Footprint
In September 2023, UK-based mobility solutions provider MTF Enterprises Ltd. acquired EMU Electric Bike Company for an undisclosed sum. This strategic move aims to broaden MTF Enterprises' portfolio in the electric bike segment by incorporating EMU's cutting-edge e-bike technologies and products. EMU Electric Bike Company specializes in the design and manufacture of electric bicycles and related mobility solutions, enhancing MTF's offerings in sustainable urban transportation.
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Innovation and Battery Technology Trends in Electric Bikes and Scooters
Leading companies in the electric bikes and scooters market are prioritizing innovation to improve product reliability and performance. One example is Astroinno, a lithium-manganese-iron-phosphate (LMFP) battery known for its high energy density and long cycle life, specifically designed for electric bikes and scooters. In May 2023, China-based battery manufacturer Gotion High Tech Co., Ltd. introduced the Astroinno AV battery, offering an unprecedented range of up to 1000 kilometers on a single charge. This nickel-cobalt-manganese (NCM)-free battery features internal insulation capable of withstanding temperatures as high as 1200°C and supports fast charging-up to 1500 cycles within 18 minutes-setting a new benchmark in electric vehicle battery technology.
Segment Breakdown and Comparative Overview of Electric Bikes and Scooters Market
This market report divides the electric bikes and scooters industry into several key segments:
1) Product Type: Electric Bikes and Electric Scooters
2) Battery Type: Lead-acid, Lithium-ion (Li-ion), Nickel-metal Hydride (NiMh), and Other Batteries
3) Voltage Capacity: 48-59V, 60-72V, 73-96V, Above 96V
4) Drive Mechanism: Hub Motor, Mid Drive, and Other Drive Mechanisms
Further subdivisions include:
- Electric Bikes: City or Urban E-bikes, Mountain E-bikes, Folding E-bikes, Cruiser E-bikes, and Cargo E-bikes
- Electric Scooters: Stand-Up Electric Scooters, Sit-Down Electric Scooters, Off-Road Electric Scooters, Commuter Electric Scooters, and Self-Balancing Scooters
This segmentation highlights the diverse range of products and technologies catering to various user needs within this fast-growing market.
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