Electric Scooters Market (2024 - 2030) Size, Share & Trends Analysis Report By Battery (Lithium-ion, Lead-acid), By Drive Type (Belt Drive, Hub Motor), By End-use (Personal, Commercial), By Region, And Segment Forecasts

Electric Scooters Market Size & Trends

The global electric scooters market size was estimated at USD 37.07 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 9.9% from 2023 to 2030. The increasing demand for fuel-efficient vehicles, coupled with growing concerns over greenhouse gas and carbon emissions, is anticipated to drive the adoption of electric scooters (e-scooters) over the forecast period. Stringent emission norms by the government agencies such as emission standards for greenhouse gas (GHG) emissions by the U.S. Environmental Protection Agency (EPA), BS-VI in India and China VI is driving the market for electric scooters. Besides, the electric scooters have high mechanical efficiency, offers quitter operations and requires low maintenance over the conventional counterparts, thus electric scooter are gaining consumers traction in the market. Additionally, the inclusion of electric scooters fleet in shared mobility and vehicle renting ecosystem is propelling the demand for the electric scooters market growth.

The COVID-19 crisis has resulted in a global economic slowdown. Lockdowns implementations in various parts of the world to curb the spread of the virus led to supply chain disruption and a temporary ceasing of manufacturing activities. The electric scooters became particularly vulnerable due to its dependency on global sourcing for its batteries' materials and components. Additionally, initial purchase cost of electric vehicles is more significant than their gas-powered and hybrid counterparts which further impacted the growth of electric scooters in the emerging economies of the world. However, post pandemic increasing government initiatives such tax rebate, policy change and have resulted in surge in demand for electric scooters adoption.

Increasing adoption of electric scooter sharing services in countries such as Spain, the U.S., Germany, and France has spurred the demand for battery-powered two-wheelers. Companies such as Razor, Lime, Bird, Jump, and Spin offering e-scooter sharing services are procuring these vehicles mainly from manufacturers such as Xiaomi; Gogoro, Inc. and Ninebot-Segway. The penetration of these sharing services is witnessing a growth in adoption rate. Moreover, increasing monetary and non-monetary incentives are encouraging the adoption of battery-operated two-wheelers. Moreover, the need for sustainable urban mobility and smart transportation infrastructure is driving the transition from conventional to electric modes of transport.

The participation of vehicle manufacturers and governments in meeting the standards for zero-emissions is significantly contributing to reduce the carbon emission gap significantly by 2030. Furthermore, the issue for battery charging electric scooters is mitigated with increasing interest on building the renewable energy stations and adoption of the updated technologies such as vehicle-to-grid technologies, smart charging etc.

Moreover, governments across the globe have formulated several policies to increase the penetration of electric scooters in the market. The government is offering various benefits to consumers as well as manufacturers in the form of subsidies. For instance, in the U.S., the Corporate Average Fuel Economy (CAFÉ) standards are increasing the adoption of energy-efficient automobiles by framing regulations for enhancing the utilization of alternative fuel vehicles and the reduction of fossil fuel consumption. Similarly, the Canadian government is developing a strategy to reduce the country’s greenhouse gas emissions and increase the number of zero-emission vehicles. Besides this, the swift adoption of scooter-sharing services has triggered the demand for battery-powered two-wheelers. This, in turn, creates a highly conducive environment for electric scooters market growth.

Market Concentration & Characteristics

The current stage of market growth for electric scooters is high, and the growth rate is accelerating. The electric scooter market exhibits a certain level of innovation attributed to the incorporation of new battery technologies. This integration of advanced batteries has played a role in improving the operational life of electric scooters which is expected to drive the electric scooter market.

The electric scooter market is also characterized by product launches and merger & and acquisition (M&A) activity by prominent manufacturers. This is due to several factors, including launching technologically advanced products to maintain a strong brand position in the market.

Fuel-efficient vehicles are being adopted due to the stringent regulations being implemented by authorities worldwide to reduce the environmental impact of greenhouse gases. To lower the concentration of emissions from fossil fuels and to meet the fuel efficiency goals. Moreover, the local governments across the world are permitting the movement of electric scooter on bicycle paths to increase adoption. For Instance, In August 2018, Quebec government permitted a three-year electric scooters pilot project which allows allow the use of electric scooters on bicycle paths and on public roads.

There is a moderate presence of replacements for electric scooters. A notable challenge to the market arises from the emergence and adoption of alternative light duty electric vehicles such electric motorcycle and electric mopeds. However, with the increasing fuel cost, and requirement of highly efficient and easy-to-operate features offered by the electric scooter makes them a preferred choice from the consumer end.

End-user concentration is a significant factor in the market. The increasing demand for electric, high performance, lightweight commuter creates opportunities for companies that focus on developing advanced electric scooters in line with the growing preference for smarter and environmentally safe offerings.

Drive Insights

Based on the drive type, the electric scooter market can be categorized into belt, chain, and hub motor. The hub drive motor type is expected to hold dominant share with more than 70% in the electric scooters market forecast period. The hub drives offers efficient power transmission, quitter operations and low repair & maintenance over the other counter parts in the market. This is encouraging prominent players in the electric scooters market such as such as Yadea Technology Group Co Ltd., NIU International, Yamaha Motor Corporation and others to offer range hub drive electric scooter in the market.

The belt chain type segment is expected to witness high CAGR of 11.2% in the electric scooter market. The segmental growth is owing to its advantages, such as low maintenance, longevity, and lighter weight. Belt drive electric scooters offers better performance, enhanced pickup, infinite gear ratios and protects the electric scooter from overloading and slips. Thus, belt-drive scooters are expected to experience higher implementation adoption.

End-use Insights

Electric scooters can be classified into personal and commercial use based on end-use. Personal use segment holds dominant share of more than 60% in the electric scooter market. Electric scooter is changing the landscape of personal vehicles, as the scooters are eco-friendly, affordable, lightweight, low maintenance, and easily maneuverable they are widely preferred over other electric counterparts. In addition, electric scooters are popular among millennials and low and middle-income groups. Many manufacturers are integrating connected vehicle technology in these scooters to provide an initiative driving experience. Besides, rising electric scooters manufacturers focus on developing private charging stations or a designated spot to charge for the electric scooter is expected to increase the adoption of e-scooters among consumers.

The commercial segment is expected to witness CAGR growth of the 12.7% during the forecast period. Electric scooters are an economical and viable option for last-mile delivery for commercial applications as in places such as factories, universities, warehouses, and industrial sites construction with large land areas, e-scooters may be an option for efficient and fast transportation. As the trend of shared mobility is gaining traction, many vehicles renting facilities are increasing e-scooters that can be used on per mixture or time duration packages for long distance commute, thus contributing to the segmental growth.

Battery Insights

By battery, the E-scooters market is segmented into Lithium-Ion (Li-ion), Lead Acid and other battery types such as others. The lead acid battery segment witnesses the considered share of less than 20% of the electric scooter market in 2022. The factors such as lesser tolerance to abuse, bulker size and high discharge rapidly, even without handling heavy load this reduces adoption of lead acid batteries in the coming years.

The lithium-ion battery segment is estimated to register a considerable growth rate over the forecast period. The price of lithium-ion batteries is expected to witness a declining trend over the coming years, with the price expected to fall more than 70 percent by 2030. Hence, this is expected to decrease the costs of electric scooters as well. More environmentally conducive batteries and growing demand for high-performance batteries such as Li-ion and NiMH are driving the need for battery operated e-scooters. Some of the benefits offered by these batteries are high charging-discharging efficiency, high charge density, and lightweight.

Regional Insights

Asia Pacific dominated the global industry in 2022 and accounted for the largest share of more than 74.85% of the overall revenue. Most electric scooter manufacturers have emerged from China, Taiwan, and Japan, acquiring the largest share all over the world. China has emerged not only as a leading consumer of electric scooters but also as the leading producer and exporter. Vendors active in the China market include Jiangsu Xinri Electric Vehicle Co., Ltd., Yadea, AIMA Group, Zhejiang Luyuan, and Niu International. In addition to this, the regional market is fueled by the growing awareness among consumers to adopt clean energy transportation to curb vehicular emissions, rapid urbanization, and the increasing affordability of e-scooters. Additionally, research and development activities will continue to give this market a significant boost over the next decade. Prominent Japanese companies such as Honda, Yamaha, Suzuki, and Kawasaki have rolled out their variants of electric scooter which is further intensifying the competition in the Asian market.

Europe electric scooter market is expected to witness the considerable growth rate over the forecast period. Growing investment in electric vehicle charging infrastructure and research support for innovative high-density batteries is anticipated to contribute to overall regional growth. Moreover, witnessing a steep growth in the entry of international electric scooter manufacturers, vendors active in the Europe region are focusing on launching multiple variants of electric scooters to attract the young population. Such strategies adopted by companies operating in the region are expected to fuel the overall growth of the European market.

Key Companies & Market Share Insights

Some of the key players operating in the market include Gogoro, Inc., BOXX Corp and AllCell Technologies LLC

• Gogoro, Inc. is engaged in designing and manufacturing battery swap stations and electric scooters. The company offers a range of smart scooters with swap battery features, including Gogoro S2 ABS, Gogoro S2 Adventure, Gogoro S2 Café Racer, Gogoro 2 Plus, Gogoro 2 Delight, Gogoro 2 Rumbler, Gogoro 2 Utility, Gogoro 3 Plus, and Gogoro Viva. Also, Gogoro, Inc. also offers the Gogoro Network Battery Swapping Platform, a fast and efficient way to power up smart scooters.

• BOXX Corp. is a technology-driven firm that offers electric wheel-drive commuting vehicles. The company’s engineering unit is responsible for developing all innovative technologies and the manufacturing of products. From product technology development to manufacturing and branding, everything is managed by the company’s engineering unit.

• Twenty-Two Motors Pvt. Ltd, Scooterson.,GenZe by Mahindra andGreen Energy Motors Corp. are some of the emerging market participants in the electric scooter market.

• GenZe by Mahindrais a division of Mahindra Group of India engaged in designing and manufacturing e-bikes and e-scooters. The company offers a range of e-scooters, including the 2.0s Scooter, 2.0e Scooter, and 2.0f Scooter. The company’s two-wheel electric fleet solutions are purpose-built for use for tourism and delivery as well as by corporates, government agencies, colleges, and private operators.

• Greenwit Technologies Inc.: Greenwit Technologies Inc. designs and manufactures transport automobiles such as electric bicycles, electric scooters, electric motorbikes, and electric skateboards. The company specializes in the engineering, manufacturing, importing, and distribution of Light Electric Vehicles (LEVs). It has established partnerships with various Taiwanese, Korean, and Chinese automotive manufacturers for the purpose of designing and manufacturing of LEVs.

Recent Developments

• In January 2024, Riley Scooter, a Cambridge-based company proposed plans to introduce RS3 Electric Scooter, a fully foldable electric scooter in the U.S. at the Consumers Electronics Show held in Las Vegas.

• In December 2023, Gogoro, a Taiwanese player unveiled Gogoro CrossOver GX250 domestically produced electric scooter in India. The company offers a tailor smart scooter to Indian riders. The introduction of these models marked a strategic move for Komatsu to tap into the Indian electric scooter market.

• In September 2023, Bird, a key player in the electric micro mobility market acquired Spin, an electric scooter and e-bike rental company for USD 19 million. This acquisition has reduced bird competition and aided in maintaining the company’s dominance in the market.

• In March 2023, Yadea Technology Group Co, Ltd, launched the range of products YADEA Fierider, YADEA VoltGuard Scooter, and YADEA Keeness Electric Motorcycle in Vietnam. The products offered by the company have premium-level quality and exceptional rider experience which provide a competitive edge to the company.

Electric Scooters Market Report Scope

Global Electric Scooters Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and analyzes industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global electric scooters market based on drive, battery, product, battery fitting, end use, and region:

• Drive Outlook (Revenue, USD Million, 2018 - 2030)

  • Belt Drive

  • Chain Drive

  • Hub Motors

• Battery Outlook (Revenue, USD Million, 2018 - 2030)

  • Lead Acid

  • Li-Ion

  • Other

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Standard

  • Folding

  • Self-Balancing

  • Maxi

  • Three wheeled

• Battery Fitting Outlook (Revenue, USD Million, 2018 - 2030)

  • Detachable

  • Fixed

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Personal

  • Commercial

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa