PUNE, INDIA--(Korea Newswire
) January 19, 2022 -- ESOMAR-certified consulting firm Future Market Insights’ (FMI) recent market survey forecasts sales of electric scooters to continue increasing between 2021 and 2031. As per the report, the market will reach US$ 8.8 Bn in 2021, leading to expansion at a healthy 9% CAGR.
Increasing government-backed subsidies and rising concerns regarding decarbonization will spur demand for electric scooters in the upcoming years. Rapid urbanization, coupled with a growing population across the globe is fueling sales of electric scooters.
Growth prospects remain positive for upcoming years, with leading manufacturers launching hybrid and technologically advanced models of electric scooters, catering to rising consumer demand. As per FMI, the top players in the market will account for 55% of sales in 2021.
Increasing efforts to curb carbon emissions and to reduce high congestion in roads in developing countries such as the U.S. and the U.K. are boosting the adoption of three-wheeled electric scooters. Convenience, stability, and easy mobility offered by electric scooters is augmenting adoption in university campuses and neighborhoods increasingly.
Additionally, in emerging economies, the growing preference for two-wheeler and three-wheeled electric scooters is gaining immense traction. Easy accessibility, low-costs, and increased navigational abilities offered by electric scooters will keep demand for electric scooters afloat in countries including China, India, and Mexico.
“Rising concerns pertaining to carbon emission and rapid urbanization will spur demand for electric scooters through the assessment period. Government initiatives to encourage the adoption of electric vehicles across the globe will emerge as a chief driving factor,” says an FMI analyst.
Key Takeaways from Electric Scooters Market Analysis
· Lithium-ion batteries will dominate the battery type segment throughout the forecast period.
· Maxi electric scooter sales will witness high demand, owing to features such as stability and durability.
· Based on technology, battery-equipped electric scooters will account for maximum sales in the market.
· The U.S is anticipated to experience increasing demand for three-wheeled electric scooters in the upcoming years.
· Sales outlook in the U.K. appears to be positive with increasing adoption in tourist mobility.
· India will provide lucrative opportunities for market expansion to global players, owing to government subsidies prompting the adoption of electric scooters.
· Japan and South Korea will collectively account for 8.7% of the market share.
Alta Motors, Ather Energy, Bajaj Auto, BMW Motorrad International, Cezeta, Energica Motor Company, Evoke Motorcycles, Hero Eco, Johammer e-mobility GmbH, KTM AG, Mahindra GenZe, Ninebot Limited, Okinawa Autotech Pvt. Ltd., Piaggio & C. SpA, ReVolt Electric Motorbikes, Xiaomi, and Yamaha Motor Company Limited are among the top manufacturers of electric scooters, as profiled by FMI.
Top electric scooter manufactures are emphasizing research and development to incorporate technological advancements in electric scooters to establish themselves as prominent players in the market. Facility expansions and new vehicle launches will remain key strategies leveraged by manufacturers in the market.
More Insights on the Electric Scooters Market
In its latest report, FMI offers an unbiased analysis of the global electric scooters market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (standard, folding, self-balancing, maxi and three-wheeled), battery type (li-ion, NiMH, lead-based), technology type (plug-in, battery), and across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).