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Governments around the world are focusing on implementing various programs that encourage the buyers to opt for electric scooters rather than conventional scooters by offering tax credits and subsidies. The rising adoption of electric scooter owing to increased financial and non-financial incentives coupled with increasing demand for advanced infrastructure transportation is expected to boost the change from conventional to the electric mode of transport.
Key Market Driver -
Rising demand for electric scooter is expected to drive the market.
Key Market Restraint -
Higher initial cost for electric scooter is estimated to restraint the growth of the market.
The electric scooter is a vehicle that runs with electrical power. Conventional scooters that require gas or oil for their functioning whereas electric vehicle does not require fuel. In electric scooters, motor and battery are linked together; the battery is charged by plugging into an electric charging station or source of power. The charged battery generates motion to push the scooter forward. Electric scooters are eco-friendly, fuel-efficient, and easy to handle. The increasing need for sustainable urban mobility and modernized transportation infrastructure are driving the transition from conventional to an electric mode of transportation. The electric scooter is expected to have a positive impact on energy security and air quality.
The global electric scooter market has been segmented into product type, battery type, voltage type, and region. By battery type, the global market is segmented into lead-acid and Li-ion type. The Li-ion battery segment is expected to dominate the market owing to declining prices of these batteries and rising demand for high conductive and performance batteries. Lead Acid batteries are light in weight and have high charge density, as well as charging-discharging efficiency. Based on voltage type, the global electric scooter industry is segmented as 48-59V, 60-72V, 73-96V, and above 96V. The 60-72V segment is expected to be the fastest-growing segment during the forecast period. Electric scooters, which are fitted with 60-72V, is expected to witness significant growth during the forecast period owing to increasing technological advancements. High voltage batteries are upgraded with start-stop and recovery features to reduce CO2 in the environment.
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Geographically, the electric scooter market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific is expected to dominate the market owing to the high demand for electric scooters and the presence of major manufacturing companies in countries like Japan, China, India, and Indonesia. China leads the market in this region owing to production capacity and overall sales. In Asia Pacific market is majorly driven by decreasing prices of electric bikes as compared to conventional vehicles, the surge in traffic congestion, increasing population, and rising environmental concerns. North America is expected to hold a second-largest share in the market. Increasing investment in research support and vehicle charging infrastructure is expected to contribute to regional growth. The US government has made massive investments in R&D to develop electric and hybrid vehicles and high-density batteries.
By Product Type
By Battery Type
By Voltage Type
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