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Electric Scooter Market Size, Share & COVID-19 Impact Analysis, By Battery Type (Lead Acid, Li-ion), By Voltage Type (48-59V, 60-72V, 73-96V, Above 96V), and Regional Forecasts, 2021-2028

Region : Global | Format: PDF | Report ID: FBI102056

 

KEY MARKET INSIGHTS

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The global electric scooter market size stood at USD 14.28 billion in 2020. The market is expected to reach USD 15.22 billion in 2021 to USD 31.04 billion by 2028 at a CAGR of 10.7% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with electric scooter witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a substantial decline of -18.80% in 2020 as compared to the average year-on-year growth during 2017-2019. The rapid increase in CAGR is due to the demand and growth of this market, which will return to pre-pandemic levels once the pandemic is over.


E-scooter is a motorized scooter powered by electric motor. Conventional scooters require gas or fuel to operate, whereas the EV does not require fuel. The motor and battery are linked in e-scooters, and the battery is charged by plugging into an electric charging station or a power source. The charged battery generates the motion to push the two-wheeler forward. These scooters are environment-friendly, fuel-efficient, battery-powered, and simple to use. The shift from conventional to an electric mode of transportation is driven by the growing need for sustainable urban mobility and modernized transportation infrastructure. This type of scooter is anticipated to improve energy security and also air quality. The rising demand for fuel-efficient vehicles coupled with increasing concerns over greenhouse gas and carbon emissions is expected to increase the adoption of e-mopeds.


Decrease in New Vehicles Sales amid COVID-19 to Hamper Market Growth


The COVID-19 pandemic resulted in a global economic slowdown. Lockdowns imposed in several parts of the world to prevent the spread of the virus led to supply chains disruptions and temporary closure of many production facilities.


The pandemic of COVID-19 had a severe impact on this market. Attributed to the global lockdown restriction, production and sales of new vehicles, including these scooters, have been halted. The raw materials required to produce various parts were also unavailable due to the supply chain disruption, creating production delays. As a result, the industry’s economy suffered a fast downturn. However, with a growing global inclination toward cleaner transportation, the industry expects a revenue recovery post the COVID-19 pandemic.



NIU International has seen a significant decline of around 40% in its revenue in the first quarter of 2020 due to the thirty-day production halt in February 2020. Hero Electric and Okinawa had to halt their manufacturing plants for a few days due to India’s nationwide lockdown.


The introduction of COVID-19 vaccines in early 2021 is predicted to benefit the automotive industry, although the pandemic’s duration is difficult to predict.


LATEST TRENDS 


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Government Initiatives for Electrification and Increase in Adoption of E-Scooters to Boost the Market Growth


OEMs will be able to expand their revenue stream and geographical presence as governments across the globe increasing their investments in charging infrastructure and offer incentives to consumers. For instance, the Indian government launched the FAME scheme (Faster Adoption and Manufacturing of Hybrid and EV) in 2019 with a budget outlay of USD 100 billion to support 7,000 e-buses, 500,000 e-three wheelers, 55,000 e-passenger vehicles, and a million e-two wheelers. As of now, about 124,415 vehicles have benefited under the scheme.


Additionally, as customers move toward the adoption of EVs, fluctuating fuel prices have decreased sales of gasoline-powered vehicles. Consumers are abandoning the gasoline-powered vehicle segment due to the rising fuel prices, which coincides with significant growth in sales of these scooters, primarily in India, Hong Kong, and the Netherlands. Norway is expected to phase out the sale of all fossil-fuel-powered vehicles over the next few years to meet its 2025 target of 100% renewable energy.


DRIVING FACTORS


Low Maintenance Cost and Rising Demand for EVs to Set Positive Trend for Market Growth


The increasing price of petroleum products is one of the most important factors driving the electric scooter market growth. The increasing cost of gasoline is already affecting consumers in emerging markets. Electric two-wheelers will significantly lower the running costs of these vehicles due to being more fuel-efficient than conventional two-wheelers. This scooter with a longer range than the present generation of e-two wheelers is expected to be developed by manufacturers. Maintenance will not be an issue as there are fewer moving parts than on traditional two-wheelers. The most expensive thing of maintenance is changing the battery, which is not done very often.


The increasing adoption of these scooters across the globe is boosting the market growth, owing to benefits such as low noise levels, low maintenance costs, and high mechanical efficiency. Governments are also offering monetary and non-monetary incentives, which resulted in significant growth of the market. Consumers are becoming more aware of the environmental impact of conventional modes of transportation and are shifting to EVs.


RESTRAINING FACTORS


Lack of Charging Infrastructure May Hamper Market Growth


Lack of charging infrastructure will be the largest obstacle to the expansion of the e-scooter sector. The most important consideration for any user before purchasing an electric two-wheeler is the ease with which that vehicle can be charged anywhere and at any time. Most emerging countries, unlike developed countries, lack the required charge stations. As a preliminary solution, the manufacturers are developing their charging infrastructure network, especially in the developing countries; however, participation of government as well as private investors is also equally necessary to boost the adoption of such vehicles across the world. To expand the e-two-wheeler industry, users will need an extensive charging infrastructure network that allows them to travel long distances without worrying about finding a charging station.


SEGMENTATION


By Battery Type Analysis


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Lead-Acid Battery Type Dominates Market


Based on Battery type, the market is bifurcated into Lead Acid batteries, Li-ion batteries.


The Lead-Acid battery segment dominated the market with a revenue share of more than 60% in 2020 due to the benefits of the Lead-Acid battery, such as durability, damage tolerance, and low cost. However, the adoption of SLA batteries is expected to decline in the coming years as they are large and drain quickly, even not carrying significant loads.


The lithium-ion battery segment witnessed low demand in 2020; however, it is expected to gain momentum and grow at the fastest CAGR over the forecast period. In 2020, the Lithium-ion Battery segment accounted for 40% of the market. Due to better performance, high charging-discharging efficiency, high charge density, and lightweight performance.


By Voltage Type Analysis


48-59 V Segment Dominates the Market


Based on voltage type, the market is divided into 48-59 V, 60-72 V, 73-96V, and above 96V.


The 48-59 V segment holds the largest share globally in the global market. It is expected to dominate the forecast period because these batteries have a high level of connectivity with e-scooters and have higher power output, which is expected to drive market expansion. These scooters are generally preferred for short distances commutes.


The 60-72 V segment has high growth and high penetration in 2020. The 60-72 V segment accounted for 24.09 % market share in 2020. The segment will grow during the forecast period to avoid the hassle of regular battery charging; consumers prefer scooters with a long battery range.


The 73-96 V segment is also predicted to show positive growth in the market. The 73-96 V segment accounted for 20.80% market share in 2020. The segment will grow during the forecast period at a CAGR of 19.2%. Consumer preference for high voltage e-scooters for long-range distance and to avoid frequent battery charging will boost the growth of this segment.


The above 96 V segment had low penetration in 2020; however, it is anticipated to gain momentum and grow at a CAGR of 20.9% during the forecast period owing to high demand in developed countries.


REGIONAL INSIGHTS


Asia Pacific Electric Scooter Market Size, 2020 (USD Billion)

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The Asia Pacific market accounted for USD 12.39 billion in 2020 and is projected to reach USD 23.74 billion by 2028, at a CAGR of 8.9% over the forecast period. The region is expected to dominate the global electric scooter market share as an automotive hub, with large sales and production in China. This growth is accountable because the increasing preference for personal mobility in the post-COVID period will boost automobiles. The increasing demands for economical e-scooters for short-distance transportation and governments initiatives to promote this type of scooter adoption are expected to drive the APAC market during the forecast period. The country’s rapidly growing economy drives the expansion of advanced technologies to improve electrification in China. China has invested approximately USD 2.4 billion in improving the charging infrastructure in the country till 2020. The Indian government has promoted electric two-wheelers through schemes, such as FAME-II, which provide customers with incentives and tax benefits.


North America is expected to grow at a CAGR of 17.1 % during the projected period. Increasing government and private market players' initiatives to expand regional electric two-wheeler charging station network. Furthermore, promoting research & development activities directed towards the development of high-density batteries is expected to boost the regional market growth in the upcoming few years. For instance, Revel entered the U.S. market with a USD 27.6 million investment and rolled out 68 MUVI e-scooters from Torrot, a Spanish business.


Europe held a small portion of the total market in 2020. According to the European Motorcycle Manufacturers Association (ACEM), only 58,569 units were registered in 2020, 12.5% as compared to the previous year. The region is expected to witness the highest CAGR of 37.9% during the forecast period due to consumer adoption of EVs and autonomous vehicles; shared mobility is likely to fuel market expansion.


In the global market, the rest of the world contributes 7.50% due to fewer automotive OEMs, low adoption of technology, and less presence of all typed vehicles. However, it is expected to grow in the future at a CAGR of 10.7%.


KEY INDUSTRY PLAYERS


Strong Portfolio and Advanced Features Have Propelled Yadea Technology Group Co. Ltd, Niu Technologies to Lead Market


The market is consolidated because of its strong product portfolio and noteworthy distribution network of major companies in developed and developing countries.


The key market players are concentrating on R&D efforts and product-level strategies. For instance, Gogoro’s swappable battery e-scooter bike has revolutionized the market in Taiwan. Many Asian vendors are collaborating with the company to integrate the swappable battery technology into their models. This type of scooters from major Japanese companies, such as Honda, Yamaha, Suzuki, and Kawasaki, have been launched, increasing the competition in the Asian market.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • December 2020 Ola Electric has confirmed that the world’s largest e-scooter plant will be constructed in India. It may be recalled that Ola acquired Etergo, an electric company based in Amsterdam, in May 2020, with plans to launch its e-scooters in India in 2021.

  • May 2020- NIU Technologies, provider of smart urban mobility solutions, announced that on May 25, 2020, it would launch a new product G0, a new entry-level e-bicycle model under the Gova series, via an e-commerce platform in China. In addition, the company provided an update on the status of its international retail outlet expansion.

  • June 2020- Mahindra & Mahindra, an Indian conglomerate, has decided that a wholly-owned subsidiary, GenZe, will be shut down. GenZe is an electric vehicle (EV) brand based in California that sells a wide range of e-bikes (E- bicycles) and e-scooters exclusively in the United States.

  • In about six months, GenZe will be completely shut down. The intellectual property rights of GenZe would be used for Mahindra Electric and many other Mahindra & Mahindra projects when it is discontinued.

  • June 2020 - Hero Electric, India’s largest e-two-wheeler manufacturer, has announced a new online scheme called “Clean Air Mission 2020” to increase faster adoption of its models. The company is offering a wide variety of attractive deals through its online initiative.


REPORT COVERAGE


An Infographic Representation of Electric Scooter Market

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The global electric scooter market research report provides a detailed analysis and focuses on crucial aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights vital industry developments. In addition to the factors above, the report encompasses several factors contributing to the market’s growth over recent years.


Report Scope &Segmentation:












































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value ( USD Billion)



Segmentation



By Battery Type



  • Lead Acid

  • Li-ion



By Voltage Type



  • 48-59V

  • 60-72V

  • 73-96V

  • Above 96V



By Geography



  • North America (By Voltage Type, By Battery Type)

    • U.S. (By Battery Type)

    • Canada (By Battery Type)

    • Mexico (By Battery Type)



  • Europe (By Voltage Type, By Battery Type)

    • U.K. (By Battery Type)

    • Germany (By Battery Type)

    • France (By Battery Type)

    • Rest of Europe (By Battery Type)



  • Asia Pacific (By Voltage Type, By Battery Type)

    • China (By Battery Type)

    • Japan (By Battery Type)

    • India (By Battery Type)

    • Rest of APAC (By Battery Type)



  • Rest of the World (By Voltage Type, By Battery Type)



Frequently Asked Questions

Fortune Business Insights says that the global market size was at USD 14.28 billion in 2020, and it is expected to reach USD 31.04 billion by 2028.

In 2020, Asia Pacific stood at USD 12.39 billion.

The market is projected to grow at a CAGR of 10.7% and exhibit steady growth during the forecast period (2021-2028).

The lead-acid battery segment is the leading segment in this market.

Increased vehicle production, focus on advanced technologies, low maintenance and operating cost, and increased adoption.

NIU Technologies and Yadea Technology Group are the major players in the market.

The Asia Pacific dominated the market share in 2020.

The increasing adoption of electric mobility coupled with favorable government initiatives will drive market growth. Increased consumer preference for EV expected to boost the market growth.

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Electric Scooter Market Size, Share and Global Industry Trend Forecast till 2026
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