Electric Scooter Market Report by Voltage (24 V, 36 V , 48 V, Greater than 48 V), Product (Folding, Standing/Self-Balancing, Retro), Battery Type (Li-ion, Lead Acid, Others), End Use (Personal, Commercial), Countries and Company Analysis 2024- 2032

Electric Scooter Market Outlook

The Global Electric Scooter Market was valued at US$ 24.67 Billion in 2023 and is projected to grow at a CAGR of 8.35% between 2024 and 2032, reaching an estimated value of US$ 50.78 Billion by 2032.

Over the forecast period, it is projected that the adoption of electric scooters, or e-scooters, will be compelled by the rising demand for fuel-efficient automobiles and rising concerns over greenhouse gas and carbon emissions. The market for electric scooters is being driven by strict emission regulations imposed by government agencies, such as China VI, India's BS-VI, and the United States Environmental Protection Agency's (EPA) emission standards for greenhouse gas (GHG) emissions.

Global Electric Scooter Market Drivers

The growing demand for sustainable urban transportation solutions

The growing demand for sustainable urban transportation solutions. The increasing need for eco-friendly urban transportation options is the main factor propelling the global industry for electric scooters. Fueled by rising urbanization and environmental concerns, electric scooters provide a practical and environmentally friendly alternative to traditional automobiles.

Cost-Effectiveness and Operational Efficiency:

Electric scooters are a more cost-effective form of transportation than traditional autos. Because they require less maintenance and gasoline, electric scooters are an affordable and environmentally beneficial mode of transportation. Additionally, enhancements to the design of scooters and their connectivity features, such as app integration and smart navigation.

Industry Expansion in Developing nations:

The desire for inexpensive and effective transportation solutions is being driven by fast urbanization and rising disposable income in developing nations, where the electric scooter industry has great growth potential. In these areas, the use of electric scooters can aid in addressing mobility issues and promote sustainable urban development.

United States Electric Scooter Market

The Electric Scooter Industry in the USA is committed to applying sustainability principles as a vital part of the effort to develop its market and value. Manufacturers wish to contribute to creating a vision for the future of transportation and to meet the expectations placed on the Powered Two-Wheeler sector.
In contrast to electric cars, charging electric two-wheelers is relatively easy and requires less infrastructure. To date, a number of small projects have demonstrated that there is potential for electric two-wheelers within the US Market of operations as it has a considerable gapped onset of these operations in place at all times. The charging infrastructure presence at the organization has been of greater importance in the country.

Increasing the amount of energy that batteries can store is important in allowing electric scooters to be integrated completely into the market and to travel further distances between charges, although less so than for electric cars. Regulations should be implemented to enforce the use of sustainable lithium batteries instead of the cheaper, short-life sealed lead acid (SLA) batteries. Technological improvements are also necessary to improve the affordability of electric two-wheelers.

In most metropolitan areas across the USA, electric Scooters face similar challenges and offer comparable benefits. As urban travel increases, so does congestion, discouraging people from using public transportation. In such scenarios, two-wheelers emerge as a practical and efficient alternative to automobiles despite a few limitations.

The U.S. electric bike market continues to boom according to the latest figures from the Light Electric Vehicle Association. The U.S. imported nearly 790,000 electric two-wheelers in 2021 according to LEVA’s estimate, up from 463,000 in 2020. 

Asia Pacific Electric Scooter Market

Due to rising fuel and diesel prices globally the Asia-Pacific area as well as increased consciousness of the benefits that electric vehicles offer the environment, the region is predicted to dominate the market. Furthermore, throughout the projection period, regional demand is anticipated to rise even more as a result of government initiatives pertaining to e-mobility.

It is also expected that startup funding and major players' capacity expansions will propel the industry. For example:

In order to boost Hero Electric Ltd. declared in November 2022 that it will increase its production capacity to 4 million electric two-wheelers yearly by 2026 would invest INR 2600 crore (USD 312 million) to establish a manufacturing plant in the Indian state of Rajasthan.

October 2022: Ather Energy, an Indian manufacturer of electric two-wheelers based in Bengaluru, announced that it had raised USD 50 million through an investment round led by Caladium Investments. In the fundraising round, Herald Square Ventures participated as well.

Electric Scooter Company Overview

Yadea Technology Group Co. Ltd., Niu Technologies, Mahindra, Vmoto Limited, Amper Vehicles, BMW Motorrad International, Gogoro Inc., Govecs Group, Hero Electric, Zhejiang Luyuan Electric Vehicle Co Ltd. are among the industry leaders in the Global Electric Scooter Market.

Electric Scooter Market News

• 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 February 2024 - Yamaha Motor Co., Ltd. announced that it has invested in World of River Limited, Inc. (hereinafter River), a startup that manufactures and sells electric scooters in India. This investment is for River's Series B round of funding through third-party allotment.
• In December 2023 - Gogoro, a Taiwanese player, unveiled the Gogoro Crossover GX250, a domestically produced electric scooter in India. The company offers a tailor-smart scooter to Indian riders. Introducing these models marked a strategic move for Komatsu to tap into the Indian electric scooter market.
• In October 2023 - Spurred by iQube success, TVS seeks to ‘change the game’ in EV with new launches. TVS Motor is stepping up its EV game with the planned launch of several models in this segment, including the much-awaited TVS X in the current quarter.
• In July 2023 - Ola plan for IPO as electric scooters take off in India reflecting the Indian startup’s whirlwind pace of growth since it started selling electric scooters in late 2021.

Voltage – Market breakup in 4 viewpoints:

1.    24 V
2.    36 V 
3.    48 V
4.    Greater than 48 V

Product – Market breakup in 3 viewpoints:

1.    Folding
2.    Standing/Self-Balancing
3.    Retro

Battery Type – Market breakup in 3 viewpoints:

1.    Li-ion
2.    Lead Acid
3.    Others

End Use – Market breakup in 2 viewpoints:

1.    Personal
2.    Commercial

Country – Market breakup of 25 Countries:

1.    North America

1.1    United States
1.2    Canada

2.    Europe

2.1    France
2.2    Germany
2.3    Italy
2.4    Spain
2.5    United Kingdom
2.6    Belgium
2.7    Netherlands
2.8    Turkey

3.    Asia Pacific

3.1    China
3.2    Japan
3.3    India
3.4    South Korea
3.5    Thailand
3.6    Malaysia
3.7    Indonesia
3.8    Australia
3.9    New Zealand

4.    Latin America

4.1    Brazil
4.2    Mexico
4.3    Argentina

5.    Middle East & Africa

5.1    Saudi Arabia
5.2    UAE
5.3    South Africa

All the Key players have been covered from 3 Viewpoints:

•    Overview
•    Recent Development
•    Product Portfolio & Product Launch in Last 1 Year
•    Revenue

Company Analysis:

1.    Yadea Technology Group Co. Ltd 
2.    Niu Technologies
3.    Mahendra
4.    Vmoto Limited
5.    Amper Vehicles
6.    BMW Motorrad International
7.    Gogoro Inc.
8.    Govecs Group
9.    Hero Electric
10.    Zhejiang Luyuan Electric Vehicle Co Ltd

Report Details: