Electric Scooter Markets - Global Forecast to 2028: Increasing Investments by Ride-hailing Companies in the Micromobility Space

Dublin, Oct. 18, 2021 (GLOBE NEWSWIRE) -- The "Electric Scooter Market by Vehicle Type, Power Output, Battery Technology, Motor Type, Charging Type, End-user - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The Electric Scooter Market is expected to grow at a CAGR of 30.3% from 2021 to 2028 to reach $677.2 billion by 2028. By volume, this market is expected to grow at a CAGR of 23.5% from 2021 to 2028 to reach 238.1 million units by 2028.

The growth of this market is mainly attributed to the increasing adoption of electric two-wheelers and e-bikes for short commutes, rising environmental concerns, and increasing investments by ride-hailing companies in the micromobility space. Increasing efforts by OEMs to produce lightweight bikes and increasing trend towards connected e-Bikes provide significant growth opportunities for market players

Based on vehicle type, the electric scooters market is mainly segmented into two-wheelers, and e-scooters & bikes. The e-scooters & bikes segment is expected to grow at the highest CAGR by value during the forecast period. Major factors attributed to the high growth of this segment are e-scooters & bikes are increasingly used for courier and e-commerce delivery applications, increasing government subsidies and support to promote electric mobility across the globe, growing demand for energy-efficient commuting, and increasing investments by government authorities in the development of EV charging infrastructure.

Based on power output, the electric scooters market is segmented into less than 3.6kW, 3.6kW to 7.2kW, and 20kW to 100 kW. The 3.6kW to 7.2kW segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing adoption of electric two-wheelers in emerging economies, high growth of the electric two-wheelers market in Europe during the pandemic, favorable incentives and tax benefits for increasing the adoption of electric two-wheelers, and increasing private investments in the electric two-wheelers segment.

Based on battery technology, the lithium-ion segment is estimated to account for the largest share of the electric scooters market in 2021. However, the lithium-ion polymer segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to low-cost manufacturing, simple cell construction, high energy density, lightweight batteries, high resistance to physical damage, and lower chances of leaking electrolytes.

Based on motor type, the hub motors segment is estimated to account for the largest share of the electric scooters market in 2021. The geared hub motors segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to better durability and speed control of geared hub motor, smaller size, and lightweight; lesser mechanical losses since heavy transmission, driveline, differential, and axles are not needed; offers higher flexibility, generates high torque at lower RPMs, and can be additionally used as brakes.

Based on end user, the business organizations segment is estimated to account for the largest share of the electric scooters market in 2021. The large share of this segment is mainly attributed to the increasing government subsidies and support to promote electric mobility across the globe, increasing use of e-scooters & bikes by courier and e-commerce delivery personnel, and the growing implementation of mobility-as-a-service. Moreover, this segment is expected to grow at the highest CAGR during the forecast period.

The Asia-Pacific region is estimated to account for the largest share of the electric scooters market in 2021. The large share of this region is primarily attributed to the presence of major two-wheeler hub motor manufacturers, high adoption rate of electric two-wheelers and e-bikes, and increasing adoption of electric two-wheelers in emerging economies such as India and Southeast Asian countries.

Market Dynamics

Drivers

• Increasing Adoption of Electric Motorcycles and E-Bikes for Short Commutes

• Rising Environmental Concerns

• Increasing Investments by Ride-hailing Companies in Micromobility Space

Restraints

• High Cost of Electric Two-wheelers and E-scooters & Bikes

• Short Lifespan of Batteries

Opportunities

• Rising Health Awareness Among Millennials

Challenges

• Increasing Theft and Vandalism of E-bikes & E-scooters

• Poor Cycling Infrastructure in Developing Countries

• Lack of Regulations in Electric Two-wheelers and Micromobility Space

Trends

• Increasing Efforts by OEMs to Produce Lightweight Bikes

• Increasing Trend Towards Connected E-Bikes

Scope of the Report

Companies Mentioned

• Fuji-Ta Bicycle Co. Ltd. (China)

• Trek Bicycle Corporation (U.S.)

• Yamaha Motor Co. Ltd. (Japan)

• Yadea Group Holdings Ltd. (China)

• Riese & Muller GmbH (Germany)

• Leon Cycles (Germany)

• Niu Technologies (China)

• Walberg Urban Electrics GmbH (Germany)

• myStromer AG (Switzerland)

• Magnum Bikes Inc. (U.S.)

• Pedego Inc. (U.S.)

• Aventon Bikes (U.S.)

• Govecs AG (Germany)

• Zhejiang Minimotors Bike Co Ltd (China)

• Zero Motorcycles Inc. (U.S.)

• Gogoro Inc. (Taiwan)

• Ather Energy Pvt. Ltd. (India)

• Energica Motor Company (Italy)

• Revolt Motors (India)

• Hero MotoCorp Ltd. (India)

• Rad Power Bikes Inc. (U.S.)

Electric Scooter Market, by Vehicle Type

• Two-wheelers

• E-scooters & Bikes

Electric Scooter Market, by Power Output

• Less Than 3.6kW

• 3.6kW to 7.2kW

• 20kW to 100 kW

Electric Scooter Market, by Battery Technology

• Sealed Lead Acid

• Lithium-ion

• Lithium-ion Polymer

Electric Scooter Market, by Motor Type

• Hub Motors

• Geared Hub Motors

• Gearless Hub Motors

• Mid-drive Motors

Electric Scooter Market, by Charging Type

• Connectors

• Wireless Charging

Electric Scooter Market, by End User

• Government Intuitions

• Academic institutes/Universities

• Business Organizations

• Micromobility Service Providers

• Individuals

• Other End-users

For more information about this report visit https://www.researchandmarkets.com/r/wzll9b

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900