Electric Scooter Battery Market Size to Hit USD 27.8 billion by 2031, Expanding at a CAGR of 24.19% Says, Transparency Market Research
Manufacturers in the electric scooter battery industry are assisting clients with various procedures to guarantee their bikes remain in optimal condition, including battery separation. NiMH batteries are favored over SLA rechargeable batteries due to their compact structure.
Wilmington, Delaware, United States, Oct. 13, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global electric scooter battery market is expected to increase at a CAGR of 24.19% between 2021 and 2031. The global electric scooter battery market is estimated to exceed US$ 27.8 billion by the end of 2031.
The electric scooter battery market is witnessing a remarkable surge in demand with the increasing popularity of electric scooters as a sustainable and convenient mode of urban transportation. These batteries are the lifeblood of electric scooters, powering their electric motors and determining performance and range.
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Key drivers of this market include the global shift toward eco-friendly transportation solutions, growing urbanization, and increasing awareness of environmental concerns. The electric scooter battery market is characterized by technological advancements, with lithium-ion batteries being the predominant choice due to their high energy density and longer life span.
Partnerships and collaborations between electric scooter manufacturers and battery suppliers are driving innovation and enabling the development of more efficient, lighter, and longer-lasting batteries. Regional governments also offer incentives and subsidies to promote electric scooter adoption, further fueling market growth.
As the electric scooter market continues to grow, the market is expected to remain a critical component in the global shift toward sustainable and eco-friendly transportation options.
Key Takeaways from the Market Study
- The global electric scooter battery market was estimated to be worth more than US$ 2.7 billion in 2020.
- In 2020, the lithium-ion (Li-Ion) battery segment held a market share of 43%.
- The market in North America is poised to expand at a CAGR of 24% until 2028.
- The market in Asia Pacific is expected to expand at a CAGR of 25% until 2028.
- The Asia Pacific held a market share of 45% of the global market in 2020.
Global Electric Scooter Battery Market- Key Drivers and Trends
- Various governments worldwide are offering incentives, subsidies, and tax benefits to promote the adoption of electric vehicles, including scooters. Stringent emissions regulations are pushing manufacturers to invest in electric alternatives, boosting the electric scooter battery market.
- The expansion of charging infrastructure, including portable and fast-charging stations, addresses the issue of range anxiety. As the charging network becomes more robust, consumers are more likely to choose electric scooters, further propelling the demand for efficient batteries.
- Increasing environmental awareness and concerns about air pollution are driving consumers, as well as businesses, to opt for electric vehicles. Electric scooters, powered by clean energy sources, are becoming popular choices, boosting the need for reliable and sustainable battery solutions.
- The integration of IoT technology and smart features in electric scooters, such as GPS tracking, remote diagnostics, and smartphone connectivity, is becoming a trend. These features require efficient power sources, encouraging the development of high-performance batteries to support these functionalities, thereby driving market growth.
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Regional Landscape of the Electric Scooter Battery Market
- Asia-Pacific, particularly countries like China and India, leads the electric scooter market. With densely populated urban areas and a push towards sustainable transportation, this region has witnessed significant adoption. China, as a major producer of electric scooters, drives the demand for batteries.
- Europe is experiencing a rapid rise in electric scooter adoption due to stringent environmental regulations, government incentives, and the development of charging infrastructure. Countries like France, Germany, and the Netherlands are leading this trend. European cities’ compact nature makes electric scooters an attractive option, boosting the demand for batteries in this region.
- In North America, especially in the United States and Canada, electric scooters are gaining popularity, primarily in urban areas with the initiatives promoting green transportation. Companies offering shared electric scooter services have become prominent in cities, creating a consistent demand for batteries. The market growth is supported by environmental consciousness and supportive governmental policies.
The electric scooter battery market is fiercely competitive, driven by key players like:
- LG Chem
- BYD Co. Ltd.
- Panasonic Corporation
- ENVISION AESC GROUP LTD.
- Contemporary Amperex Technology Co. Limited (CATL)
- Guoxuan Hi-Tech
- Samsung SDI
- CBAK Energy Technology, Inc.
- China Aviation Lithium Battery Co., Ltd.
- Wanxiang Group
These companies invest heavily in research, developing high-energy-density batteries to enhance electric scooters’ performance and range. Regional players also contribute significantly, tailoring products to local market demands. Strategic partnerships with electric scooter manufacturers and a focus on sustainable battery technologies characterize the landscape.
- In November 2020, LG Chem Ltd. declared a massive expenditure, more than doubling the amount previously invested, to increase the capacity for manufacturing of battery cells built in China for Tesla Inc.’s electric vehicles.
- NIO unveiled the construction of its first battery swap station in Germany in Zusmarshausen, located along the popular A8 highway between Munich and Stuttgart, in September 2022. The battery swap station has the capacity to do up to 312 power transfers per day.
Key Segments Covered
- Lead Acid Battery
- Flooded Batteries
- AGM Batteries
- GEL-type Batteries
- Lithium Ion Battery (LIB)
- Lithium Iron Phosphate Battery (LFP)
- Lithium Polymer Battery (LiPo)
- Nickel Metal Hydride Battery (NiMH)
- Fuel Cell
- 100-500 Wh
- 500-1000 Wh
- 1000-1500 Wh
- 1500-2000 Wh
- 2000 Wh & Above
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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