Electric Scooter Market To Reach USD 98.3 Billion By 2032 Report By DataHorizzon Research
Research on advanced technology boosts the electric scooter market
Fort Collins, Colorado, Oct. 20, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, the Electric Scooter Market size was valued at USD 36.2 Billion in 2022 and is expected to reach USD 98.3 Billion by 2032 with a CAGR of 10.6%.
Growing demand for electric scooters is driven by rising congestion, pollution levels, and the need to shift to eco-friendly vehicles. The market refers to two-wheelers that run on electricity. Increased awareness of climate change and environmental issues has shifted consumer preferences towards sustainable transportation. Many countries face challenges related to air pollution, traffic congestion, and high emissions, making electric scooters an attractive alternative.
Many countries are adopting policies to encourage using cleaner fuels for vehicles, especially electric vehicles. This automotive segment has seen significant growth in public and private investments in recent years. The U.S. government has allocated USD 7.5 billion to build charging stations nationwide under the Infrastructure Investment and Jobs Act.
Rising fuel prices and limited fossil fuel reserves are prompting people to switch from petrol to electric vehicles. Falling prices and a wide range of products are available in the market thanks to the entry of major players and start-ups. The growing traffic and congestion drive the increasing demand for electric scooters. Electric mopeds are more popular than electric cars in many South-Asian countries, including India and China.
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The global electric scooter market has been segmented into battery type, vehicle type, charger, and region. Lithium-ion batteries are the most popular because they are affordable, low maintenance, and have a high energy storage capacity. Electric Mopeds are the preferred vehicle type as they are cheaper and easier to ride than electric motorcycles. They also have lower initial and maintenance costs.
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Electric Scooter Market Report Highlights:
- The global electric scooter market growth is anticipated at a CAGR of 10.6% by 2032.
- The demand for electric scooters is driven by the need for fuel-efficient vehicles and concerns about carbon emissions.
- The Asia Pacific region, particularly China, has the most significant and fastest-growing market for electric mopeds and bikes due to their low prices, ease of maintenance, and traffic congestion issues.
- Some prominent players in the electric scooter market report include Honda, BMW, NIU, Yadea Technology Group, Bajaj Auto, Vmoto Limited, Okinawa Scooters, Ola Electric, Ampere EV, GOVECS AG, and others.
Industry Trends and Insights:
- Bajaj Auto Ltd and Triumph Motorcycles Ltd have repositioned Triumph’s India Sales and marketing procedures to Bajaj Auto.
- Okinawa Autotech, India’s ushering EV Company, celebrated World EV Day by transcending the sales milestone of 2.5 lakh units and contributing to India’s shift to green conveyance.
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Electric Scooter Market Segmentation:
- By Battery Type: Lithium-ion batteries, sealed lead-acid batteries, nickel metal hydride batteries and others.
- By Vehicle Type: Electric scooter/mopeds and electric motorcycle.
- By Charger Type: Level 1 charger, Level 2 charger, and Level 3 charger.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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