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Global Electric Scooters Market to Grow at a CAGR of 7.7% During 2021-2026, Aided by the Favourable Governments Initiatives to Promote Green Energy

According to a new report by EMR titled, ‘Global Electric Scooters Market Report and Forecast 2021-2026’, the market attained a value of about USD 20 billion in 2020. The industry is further expected to grow at a CAGR of 7.7% in the forecast period of 2021-2026 to reach a value of USD 33 billion by 2026.

The rising awareness about rapid climate change is mainstreaming sustainable lifestyle choices. As electric scooters are both eco-friendly and cost-effective, they are increasingly used for small commutes, providing an alternative to fuel-run vehicles, which is driving the market growth. Increasing research and development (R&D) regarding green energy and rising investments of the governments of the developed nations to promote sustainable lifestyles is also catalysing the market growth. Moreover, the increasing trend of shared mobility due to cost-effectiveness is providing further impetus to the market growth. Additionally, the robust growth of the food delivery industry is increasing the demand for economically feasible electric scooters, which is aiding the industry growth. Furthermore, technological advancements and the development of batteries and motors with superior properties are also expected to propel the market growth in the forecast period.

Vmoto Limited (ASX: VMT), one of the leading players, launched the world’s smartest e-scooter, the CUx Special Edition Ducati, in May 2019. The company has collaborated with Ducati to design a scooter that has top-of-the-line features, which include a high-quality, single 30Ah removable lithium battery that can be charged away from the scooters. Moreover, it has a powerful 1300 watt Bosch electric motor that provides quick acceleration and excellent torque. Additionally, it can reach 45 kilometres per hour, with a range of 65-75 kilometres while weighing about 70 kilograms. The scooter is designed for the city and also for the city vehicle rental service Zig Zag. The company aims to expand the product distribution into European and Italian cities. Such innovative products are expected to propel the market growth in the forecast period.

Market Analysis by Battery, Voltage, Product, and Region:

  • The market on the basis of battery can be divided into sealed lead acid, Li-Ion, and NiMH.
  • Based on voltage, the industry can be divided into 24V, 36V, 48V, and above 48V. 
  • The products for electric scooters include retro, standing/self-balancing, and folding, among others.
  • The regional markets for electric scooters include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Rapid urbanisation and the emergence of the middle-class population are increasing the demand for cost-effective two-wheelers and hence are aiding the market growth for electric scooters.
  • The market is being driven by various favourable government schemes to promote green energy and sustainability.
  • The rising demand for emission-free vehicles owing to the rapid climate change and rising pollution levels is catalysing the electric scooters industry.
  • The advent of shared e-scooters offered by various start-ups and their penetration in major regions of the world are augmenting the market growth.
  • The rising trend of micro-mobility and open private transportation owing to the coronavirus pandemic is providing impetus to the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global electric scooters market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the batteries, voltages, products, and regions of electric scooters.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for electric scooters are Gogoro Inc., Greenwit Ltd., Vmoto Limited, and Terra Motors Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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