South Korea Electric Scooter Market Share, Size, Growth, Trends, Forecast: By Product: Retro, Standing/Self-Balancing, Folding; By Battery: Sealed Lead Acid, Li-Ion, NiMH; By Voltage: 24V, 36V, 48V, Above 48V; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; Industry Events and Developments; 2023-2028

South Korea Electric Scooter Market Outlook

The South Korea electric scooter industry is expected to grow at a CAGR of 25.7% between 2022 and 2027. Low maintenance and running costs, along with rising environmental awareness among the Korean population, are majorly driving the electric scooter market in South Korea.

Key Trends in the Market

Electric scooters are two or three-wheeled plug-in electric vehicles. A rechargeable battery supplies power to one or more electric motors. Although some early versions used nickel-metal hydride batteries, most electric bikes and scooters are powered by rechargeable lithium-ion batteries. Electric scooters are also referred to as e-scooters.

Low Running Costs and Rising Gasoline Prices to Propel the Electric Scooters Market in South Korea

An electric scooter has substantially lower operating costs than a comparable fuel powered scooter. Electric scooters charge their batteries with electricity rather than utilising patrol. Electric vehicles are more efficient, and when paired with the cost of power, charging an electric vehicle is less expensive than filling up with gasoline for day-to-day travel needs. The usage of electric cars can be more environmentally benign when powered by renewable energy sources. The cost of power can be decreased even more if charging is done using renewable energy sources installed at home, such as solar panels.

Being the Eco-Friendly Mode of Transportation, Electric Scooters Gain the Attention of Environmentally Conscious Customers

Toxic emissions from gasoline and diesel automobiles have long-term negative consequences on healthcare. Electric scooters emit far less pollution than gasoline or diesel vehicles. From an efficiency standpoint, gasoline can only transfer 16%–20% of the energy contained in the fuel to the wheels, but electric vehicles can convert about 60% of the electrical energy. Moreover, electric scooters do not have gears and are relatively easy to drive. They usually have three controls, which are steering, braking, and acceleration. Electric scooters can be recharged at home or at public charging stations and are very quiet, which helps to decrease the noise pollution caused by regular automobiles.

Subsidies and Tax Breaks for Electric Vehicles Will Propel the Development of the South Korea Electric Scooter Market

The South Korean government intends to cut electric scooter prices by 2025 in order to accelerate the country's transition to electric automobiles. Electric battery leasing for Korean clients is one component of this concept. This would practically decrease their original purchasing expenses in half. In the upcoming years, the South Korean government intends to reduce the cost of electric automobiles for its citizens by approximately ten million won. In comparison, that is around $9,000. Furthermore, the government is contemplating extending tax breaks for environmentally friendly transportation. Such active support from the government motivates the public to shift their focus from conventional scooters to electric or e-scooters, thereby bolstering the growth of the electric scooter market of South Korea.

The MZ Generation's and Tech Savvy People's Increasing Demand for Recreational and Advanced Technology is Driving the Electric Scooter Market in South Korea

Younger generations and tech-savvy individuals quickly adopt new technologies and trends, making electric scooters popular for short-distance commuting. Moreover, the availability of pop-up bike lanes makes it easier and safer for people to commute via electric scooters popular for short-distance commuting. Moreover, the availability of pop-up bike lanes makes it easier and safer for people to commute. High disposable incomes and high living standards, along with a growing inclination toward recreational devices and activities, are increasing the demand for electric scooters in South Korea.

Market Analysis

Based on product, the South Korea electric scooter market can be segmented into retro, standing/self-balancing, and folding. Based on battery, the electric scooter market of South Korea can be divided into sealed lead acid, Li-Ion, and NiMH. On the basis of voltage, the electric scooter market of South Korea can be bifurcated into 24V, 36V, 48V, and 48V.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea electric scooter market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans. 

• Segway Inc.

• Nanowheel

• WEPED

• IU Tech Co. Ltd.

• Xiaomi Corporation

• Others

Market Share by Product

The rising prevalence of eco-friendly transportation modes and environmental awareness among people has been providing impetus to the development of the electric scooter market across all segments in South Korea. Standing/self-balancing, retro, and folding are the most dominant segments, securing significant share in the industry. 

The growth of e-scooters or electric scooters in South Korea is expected to be aided by several factors, such as the surge in usage of renewable energy sources, high disposable income, improved living standards, and demand for convenient modes of transportation.

Market Share by Battery

Technological advancements in electric vehicles’ batteries are driving the electric scooter market growth. Sealed lead acid, Li-Ion, and NiMH are the most prominent types of batteries used to power electric scooters. There are several types of batteries available. Z Electric Vehicle pioneered the use of a battery with lead electrodes and an electrolyte of a liquid low sodium silicate compound, a variation on the classic lead-acid battery that is used for electrical power in internal-combustion-engine automobiles and compares favourably with lithium batteries in size, weight, and energy capacity, at a much lower cost. With growing environmental concerns more and more people are opting for electric vehicles. This factor is further propelled by the rising gasoline prices in South Korea. 

Market Share by Voltage

On the basis of voltage, there are 24V, 36V, 48V, and 48V electric scooters available in the market. With the South Korean government’s goal to increase electric vehicles adoption among general population by launching several subsidies and giving tax relaxations to electric vehicles owners is aiding in the expansion of the industry in South Korea. This new mode of transportation is relatively new for the Korean population and safety rules and regulation are still in the developmental stage.

Many food service providers and offline and online retailers use electric scooters to deliver the goods as they take less time to charge and aid in faster delivery, especially in traffic. This factor aids the electric scooter market's growth in South Korea.

Competitive Landscape

Segway Inc. - Segway Inc. creates, produces, and distributes personal electric mobility devices. The business provides electric two-wheeled vehicles that are used to transport both people and packages. Segway sells its products all around the world. The business was established in 1999 by inventor Dean Kamen, and its name is a homophone of "segue." The firm is based in the state of New Hampshire in the United States. The company has concentrated on creating a greater presence in the market with smaller models like the Segway miniPro after being bought by the Chinese company Ninebot in 2015.

Xiaomi Corporation - The Xiaomi Corporation produces components and communication technology. The firm manufactures and distributes mobile phones, smartphone software, set-top boxes, and other associated equipment. Xiaomi sells its products all around the world. Xiaomi Corporation was established in April 2010 and debuted on the Main Board of the Hong Kong Stock Exchange in 2018. Smartphones, IoT goods, and online commerce are the three main pillars of Xiaomi corporation.  Furthermore, Xiaomi offers an air purifier, a security camera, sensors, routers, smart LED bulbs, a portable mouse, a handheld vacuum cleaner, a mi electric scooter, and backpacks.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.