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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Product||
|Breakup by Battery||
|Breakup by Voltage||
*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.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Industry Opportunities and Challenges
8 South Korea Electric Scooter Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Electric Scooter Historical Market (2018-2022)
8.3 South Korea Electric Scooter Market Forecast (2023-2028)
8.4 South Korea Electric Scooter Market by Product
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2022)
188.8.131.52 Forecast Trend (2023-2028)
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2022)
18.104.22.168 Forecast Trend (2023-2028)
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2022)
188.8.131.52 Forecast Trend (2023-2028)
8.5 South Korea Electric Scooter Market by Battery
8.5.1 Sealed Lead Acid
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2022)
18.104.22.168 Forecast Trend (2023-2028)
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2022)
188.8.131.52 Forecast Trend (2023-2028)
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2022)
18.104.22.168 Forecast Trend (2023-2028)
8.6 South Korea Electric Scooter Market by Voltage
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2022)
188.8.131.52 Forecast Trend (2023-2028)
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2022)
18.104.22.168 Forecast Trend (2023-2028)
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2022)
188.8.131.52 Forecast Trend (2023-2028)
8.6.4 Above 48V
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2022)
18.104.22.168 Forecast Trend (2023-2028)
9 Market Dynamics
9.1 SWOT Analysis
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Competitive Landscape
10.1 Market Structure
10.2 Company Profiles
10.2.1 Segway Inc.
10.2.1.1 Company Overview
10.2.1.2 Product Portfolio
10.2.1.3 Demographic Reach and Achievements
10.2.2.1 Company Overview
10.2.2.2 Product Portfolio
10.2.2.3 Demographic Reach and Achievements
10.2.3.1 Company Overview
10.2.3.2 Product Portfolio
10.2.3.3 Demographic Reach and Achievements
10.2.4 IU Tech Co. Ltd.
10.2.4.1 Company Overview
10.2.4.2 Product Portfolio
10.2.4.3 Demographic Reach and Achievements
10.2.5 Xiaomi Corporation
10.2.5.1 Company Overview
10.2.5.2 Product Portfolio
10.2.5.3 Demographic Reach and Achievements
11 Industry Events and Developments
List of Figures and Tables
1. South Korea Electric Scooter Market: Key Industry Highlights, 2018 and 2028
2. South Korea Electric Scooter Historical Market: Breakup by Product (USD Million), 2018-2022
3. South Korea Electric Scooter Market Forecast: Breakup by Product (USD Million), 2023-2028
4. South Korea Electric Scooter Historical Market: Breakup by Battery (USD Million), 2018-2022
5. South Korea Electric Scooter Market Forecast: Breakup by Battery (USD Million), 2023-2028
6. South Korea Electric Scooter Historical Market: Breakup by Voltage (USD Million), 2018-2022
7. South Korea Electric Scooter Market Forecast: Breakup by Voltage (USD Million), 2023-2028
8. South Korea Electric Scooter Market Structure
The market is projected to grow at a CAGR of 25.7% between 2022 and 2027.
Low running costs, high gasoline prices, and increasing environmental awareness are the key trends in the South Korea electric scooter market.
Subsidies and tax relations on electric automobiles, growing demand among the MZ generation and tech-savvy population, advanced battery technology, increased disposable income, and high standards of living are the key drivers of the electric scooter industry in South Korea.
The dominant type of electric scooter in the industry are retro, standing/self-balancing, and folding.
The major players in the industry are Segway Inc., Nanowheel, WEPED, IU Tech Co. Ltd., and Xiaomi Corporation, among others.
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