Electric Scooters Market 2030 Segments by Application

Felton, California , USA, Jan 06, 2021 — /EPR Network/ — The global electric scooter market size is likely to account for USD 42.0 billion by 2030, as per a new report by Million Insights. The market is predicted to register 7.7% CAGR from 2020 to 2030. Growing focus on achieving zero-emission, favorable government initiatives and increasing investment to propel the sustainable mobility solution are driving the market growth. Owing to advancement in technology, e-scooters with improved efficiency and longer battery life have been introduced.

Government across the globe are offering incentives on the purchase of e-vehicles. Such initiatives work as a catalyst in the growth of the market. In addition, governments are investing a significant amount in the development of necessary infrastructure.

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Impact of COVID-19

COVID-19 outbreak has forced people to stay at their homes leading to a significant decline in the road traffic. Owing to the reduced road traffic, the demand for e-scooters has taken a hit, thereby, adversely affecting the market growth. In addition, supply chain disruption has resulted in a lack of availability of raw material for the production. Moreover, manufacturers have reduced their spending on research and development amid low demand.

However, China, which is a major market for e-scooters, has allowed economical activities. Several other countries are following similar suits. Therefore, the market is estimated to recover after the short-term decline due to the pandemic.

Depending on the battery, SLA batteries dominated the market in 2019. However, owing to the increasing popularity of Li-ion batteries, SLA segment is losing its market share. Li-ion battery is anticipated to register over 10% CAGR from 2020 to 2030. Moreover, these batteries are anticipated to witness significant price reduction in the near future, thereby, lowering the overall cost of the vehicle.

Further key findings from the report suggest:

• In 2019, sealed lead acid battery accounted for the highest share in the E-scooters market. However, the growing popularity of Li-ion batteries are replacing SLA batteries.
• Greater than 48V batteries are likely to register over 11% CAGR from 2020 to 2030.
• In 2019, Asia Pacific led to the market with USD 13.9 billion of market value.
• North America is likely to register the highest CAGR of over 13% during the forecast period.

Global Electric Scooters Market: Key Players

BMW Motorrad International, Terra Motors Corporation, Mahindra GenZe and Gogoro Inc. 

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