Growth Projection: Electric Scooter Market Value Expected to Reach USD 24.8 Billion by 2033, with a CAGR of 9.1%

Posted on 2024-08-01 by Future Market Insights in Automotive // 0 Comments

The electric scooter market is estimated to be worth USD 10.4 billion in 2023 and is projected to reach USD 24.8 billion by 2033, registering a CAGR of 9.1% over the forecast period. This growth is driven by government regulations promoting the adoption of electric bikes and consumer preferences for eco-friendly commuting solutions.

The increasing adoption of electric scooters with lighter weight and improved battery life is expected to generate significant revenue during the forecast period. The heightened consumer awareness and rising demand for environmentally friendly transportation options are key factors boosting market growth.

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Growing environmental awareness and concerns about air pollution and carbon emissions have accelerated the adoption of electric vehicles. Electric scooters, producing zero emissions, serve as an eco-friendly alternative to gasoline-powered vehicles. Advances in battery technology, particularly with lithium-ion batteries, have enhanced the range and performance of electric scooters, making them more affordable and efficient, with longer-lasting and faster-charging capabilities.

Key Takeaways from the Electric Scooter Market Report:

From 2018 to 2022, the electric scooter market demand expanded at a CAGR of 7.1%
Based on product type, the maxi electric scooter segment is expected to account for a CAGR of 9.0% during the forecast period.
Global electric scooter demand in the United Kingdom is predicted to account for a CAGR of 8.9% through 2033.
In the United States, the market is expected to account for a CAGR of 0 % between 2023 and 2033.
China is projected to expand by a value CAGR of 8.7% between 2023 and 2033.
By 2033, the electric scooter market in India is anticipated to record a CAGR of 8.5% during the forecast period.

Competitive Landscape:
Leading electric scooter manufacturers increasingly focus on expanding their product offerings to strengthen their customer base. They are adopting growth strategies such as new product launches, partnerships, acquisitions, mergers, collaborations, etc. They expand their global footprint and gain a competitive edge in the market by following these strategies.

Several industry participants in the global electric scooter market also concentrate on providing their customers with interchangeable battery technologies for a more extended range.

In December 2021, with an investment of Rs 300 crore, Bajaj Auto Ltd. revealed that it will establish an electric vehicle production facility in Akurdi, Pune. The factory, on which work has already started, will be able to produce 5,000 EVs annually and will serve both domestic and international markets.

In August 2021, in India, Ola introduced the Ola S1 series, the company’s first e-scooter. The Ola S1 and Ola S1 Pro models of the electric scooter were released.

In August 2020, with a top speed of 25 km/h, Okinawa Autotech unveiled the R30, a new electric scooter that falls into the low-speed category.

Leading Key Players:

Alta Motors
Ather Energy
BMW Motorrad International
Cezeta
Energica Motor Company
Hero Eco
Johammer e-mobility GmbH
KTM AG
Mahindra GenZe
Ninebot Limited
Okinawa Autotech Pvt. Ltd
ReVolt Electric Motorbikes
Xiaomi
Yamaha Motor Company Limited.

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Electric Scooter Market Segmentation:

By Product Type:

Standard
Folding
Self-Balancing
Maxi
Three-Wheeled

By Battery Type:

Li-Ion
NiMH
Lead-Based

By Technology:

Plug-In
Battery

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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