Electric Scooters Market Size to Attain USD 88.75 Bn by 2032

The global electric scooters market size accounted for USD 37.15 billion in 2023 and it is expected to hit around USD 88.75 billion by 2032 with a CAGR of 10.16% from 2023 to 2032.

Electric Scooters Market Size 2023 to 2032

Key Takeaway

North America electric scooters market is anticipated to grow at a registered CAGR of 12.7% 2022 to 2030.
By product, the retro segment has contributed highest market share 53% in 2022.
The folding variant product segment is anticipated to reach at a CAGR of 10.6% from 2022 to 2030.
The sealed lead-acid battery segment has garnered 63% market share in 2021.
The lithium-ion battery segment is anticipated to hit at a CAGR of 10.4%.
By voltage, the 36V segment has accounted highest market share 62% in 2021.
The greater than 48V segment is anticipated to grow at a CAGR of 11.6% from 2022 to 2030.

The electric scooters market has experienced significant growth in recent years, driven by factors such as increasing urbanization, rising concerns about environmental sustainability, and advancements in battery technology. Electric scooters offer a convenient, eco-friendly mode of transportation for short distances, making them popular among commuters and city dwellers worldwide. This market analysis will delve into the growth factors, current trends, regional dynamics, and a SWOT analysis of the electric scooters market to provide insights into its present state and future prospects.

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Table of Contents

Growth Factors

Several key factors have contributed to the growth of the electric scooters market. Firstly, the increasing awareness and adoption of sustainable transportation solutions have propelled the demand for electric scooters. With growing concerns about air pollution and greenhouse gas emissions, consumers are seeking alternative modes of transport that minimize environmental impact.

Secondly, technological advancements in battery technology have significantly improved the performance and range of electric scooters. Lithium-ion batteries, in particular, have become more efficient and affordable, allowing electric scooters to travel longer distances on a single charge. This has addressed one of the primary concerns of consumers regarding the limited range of electric vehicles.

Furthermore, government initiatives and regulations promoting the use of electric vehicles have played a crucial role in driving market growth. In many urban areas, governments are incentivizing the adoption of electric scooters through subsidies, tax breaks, and infrastructure development, such as dedicated charging stations and bike lanes.

Lastly, changing consumer preferences and lifestyle trends, particularly among millennials and urban residents, have contributed to the growing popularity of electric scooters. The convenience, affordability, and “cool” factor associated with electric scooters have made them a preferred choice for short-distance travel, especially in congested urban environments.

Trends

Several trends are shaping the electric scooters market. One prominent trend is the emergence of rental and sharing services. Companies like Lime, Bird, and Spin have pioneered the concept of dockless electric scooter sharing, allowing users to rent scooters for short trips via mobile apps. This trend has gained traction in urban areas worldwide, offering a convenient and cost-effective transportation solution for short-distance travel.

Another trend is the integration of smart technology into electric scooters. Manufacturers are incorporating features such as GPS tracking, app connectivity, and digital locking mechanisms to enhance the user experience and improve the security of electric scooters. Additionally, advancements in electric scooter design and materials are leading to lighter, more durable, and aesthetically pleasing models.

Moreover, the electric scooter market is witnessing a shift towards higher-performance models catering to niche segments such as performance enthusiasts and urban commuters. Manufacturers are introducing electric scooters with higher top speeds, longer ranges, and advanced safety features to appeal to discerning consumers.

Electric Scooters Market Scope

Report Coverage	Details
Market Size	USD 88.75 Billion by 2030
Growth Rate	CAGR of 10.16% from 2023 to 2032
Base Year	2022
Historic Data	2019 to 2021
Forecast Period	2023 to 2032
Segments Covered	Voltage, Battery, Product
Regional Scope	North America, Europe, Asia Pacific, Latin America, MEAN

Region Analysis

The electric scooters market exhibits varying dynamics across different regions. In North America, the market has witnessed rapid growth, driven by increasing urbanization, favorable government policies, and a growing preference for eco-friendly transportation options. Major cities like Los Angeles, San Francisco, and New York City have become hotspots for electric scooter sharing services.

In Europe, the electric scooters market is flourishing, fueled by stringent emissions regulations, government incentives, and a strong culture of cycling and alternative transportation. Cities like Paris, Amsterdam, and Barcelona have embraced electric scooters as part of their sustainable urban mobility strategies.

Asia-Pacific is also a lucrative market for electric scooters, with countries like China, India, and Japan leading the way in terms of production and adoption. Rapid urbanization, congestion issues, and pollution concerns are driving demand for electric scooters in this region. China, in particular, is the world’s largest market for electric scooters, supported by a robust manufacturing ecosystem and government support for electric mobility.

SWOT Analysis

Strengths:

Environmentally friendly mode of transportation
Cost-effective and convenient for short-distance travel
Growing popularity and acceptance among urban commuters
Technological advancements enhancing performance and user experience

Weaknesses:

Limited range compared to traditional vehicles
Concerns about safety and infrastructure challenges
Reliance on battery technology and charging infrastructure
Regulatory uncertainties and legal issues in some regions

Opportunities:

Expansion of rental and sharing services in untapped markets
Development of innovative features and accessories to enhance value proposition
Collaboration with urban planners and policymakers to improve infrastructure
Penetration into emerging markets with rising disposable incomes and urbanization

Threats:

Competition from traditional transportation modes and ride-sharing services
Regulatory hurdles and restrictions on electric scooter usage in certain areas
Concerns about accidents, liability, and insurance coverage
Potential backlash from pedestrians and other road users regarding safety and congestion issues

Some of the prominent players include: