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Electric Scooter Market Analysis | CMI

Read here the latest updates on the Electric Scooter Market Analysis published by CMI team

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Electric Scooter Market Analysis | CMI

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. ELECTRIC SCOOTER MARKET ANALYSIS • Electric Scooters Market, by Battery Type (Lead based, Li-ion, and NiMH), by Product Type (Folding, Maxi, Self-balancing, Standard, and Three-wheeled), by Technology (Battery and Plug In), and by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027 • The global electric scooters market is estimated to account for US$ 8,722.6 Mn in terms of value and 4,354.5 Mn Units in terms of volume by the end of 2019.

  3. Market Drivers • Low impact created by electric scooters on the environment is expected to drive growth of the global Electric Scooters Market during the forecast period Conventional motorcycles that run on gasoline or diesel are responsible for air pollution. They emit hazardous compounds including carbon monoxide, nitrogen oxide, carbon dioxide, unburnt benzene, particulate matter, etc. that severely pollute air and are responsible for life-threatening diseases. According to the U.S. Department of Energy Office of Science and the U.S. Environmental Protection, on an average, a gasoline passenger car releases 320 grams of harmful chemicals including carbon dioxide per traveled kilometer or equivalent to over 4,750 kilograms of harmful pollutants per year. On the contrary, electric scooters are less polluting and far more efficient than conventional scooters. Moreover, an individual electric scooter releases 250 grams of pollutants per kilometer traveled, which in turn, is expected to drive the market growth in the near future.

  4. Rising fuel prices and growing demand for fuel are expected to propel the global electric scooters market growth over the forecast period The main source of energy in electric scooters is rechargeable batteries where electricity is stored. These batteries are made of Lithium-ion, Lead, or NiMH that can be recharged by transmission electricity. Moreover, the transportation sector is investing significantly in renewable energy vehicles, due to depleted sources of fossil fuels. Fuel prices around the world are increasing exponentially, which has compelled consumers to shift to electric scooters. This, in turn, is expected to boost the market growth over the forecast period.

  5. Statistics: • Asia Pacific region dominated the global electric scooters market in 2017, accounting for 88.4% share in terms of volume, followed by Europe, North America, Latin America, and Middle East, respectively.

  6. Market Restraints • Decline in performance, when used for extended time, is expected to hinder the global electric scooters market over the forecast period Although electric vehicles produce less emission and are more efficient, their extended use is not as dependable as their conventional counterparts. An electric scooter shows decline in performance when compared to conventional scooters, in order to reduce pollution caused by the vehicle. Consumers who prefer high-performance vehicles are reluctant to buy electric scooters, since they underperform over the time. Conventional scooter show consistent performance with high torque and high speeds, which in turn is expected to hinder the sales of electric scooters in the near future. • Underdeveloped charging station infrastructure around the world is expected to restrain the global electric scooters market growth during the forecast period Although electric scooters offer numerous advantages over conventional scooters, major factor hindering their adoption is inadequate charging station infrastructure. Developed countries such as the U.S., Canada, and the U.K. have taken initiatives to install ample public charging stations at supermarkets, restaurants, malls, cinema theaters, airports, etc. However, emerging countries in Asia Pacific still do not have robust public charging stations, which in turn, is hampering the adoption of electric scooters. Creating adequate electric charging stations requires substantial investment and proactive initiatives from the government, which in turn, is expected to restrain the market growth over the forecast period.

  7. Market Opportunities • Advancements in substitute technologies as a source of fuel is expected to offer lucrative growth opportunities Currently, there are three types of electric scooters in use namely hybrid electric, plug-in electric, and pure electric. Although these scooters have been labeled as green vehicles, the charging stations that recharge batteries often run fossil fuels such as coal or natural gas. Thus, development of alternative technologies to charge these batteries such as solar-powered charging, wind-powered charging stations or fuel cells can offer better prospects in the market. Moreover, fuel cell technology has a bright future among others where it can be charged in 5-10 minutes only, which faster than electric or hybrid vehicles. • Lucrative incentives and subsidies offered by various governments are expected to pose conducive business opportunities in the near future The governments of many countries are offering subsidies and incentives for electric vehicle buyers, in order to endorse green vehicles and curb carbon emission. The countries such as Japan, China, Canada, Germany, and the U.S. have started offering lucrative incentives, subsidies, and tax benefits for electric scooters consumers, in order to boost their sales. Moreover, this model has been followed in Norway, France, and Sweden and has proved to be a success. This, in turn, is expected to offer significant opportunities for market players.

  8. Global battery based electric scooters market was valued at US$ 6,649.4 Mn market in 2017 and is forecast to reach a value of US$ 9,872.0 Mn by 2027 at a CAGR of 4.1% between 2019 and 2027

  9. Market Trends • Hybrid electric scooters are expected to witness significant demand As petroleum reserves are drying up rapidly due to its immense consumption, consumers are shifting towards electric vehicles. However, hybrid electric scooters offer benefits both conventional and electric scooter and perform better than purely electric or plug-in electric scooters. These vehicles come with an internal combustion engine and rechargeable batteries to propel the vehicle. If batteries run out of charge, the internal combustion engine works as back up source of energy, which has increase its adoption among consumers. • Uneven distribution of preferences for electric scooters over different regions Electric scooters are fairly popular in developed regions such as North America and Europe. However, their adoption is low in Latin America, Africa, Eastern Europe, and Middle East. This is majorly due to high supplies of fossil fuels and other substitutes such as ethanol or methanol blend-mixed with petrol, which has decreased the sales of electric sales in these regions.

  10. Value Chain Analysis

  11. Competitive Section • Key companies operating in the global electric scooters market are ECCITY Motocycles, Sanyang Motor Co. Ltd., Hero Eco (Hero Electric), Jiangsu Xinri E-Vehicle Co., Ltd., Gogoro Inc., BMW Motorrad, GOVECS GmbH, Piaggio & C. SpA, Vmoto Limited, Terra Motors Corp., and Honda Motor Co. Ltd.

  12. Key Developments • Key companies in the market are focused on partnerships and collaborations, in order to gain competitive edge in the market. For instance, in January 2017, Eccity Motocycles partnered with DAFY Networks, wherein DAFY service centers located throughout France will be used for delivery, commissioning, and maintenance of ECCITY electric scooters. • Key players in the market are involved in product launch, in order to enhance their product portfolio. For instance, in February 2017, Hero Electric launched ‘Flash: The Most Economical 2 Wheeler’ at Green Mobility Expo 2017, New Delhi, India.

  13. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • Reference : https://www.coherentmarketinsights.com/market-insight/electric-scooter-market-1717

  14. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

  15. Contact Us Mr. Shah Coherent Market Insights Pvt.Ltd. Address: 1001 4th Ave, #3200 Seattle, WA 98154, U.S. Phone: +1-206-701-6702 Email: sales@coherentmarketinsights.com

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