Electric Scooter Market to Hit $30 Billion by 2033; Research Nester

Key companies covered in the global electric scooter market are OLA Group, Niu International Co. Ltd., Hero Electric Vehicles Pvt. Ltd., Bayerische Motoren Werke Aktiengesellschaft, Gogoro Inc., Mahindra Group, Vmoto Limited, Zhejiang Luyuan Electric Vehicle Co., Ltd, Yadea Technology Group Co. Ltd., Terra Motors Corporation.

New York, June 05, 2023 (GLOBE NEWSWIRE) -- The electric scooter market size is predicted to surpass 30 billion by the end of 2033 and is projected to attain 10% growth rate till 2033, as per latest study by Research Nester.

The industry growth is attributed to the rising demand for electric vehicles as a result of the growing population worldwide. The International Energy Agency (IEA) reports that electric vehicle (EV) sales in 2021 will double year-on-year to 6.6 million units, a record high. "EV" stands for "electric vehicle". An EV is a vehicle that runs entirely or mostly on electricity. Electric vehicles have low running costs due to fewer moving parts to maintain and are very environmentally friendly as they use little or no fossil fuels (gasoline or diesel). Some electric vehicles (EVs) used lead-acid or nickel-metal hydride batteries, but lithium-ion batteries are now used in battery-powered electric vehicles for their long life, excellent energy storage, and low self-discharge rate, which is only 5% monthly.

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Increasing air pollution and growing concern throughout the world to drive market growth

Any substance that alters the natural properties of the atmosphere, whether chemically, physically, or biologically, is considered an air pollutant. Air pollution can occur indoors or outdoors. Common sources of air pollution are automobiles, industrial plants, domestic combustion systems, and forest fires. Particulate matter, carbon monoxide, ozone, nitrogen dioxide, and sulfur dioxide are pollutants of major public health concern. Indoor and outdoor air pollution is a major cause of morbidity and mortality and is known to cause respiratory and other diseases. The World Health Organization's data show that almost all of the global population (99%) breathes air that exceeds WHO guideline limits and contains high levels of pollutants, with low and middle-income countries being most at risk. Clearly, fuel vehicles contribute a major part to continuously spiking air pollution, whereas electric vehicles cause zero air pollution. Hence, rising concerns regarding environmental pollution are anticipated to add a significant amount of fuel to the growth of the global electric scooter market.

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The electric scooter market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The regional growth can be attributed in large part to the rising demand for electric two-wheelers among the population. According to a statistic from 2022, the number of electric two-wheelers increased by an astounding 130% in 2021. In addition, the region is becoming more urbanized, and traffic congestion and carbon emission limits are increasing.

The electric scooter market in the North American region is estimated to garner a significant revenue share by the end of 2033. The growth of the market in this region can primarily be attributed to the significant expansion of the automotive industry in the region. It was observed that the manufacturing of motor cars and their components employs nearly 923,000 Americans, while auto dealers employ 1,251,600. In the United States, the motor vehicle and parts industry generated nearly USD 1.5 trillion in revenue as of 2021. America's GDP is accounted for by the automotive industry to the tune of 3%. Moreover, increasing disposable income per capita among the regional population is allowing them to go for individual vehicles, which are eco-friendly as well. As of 2022, nearly 75% of Americans reported having access to a car, with an additional 20% having access to a company or family car. As a result, this is expected to fuel market growth in the North American region.

The Li-Ion segment is anticipated to hold the largest share of the electric scooter market over the forecast period. The growth of the segment can be attributed to the excellent lithium-ion battery chemistry, quick and efficient charging, long battery life, little maintenance needed, and portability, which are all advantages. Lithium batteries, for instance, charge with nearly 100% efficiency, compared to the typical lead-acid batteries 85% efficiency. In addition to this, the segmental growth can also be attributed to the growing demand for electric and non-electric vehicles, where this type of battery is widely used. For instance, it was observed that nearly 13,34,000 electric vehicles are in use in India, compared to approximately 27,80,50,000 non-electric vehicles.

The electric scooter market from e-scooter and mopeds segment is anticipated to hold a significant share over the forecast period. The segmental growth can be attributed to the rising tendency of individuals to get individual two-wheelers among the global population. The factors that are contributing to this tendency are fear of public transportation services contracting, financial restrictions, and simple financing options. It was noted that in India, electric two-wheelers registered a surprising 133% growth in 2021 and are expected to rise even more over the projected period. In 2021, nearly 2.4 lakh electric two wheelers were sold in the country.

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Top leaders in the global electric scooter market are OLA Group, Niu International Co. Ltd., Hero Electric Vehicles Pvt. Ltd., Bayerische Motoren Werke Aktiengesellschaft, Gogoro Inc., Mahindra Group, Vmoto Limited, Zhejiang Luyuan Electric Vehicle Co., Ltd, Yadea Technology Group Co. Ltd., Terra Motors Corporation.

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