Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for auto industry professionals · Friday, March 1, 2024 · 692,471,338 Articles · 3+ Million Readers

Electric Scooter Market Projected to reach US$ 24.8 Billion by 2033 with a 9.1% CAGR from 2023 | FMI

FMI Logo

FMI Logo

Rising carbon concerns propel electric scooter adoption in the USA, spurred by strict regulations, high income, and diverse market players.

NEWARK, DELAWARE, UNITED STATES OF AMERICA, November 30, 2023 /EINPresswire.com/ -- The electric scooter market is estimated to be worth US$ 10.4 billion in 2023 and is projected to be valued at US$ 24.8 billion by 2033. Between 2023 and 2033, the market is expected to register a CAGR of 9.1%. The electric scooter market is expected to grow due to the implementation of government regulations to promote the adoption of electric bikes and consumer preference for using e-bikes as an eco-friendly.

The increasing adoption of electric scooters with lighter weight and more excellent battery life is expected to generate profitable revenue during the forecast period friendly & efficient commute solutions. The increased consumer awareness and rising demand for environmentally friendly forms of transportation are expected to boost the market growth during the forecast period.

Get an overview about growth opportunities from 2023 to 2033 - Request our market overview sample:
https://www.futuremarketinsights.com/reports/sample/rep-gb-2705

Growing environmental awareness and concerns about air pollution and carbon emissions have led to the adoption electric vehicles. Electric scooters produce zero emissions, making them an eco-friendly alternative to gasoline-powered vehicles. Advances in battery technology have increased the range and performance of electric scooters. Lithium-ion batteries have become more affordable and efficient, leading to longer-lasting and faster-charging scooters.

Key Takeaways

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 9.0% 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.

“The increasing awareness of environmental issues, urbanization, and the need for affordable and efficient mobility solutions is anticipated to drive the market growth during the forecast period," - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

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.

Some of the key companies identified are

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.

Gain the Competitive Edge: Buy Our Market-Driven Insights Report:
https://www.futuremarketinsights.com/checkout/2705

Key Segments in the Electric Scooter Market

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

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Explore FMI’s Extensive Ongoing Coverage on Automotive Domain

Electric Bike Market is expected to hold a market share of US$ 150.01 billion by 2033.

Off-highway Electric Vehicle Market is expected to reach US$ 8.36 billion by 2033.

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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Ankush Nikam
Future Market Insights, Inc.
+91 90966 84197
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
YouTube

Powered by EIN Presswire
Distribution channels: Automotive Industry


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

Submit your press release