Increase in the Fossil Fuel Prices and Inclination towards Cleaner Energy Source is the Key Factors driving the Electric Scooter Market
As stated in our extensive report; providing insights on Product, Battery and Voltage; the Global Electric Scooter Market accounted for USD 19.6 Billion in 2021.
In recent years, countries facing crude oil price hikes have turned their attention toward cleaner sources of energy. This includes electric cars, electric bikes, electric scooters, and electric motorcycles. These countries have shown significant growth in electric vehicles. Government bodies are providing subsidy offers for the purchase of electric vehicles. Electric scooters are expected to gain huge potential in the coming years as the majority of the middle-class population prefer cost-effective solutions. For instance, In March 2018, the text of the Law for Electric Mobility was approved in the Senate (Bill 75) to promote electric vehicles. It includes a definition of an electric vehicle and sets the number of applicable fees, so that taxes may not exceed 1% of the commercial value of the vehicle.
The major factors driving the Electric Scooter Market is the rising fossil fuel prices and inclination towards cleaner energy source. Also, electric scooters are low maintenance costs and higher performance standards. Government organizations are offering tax free billing options for consumers using electric scooters.
The outbreak of coronavirus (COVID-19) in early 2020 led to the steepest decline in electric scooter demand. The implementation of the lockdown in China in January, followed by subsequent months in countries across the world, as well as stringent regulations passed by government bodies on the movement of people and goods that were necessary to limit the spread of COVID-19, led to a downfall in sales of electric scooters.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) in the coming years due to the high demand for electric scooters. Additionally, this region contains the world’s best manufacturing facilities and Research and Development (R&D) for electric vehicle manufacturing. These are a few of the reasons is expected to grow in the coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the manufacturing of electric scooter parts. The Asia Pacific held the largest share of the Electric Scooter Market in 2021, followed by North America and Europe. In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of Research and Development (R&D) facilities, underdeveloped IT infrastructure, and social constraints.
Major players of the Global Electric Scooter Market such as AllCell Technologies LLC, BMW Motorrad, BOXX Corp., Gogoro Inc., Green Energy Motors Corp., Greenwit Technologies Inc., Honda Motor Company Ltd., Jiangsu Xinri E-Vehicle Company Ltd., KTM AG, Mahindra GenZe, Peugeot Scooters, Suzuki Motor Corporation, Terra Motors Corporation, Vmoto Limited, Yadea Technology Group Company Ltd., Yamaha Motor Company Ltd., Xiaomi, Ninebot Limited, Bird, Lime and others.
Browse the full Report - Electric Scooter Market Size, Share & Trends Analysis Report by Product (Retro, Standing/Self-Balancing, Folding), by Battery (Sealed Lead Acid, NiMH, Li-Ion), by Voltage (24V, 36V, 48V, Greater than 48V), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)