As stated by an extensive report by Vantage Market Research, the Global Electric Transporters Market was valued at USD 4,145.5 Million in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.86% between 2021 to 2028.
Electric transporters are vehicles that run on electricity instead of the conventional fuels and hydrocarbons. Their systems are powered electrically, via batteries, which makes them sustainable and their usage, efficient for the environment. They include bikes, scooters, cars, skateboards, and others.
Rising fuel prices, ceaseless pollution levels, increased focus on environmental concerns and surging awareness are some of the key factors that are augmenting the growth of the electric transporters market worldwide.
However, the COVID-19 pandemic brought in worldwide lockdown, business shutdowns and import and export restrictions. The manufacturing units for automotive industry were closed off and their supply chain was disrupted as well. This disrupted their sales and revenue thereby, halting the expansion of the electric transporters market.
Moreover, the challenges that come along with the utilization of electric transporters such as shortfall of required infrastructure and highly priced end product, further restrain the electric transporters market. Although, thecolossal benefits offered by electric transporters such as highly automated processes, enhanced efficiency, and increased sustainability, provide an enthralling opportunity for the growth of electric transporters market, in the coming years.
Globally, North America is dominating the electric transporters market and this dominance can be attributed to surging technological advancements, rising automotive industry, and increased environmental awarenessin the region.
Subsequently, Asia-Pacific is anticipated to be the region that grows most rapidly, during the forecast period. This surge is accredited to rising disposable incomes, economic growth and developmentand enhanced expenditure powerin the region.
Some of the major players operating in the globalelectric transporters market are BMW Motorrad, Kalkhoff, Continental AG, Electric Bike Plus, Terra Motors Corporation, Nissan Motors, Gogoro Inc., Mahindra GenZe, Volkswagen AG, and Vmoto Ltd.among others.