According to analysts at Vantage Market Research, the electric transporters market is expected to reach USD 6.89 Billion by 2028, growing at a CAGR of 8.86% from 2021 to 2028. Increase in carbon greenhouse gas effect and emission issue on the environment due to which governments of nations are endorsing electric transportation system. Likewise, consumers are looking for economical options of transportation due to which various numbers of electric vehicles sold are rising which is expected to fuel the market for electric transporters during the forecast period.
Electric Transporters Market Preview
- The Bike segment is projected to expand at the fastest CAGR over the forecast period owing to the increasing awareness among millennia.
- The 48V retail and e-commerce segment held a market share of around 35% in 2020. This share is due to the rising investments in green technology and awareness among various benefits of electric vehicles.
- Europe is expected to expand at a CAGR of over 27% from 2021 to 2028. This surge is attributed to the emission goals set by different governments in order to control climate change and save the environment.
Some of the key players in the electric transporters market include Continental AG, Allcell Technologies LLC, BMW Motorrad International, BOXX Corp., Hama GmbH & Co KG, KIWANO, Jiangsu Xinri E-Vehicle Co. Ltd., Terra Motors Corporation, Mahindra GenZe, and Vmoto Limited., among others. The market is comprised of a high degree of competition due to the presence of numerous key players. Manufacturers are focusing on opting for various inorganic growth strategies such as acquisitions, mergers, and geographical expansion to leverage their market share and gain a competitive advantage.
North America region is poised to record the highest CAGR, owing to the increasing demand in countries, such as the U.S., Mexico, and Canada, coupled with the growth of the region's overall electric transporters market. In the U.S., the demand for surgical robots is mainly among Millennia. However, the advent of domestic versions has brought down the prices, which is expected to drive the deployment.
Government actions for eco-friendly transportation combined with alluring incentive policies along with substantial investment in infrastructure for electric vehicles in emerging nations are likely to propel the market for electric transporter during the forecast period. Increasing carbon greenhouse gas effect and emissions, consumers are looking for economical options of transportation, and alluring incentive policies by the government. Consumers are further looking for more cost-efficient transportation options applications. The increasing price of fuels has also led to a drastic increase in the sale of Electric Transporters vehicles.