Global Electric Scooter Market 2018 Trends, Applications, Key Players and Forecast Analysis
The Global Electric Scooter Market was valued at US$ 14.23 billion in 2017 and is expected to expand at a CAGR of 6.41% in terms of revenue during 2017 – 2025.
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Electric scooters are powered by rechargeable batteries which has the same functioning as the conventional scooters, but runs on an electric motor. Electric scooter can be either two wheeler of three wheeler, which provides an enhanced driveway efficiency and reductions in emissions. In developing economies, the sale of two wheeler vehicle is high due to its low cost and convenience in the small streets, to beat the long end traffics and easy operability. The growing usage of electric vehicles is due rise in awareness towards environment, rising demand for conservation on fuel consumption, and reduction in gas emission along with other factors. However one of the major concerns such as slow recharging time of the battery and longevity of the battery as to how much distance could be cover by a fully charged battery are some of the major restraining factors for the growth of electric scooters market into the modern world. For instance, to tackle with the battery problems companies such as Ciba, in 2016 had come up with a control system that controls the speed of the electrically powered scooter and also delivers data or information on the remaining or residual power of the battery system by observing its power consumption. This system helps the customers to run out of power in unforeseen situations and strategically adapt or change its ride distances. Electric scooters are one of the major breakthroughs for conservation of environment and CO2 emissions. Electric scooters are also cleaner than gasoline driven scooters counterparts. Gasoline driven scooters emit around twice more CO2, carbon monoxide, nitrogen oxides and other volatile organic compounds. In 2016, a Japanese company, Power Japan Plus had announced the development of a new carbon battery, under the production name of Ryden, which has a 20 times faster charging capacity than the conventional Li-ion cells, coupled with its other benefits such as low cost, eco-friendly and is safer to use. Owing to these factors the electric scooter market is expected to have high traction during the forecast period.
Stringent Regulations towards Pollution control
The growing demand for electric scooters is due to rising demand for fuel efficient vehicles and pollution awareness which has resulted in shifting towards various alternatives such as bio-based fuel and electric scooters and cars among others. Transportation and automotive sector is expected to have a key share in the global energy consumption market, due to growing consumption of CO2 emission. Thus, the government’s initiatives with stringent rules and regulations towards reduction in carbon footprint and enhancement of fuel efficiency, is one of the major factors to propel the growth of electric scooter market. For instance, European Union (EU) has set emissions standards such as the standard CO2 emission for passenger two wheelers and cars are 95 and 130 grams/km respectively. However, a target of 80 and 95 grams/km is expected to be implemented from 2022. According to CIA World Fact book, conventional fuel sources such as oil and coal among others are projected to be exhausted by 2052, if the oil consumption remains over 11 billion tons per year.
Self-balancing scooter is the largest by product type, followed by retro scooter
Self-balancing scooters is expected to have a high traction during the forecast period. The control and convenience of self-balancing scooters in commercial and residential applications for amalgamation of daily activities is expected to fuel the demand for self-balancing scooters. In 2016, the patrolling teams of U.S. police department used Segway’s self-balancing scooters due to its easy accessibility in various congested streets and public areas that are remotely placed to be accessed by cars. These self-balancing scooters are also involved as an integral part of bomb disposable squads in Europe and North America to quickly move various disposable tools.
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Regional Insights
North America, followed by Asia-pacific is accounted for major share in the global electric scooter market in terms of revenue in 2017 and the trend is estimated to remain the same over the forecast period. In 2017, North America is accounted to hold a market share of 28.6% in terms of value in the global electric scooter market. This growth is expected to be seen during the forecast period due to rise in stringent regulations towards reduction in carbon footprint and gas emissions in North America from various bodies such as Corporate Average Fuel Economy (CAFÉ), Global Warming Solutions Act (GWSA), United States Environmental Protection Agency (EPA) and U.S. Department of Transportation the Federal Transit Administration (FTA) among others. Thus, the attempt for creation of highly eco-friendly environment is expected to boost the global electric scooter market during the forecast period. Corporate Average Fuel Economy (CAFÉ) Standards in the United States is expected to enhance the utilization of hybrid automotive, such as alternative fuel and electric vehicles. For instance, International Energy Agency has developed a new Hybrid and Electric Vehicle Technology, by which HEVs helps to compensate the integral weakness of ICE, by increasing the fuel efficiency, reduction in gas emission in starting the engine and speeding functions, and the use of regenerative braking for down slope driving. These factors are expected to boost the global electric scooter market in North America during the forecast period.
Multinational players
Major players in the global electric scooter market include Honda Motor Co. Ltd., Brammo, Inc., AllCell Technologies, LLC, Mahindra & Mahindra Ltd, Terra Motors Corporation, Yamaha Motor Company Limited, Suzuki Motor Corporation, KTM AG, Peugeot Scooters, and Green Energy Motors Corp among others. The reduction in the overall manufacturing cost and consumer’s purchase rate is expected to boost the global electric scooter market in the forecast period. In 2015, Brammo Electric Motorcycles and Zero Electric Motor Cycles improved their products by cutting down the cost on every e-motorcycles models with an increase in acceleration and improved off-the-line performance and increasing the battery capacities which could over 220 miles on a fully charged battery.
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