Electric vehicles, together with bikes and scooters, are becoming increasingly popular globally due to improvements in battery technology, environmental effective, and supportive government policies. These vehicles provide efficient, value-added, and eco-friendly transportation for everyday commuters and metropolis dwellers, making them a sizable technique for urban mobility. Electric scooters are emerging as the preferred mode of sustainable city transportation.
China is the largest market for electric scooters, with the highest income and manufacturing hubs. Electric 2 and 3-wheelers are relatively common in China, with about half being battery-powered cars sold. In 2022, China could have about 350 million electric scooters, more than private cars. These scooters are broadly utilized in number one and smaller towns and interior regions of China. India and Southeast Asia are also good-sized markets for electric scooters.
Electric Scooter Market Survey
- In 2022, approx 470,000 electric vehicles had been offered, with IDTechEx forecasting revenue to pass over 9 million units by 2043.
- In 2022, the US sold 1.1 million e-scooters, almost 4 times the number in 2019.
- According to a 2023 Canada government estimate, over 4,000 electric-powered two-wheelers were bought in 2020.
- In 2023, a total of 678,000 units of E-bikes had been bought in France.
- 72% of German EV sales in 2023 had been to associated events, along with taxi company GSM Green and Smart Mobility Joint Stock Co.
- By 2024, China's electric-powered two-wheeler market is expected to have sales of 46.2 million units due to the local transition period for enforcing the electric-wheeler specification and the mandated China Compulsory Certificate (3C) requirements.
- According to the Vahan portal, 910,930 electric-powered vehicles were bought in 2023-24, as compared to 682,937 units in 2022-23.
- According to the Micromobility Report in 2023 advised that more than 250,000 electric scooters and personal mobility devices had been bought and used all through Australia.
India Electric Scooter Market
The electric scooter market in India is swiftly growing due to environmental issues, fuel costs, and crowded roads. Electric scooters have turned out to be famous for green city mobility and eco-friendly commuting. The marketplace is growing pretty, especially for medium-pacer models, indicating a shift towards a more environmentally friendly future. In 2023, India sold a total of 15,26,433 electric vehicles across all segments, an increase of 49% YoY. Electric scooters and motorcycles accounted for 857,052 units, or 56.6%, with a solid growth rate of 36%. CY2022 alone contributed to 631,462 of those units.India Government Initiative in Electric Vehicles
The Indian government brought the National Electric Mobility Mission Plan in 2013 to sell EV adoption and manufacturing in the country. The Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) initiative was released as a part of this strategy in 2015 to provide incentives for EV purchase and the development of charging stations. The program has been extended to 2024 with a budget of US$ 1.3 Billion. The FAME II scheme has allotted US$ 122.05 Million in incentives for growing EV charging stations. Currently, 2,877 public charging stations have been established in 68 towns across India, and 1,576 stations will be established over nine expressways and 16 highways. Private players have delivered 3000 charging stations further to those public ones.Electric Scooter Company Overview
Yadea Technology Group Co. Ltd., Niu Technologies, Mahindra, Vmoto Limited, Amper Vehicles, BMW Motorrad International, Gogoro Inc., Govecs Group, Hero Electric, and Zhejiang Luyuan Electric Vehicle Co. Ltd. are the various leaders within the global electric scooter market.Electric Scooter Company News
- In January 2024, Riley Scooter proposed introducing the RS3 Electric Scooter in the U.S. at the Consumers Electronics Show.
- In February 2024 - Yamaha Motor Co. invested in River, a startup that sells electric scooters in India. The investment is for River's Series B round of funding through third-party allotment.
- In December 2023 - Gogoro introduced the Gogoro Crossover GX250, an electric scooter made in India. The model is tailored for Indian riders. This is a strategic move for Komatsu to tap into the Indian electric scooter market.
- In October 2023, TVS Motor plans to launch several new electric vehicle models, including the TVS X.
- In July 2023, Ola plans an IPO due to the success of its electric scooter sales in India.
Voltage -Market breakup in 4 viewpoints:
1. 24 V2. 36 V
3. 48 V
4. Greater than 48 V
Product -Market breakup in 3 viewpoints:
1. Folding2. Standing/Self-Balancing
3. Retro
Battery Type - Market breakup in 3 viewpoints:
1. Li-ion2. Lead Acid
3. Others
End Use - Market breakup in 2 viewpoints:
1. Personal2. Commercial
Country - Market breakup of 25 Countries:
1. North America1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 UAE
5.3 South Africa
All the Key players have been covered from 3 Viewpoints:
- Overview
- Recent Development
- Product Portfolio & Product Launch in Last 1 Year
- Revenue
Company Analysis:
1. Yadea Technology Group Co. Ltd2. Niu Technologies
3. Mahendra
4. Vmoto Limited
5. Amper Vehicles
6. BMW Motorrad International
7. Gogoro Inc.
8. Govecs Group
9. Hero Electric
10. Zhejiang Luyuan Electric Vehicle Co Ltd
Table of Contents
Companies Mentioned
- Yadea Technology Group Co. Ltd
- Niu Technologies
- Mahendra
- Vmoto Limited
- Amper Vehicles
- BMW Motorrad International
- Gogoro Inc.
- Govecs Group
- Hero Electric
- Zhejiang Luyuan Electric Vehicle Co Ltd
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 210 |
| Published | May 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 24.67 Billion |
| Forecasted Market Value ( USD | $ 50.78 Billion |
| Compound Annual Growth Rate | 8.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
