Worldwide electric scooter market to accrue around US $51,324 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
According to the report, the leading propeller of the global electric scooter market is the enforcement of stringent vehicular emission regulations by governments across the globe. Rising environmental concerns, ascending need for reduction of fuel consumption, and depleting fuel reserves impel the growth of the global electric scooter market.
As per the report, the surging acceptance and the massive success of electric cars have empowered numerous market players to make use of the similar technologies in the two-wheelers to optimize vehicle performance. Growing investments in technological enhancements by vendors, along with dipping prices of Li-ion batteries and powertrain components, would lower the overall costs of these vehicles in the following years, which will in turn, supplement the market growth.
Over the recent years, the demand for electric scooters has shot up significantly, given the exponential rise in the prices of gasoline and diesel worldwide, due to depleting fossil reserves. However, inadequate availability of the public charging infrastructure for electric vehicles (EVs) has restrained the adoption of EVs in the past.
Governments worldwide have been taking major initiatives to support the adoption of EVs, for instance, countries including the US, India, China, and France have invested heavily in the charging infrastructure development. According to credible reports, Canada had invested around US $62.5 million for developing electric vehicles and alternative fuel infrastructure in the year 2016. The nation is also planning to invest up to US $16.4 million for the development of over 80 new charging units for EVs, along with several natural gas & hydrogen refueling stations along the important transportation corridors. Likewise, the Government of India has approved a 230 billion-rupee investment for the development of electric & hybrid vehicles in August 2012, with targeted production of 6 million vehicles by the year 2020. Such initiatives are likely to speed up the adoption of EVs in the ensuing years, claim market experts.
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Based on the product gamut, the global electric scooter market is bifurcated into retro, folding, and self-balancing. Reportedly, the retro product segment dominated the global market in terms of revenue, in the year 2017. Depending on the battery type the market is divided into Li-ion, lead-acid, and NiMH batteries. The lead-acid battery segment held the highest market share in 2017. However, market researchers expect that these batteries would be substituted with lithium-ion batteries in the forthcoming years.
Speaking of the regional contribution, the Asia Pacific region generated the highest market revenue in the global electric scooter market in the year 2017 and will probably become the leading revenue contributor over the forecast timeframe. Market expansion in the region is triggered by ascending environmental concerns and public charging infrastructure development. Local players are launching low-cost, high-performance electric scooters, while multiple global players are implementing partnership and expansion strategies in a bid to magnify their market share in the APAC electric scooter market.
Renowned companies operating in the global electric scooter market are Suzuki Motor Corporation, Mahindra GenZe, Honda Motor Co. Ltd., Yamaha Motor Company Limited, BMW Motorrad International, AllCell Technologies, Brammo Inc., KTM AG, Terra Motors Corporation, Jiangsu Xinri E-Vehicle Co. Ltd., Peugeot Scooters, and Green Energy Motors Corp. among others.