The global electric scooter market has seen tremendous growth over the past few years driven by increasing preference for eco-friendly modes of transportation among a growing environmentally conscious population. Electric scooters have emerged as a smart transportation alternative with minimal energy consumption and low operational costs while offering hassle-free commuting. Factors such as rising fuel prices, traffic congestion in urban areas, and stringent emission norms have propelled demand for electric scooters that are efficient, economical and help reduce carbon footprint.
The global electric scooter market is estimated to be valued at US$ 30.36 Billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Surging demand for green and low-cost transportation continues to be a key driving factor for the electric scooter market. Electric scooters are a smarter choice for urban commute with zero emissions and very low running costs compared to fuel-based vehicles. Moreover, growing environmental consciousness coupled with fiscal benefits and incentives offered by governments on electric vehicles have further boosted the adoption of electric scooters in recent years. This upward trend is expected to continue and drive robust growth of the global electric scooter market over the forecast period.
Strength: Electric scooters offer affordable and eco-friendly transportation option. They are compact, portable and easy to charge.
Weakness: Limited driving range on single charge and availability of limited charging infrastructure pose mobility challenges. High initial purchase cost restrict adoption.
Opportunity: Growing preference for personal mobility solutions and government initiatives to promote electric vehicles provide growth opportunities. Expanding charging infrastructure will help address driving range issue.
Threats: Entry of new players may lead to price war posing pricing pressure. Stringent safety regulations can increase compliance cost.
Global Electric Scooter Market Size is expected to witness high growth. Factors such as growing environmental concerns, increasing fuel prices and traffic congestion are expected to boost the demand for electric scooters.
Regional analysis – Asia Pacific dominates the global electric scooter market and the region is expected to continue its dominance during the forecast period. Countries such as China and India have large population and growing middle class which drives the demand for electric scooters for daily commute.
Key players operating in the electric scooter market are Accenture plc, Hewlett-Packard Company, BAE Systems plc, Tata Consultancy Services Limited, Fujitsu Limited, Lockheed Martin Corporation, Infosys Technologies Limited, Oracle Corporation, Harris Corporation, and IBM Corporation. The key players are focusing on new product launches and development to cater to the growing demand. For instance, Accenture launched new electric scooter with extended driving range of 100 km on single charge in 2023.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it