Yahoo Finance E-Scooters Market To Grow at 7% CAGR by 2030 - Report by Market Research Future (MRFR)
Growth in vehicle charging infrastructure in emerging countries
New York, US, Nov. 29, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), E-Scooters Market Research Reports: Data by Category, Battery Type, Technology, Regions, Voltage, and E-Scooter Type -Forecast till 2030, the E-scooters market is predicted to flourish noticeably throughout the evaluation period at a strong CAGR of about 7%.
E-Scooters Market Overview:
Electric scooters refer to battery-based or plug-in electric vehicles rechargeable using an outer supply of electricity. The rechargeable batteries on board are used to charge one or more motors in order to attain locomotion. These scooters are known to have fewer operating charges in comparison with the traditional ICE vehicles having intact performance. Also, E-scooters assist in saving costs associated with fuel oil filters and spark plug change replacements because of their specific model attributes, ensuing in minimal maintenance charges. E-mobility is considered being an eco-friendly choice rising tension to decrease the carbon mark on the world level. The E-scooters market has displayed huge progress in modern times. The key characteristic encouraging the market's expansion is the upsurge in maintenance of fuel-supported vehicles and fuel prices. With the falling battery prices, the new government aims to launch e-mobility and gradual development in the renewable sector; manufacturers are concentrating on product development with technological advancements in place.
Moreover, developments are being performed in the manufacturing of solar-power electric vehicles. For example, ETI Dynamics announced the launch of a prototype of a next-generation solar electric hybrid scooter in India equipped with a bendable solar panel offering a speed of 45 Kmph. It is predicted that the launch of solar panels in electric scooters will expand the range by around 15-20 percent. Currently, the technology is limited to electric cars and is not yet commercialized for scooters. On the other hand, it is projected that solar-supported scooters will strike roads. The innovation in battery technologies is one of the most important trends that will catch the interest of the e-scooters market over the evaluation period.
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Competitive Analysis
The list of prominent leaders across the E-scooters market includes players such as:
Kumpan Electric (Germany)
Torrot Group (Spain)
GOVECS GmbH (Germany)
Vmoto Limited (Australia)
Ampere Vehicles Pvt. Ltd. (India)
Mahindra GenZe (U.S.)
Gogoro Inc. (Taiwan)
Terra Motors Corporation (Japan)
Hero Electric Vehicles Pvt. Ltd. (India)
NYCeWheels (U.S.)
Ather Energy (India)
Amego Electric Vehicles Inc. (Canada)
Jiangsu Xinri Electric Vehicle Co. Ltd. (China)
Report Scope:
Report Metric | Details |
Growth Rate | CAGR of 7% from 2022 to 2030 |
Base Year | 2021 |
Study Period | 2022-2030 |
Key Market Opportunities | Growth in vehicle charging infrastructure in emerging countries |
Key Market Drivers | Increase in fuel costs and maintenance of fuel-powered vehicles |
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E-Scooters Market USP Covered
Market Drivers
The E-scooters market has shown massive development in recent times. The primary aspect encouraging the market's development in upsurge in maintenance of fuel-supported vehicles and fuel prices. With the falling battery prices, the new government aims to launch e-mobility and steady growth in the renewable segment; companies are focusing on product improvement with technological developments in place. Moreover, advances are being accomplished in manufacturing solar power electric vehicles.
Market Restraints
On the other hand, the lack of knowledge about the benefits of these scooters is likely to limit the market's performance.
E-Scooters Market COVID-19 Impact
The E-scooters market has faced several significant unexpected challenges given the rise of the global health hazard of COVID-19. The social distancing norms and travel restrictions imposed to curb the spread of the disease led to causing severe damage to the demand for automobiles all over the globe. On the other hand, with global activities getting back on track, the global E-scooters market is anticipated to grow considerably over the review era.
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E-Scooters Market Segment Analysis
Among all the battery types, the sealed lead acid batteries segment is projected to lock up the top place across the E-scooters market over the evaluation timeframe. These batteries are utilized widely, given the advantages such as low costs and robustness. On the other hand, the bulkiness and overheating of these batteries because of the charging are drawbacks that make them discharge rapidly even without handling heavy loads. However, lithium-ion battery packs have improved efficiency and benefits compared to other battery types. In conclusion, there is a steady growth in implementing li-ion batteries among e-scooter manufacturers worldwide.
Among all the voltage types, the 48V and more than 48V segment is predicted to ensure the top position across the E-scooters market over the review era. The primary aspect causing an upsurge in the segment's growth is the high voltage levels provided by these battery segments support cost-effective opportunities for the hybridization of vehicles.
Among all the categories, the L1e segment is predicted to ensure the top spot across the E-scooters market over the coming years. It includes a light two-wheel powered vehicle. On the other hand, the L3e includes a two-wheeler motorcycle.
Among all the e-scooter types, the standing/self-balancing scooter segment is anticipated to show the highest growth rate over the coming years.
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Regional Analysis
The E-scooters market is analyzed across five major regions: Asia-Pacific, Europe, Latin America, North America, and the Middle East & Africa.
The MRFR analysis reports suggest the Asia-Pacific region secured the top rank across the global E-scooters market in 2017. The region's growth is ascribed mainly to the development in vehicle charging infrastructure in emerging nations such as Taiwan and China, which are usually believed the hub for manufacture of these vehicles.
The North American Regional E-Scooters Market is anticipated to demonstrate considerable development over the coming years. the region has the US as the prime growth driver, given the presence of various large manufacturers.
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