Electric Scooter Market Worth $644.5 Billion by 2028, Growing at a CAGR of 29.4% from 2021 -- Exclusive Report by Meticulous Research

LONDON, June 30, 2021 /PRNewswire/ -- According to a new market research report "Electric Scooter Market by Vehicle Type (Electric Motorcycles, E-scooters & Bikes), Power Output (Less Than 3.6kW, 3.6kW to 7.2kW), Battery Technology (SLA, Li-ion, Li-ion Polymer), Motor Type, Charging Type, End User — Global Forecast to 2028", published by Meticulous Research, the electric scooter market is expected to grow at a CAGR of 29.4% from 2021 to 2028 to reach $644.5 billion by 2028. By volume, this market is expected to grow at a CAGR of 21.2% from 2021 to 2028 to reach 209 million units by 2028.

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Electric scooters are used for short-distance commuting within cities and towns and courier and e-commerce delivery applications. These vehicles have a smaller battery pack and a driving range of less than 100KM per charge. These vehicles are lightweight, more efficient than conventional bikes, and can maneuver easily through congested streets. They serve the limited purpose of short-distance commuting and travel.

The growth of the overall electric scooter market is mainly attributed to the increasing adoption of electric motorcycles and e-bikes for short commutes, rising environmental concerns, and increasing investments by ride-hailing companies in the micromobility space. In addition, increasing efforts by OEMs to produce lightweight bikes and the increasing trend towards connected e-Bikes offer significant growth opportunities for players operating in the electric scooter market.

On the other hand, increasing theft and vandalism of e-bikes & e-scooters, poor cycling infrastructure in developing countries, and lack of regulations in electric motorcycles and micromobility space are some of the key factors challenging the growth of this market to a certain extent. Also, the high cost of electric motorcycles, and e-scooters & bikes and the short lifespan of batteries are expected to hinder the growth of this market.

The overall electric scooter market is segmented based on vehicle type, power output, battery technology, motor type, charging type, end use, and geography.

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Based on vehicle type, the electric scooter market is segmented into electric motorcycles, and e-scooters & bikes. In 2021, the electric motorcycles segment is expected to account for the larger share of the overall electric scooter market by value. Factors such as increasing government policies for promoting electric mobility, growing awareness regarding the need to reduce greenhouse gas emissions and environmental pollution, rising demand for electric motorcycles among consumers, increasing gasoline prices, and stringent emission norms for ICE vehicles are driving the growth of this segment. However, the e-scooters & bikes segment is expected to account for the larger share of the overall electric scooters market by volume.