E-Scooters Market – Insights
The world’s fuel resources are nearing depletion at the moment. A lot of efforts are being taken in this direction which has led to the emergence of many environment-friendly product markets. The one that tops amongst all of these is the global e-scooters market. According to the research report by MRFR (Market Research Future), it will come across countless growth opportunities during the forecast span of 2017-2023.
E-scooters are also popularly known as motorized bicycles. For their operation, a combined effort of human and electric power is required. Such a scooter comprises of two wheels that are driven by an electrically assisted motor. When compared to the traditional scooters that run on fossil fuel these are far more beneficial. It is because they are fuel efficient and have a longer service life.
The individuals of the current era are always on the lookout to find ways to conserve the environment. Consequently, it is being speculated that the worldwide market for e-scooters will expand at an unparalleled rate in the coming years. The revenue pocket is anticipated to expand by the end of the forecast period. Whereas the CAGR for this term is projected to be 7%.
These scooters require minimal to no maintenance. This fact has surfaced as one of the prime growth drivers for the market. People are more accepting of these vehicles as they can save a whole lot of time and effort as these vehicles do not require routine maintenance.
Additional factors that further positively influence the growth of the market are support from the government in the form of initiatives and encouraging regulations, higher awareness about the risks associated to carbon emissions and tax-concessions on eco-friendly vehicles.
The market, however, may come across certain minor restraints like lack of promotion regarding the benefits of switching to e-scooters. Although, efforts are being made in this direction and the market will soon cope with the same.
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Market Segmentation
The worldwide market for e-scooters has been segmented into three equal parts. They and their respective sub-segments are listed as below:
By technology – Battery based and plug-in based.
By product – Standing/self-balancing, retro and folding. Amongst the three, standing/self-balancing sub-segment sits at the top and leads the market.
By battery type – Sealed lead acid, Ni-MH and Li-ion. Out of these the sealed lead acid batteries division is anticipated to dominate the market and tread forward at an encouraging CAGR throughout the forecast period.
In-Depth Regional Analysis
In terms of region, the e-scooters market has its reach across various areas of the globe. Some of the major regions where its presence is felt are North America, Europe, Asia Pacific and Rest of the World.
Asia Pacific is at the forefront of competition amongst these areas. The entire credit for this goes to the business that is being brought in by China. This country consists of a number of market biggies who keep launching innovative products. Getting access to raw materials and cheap labor is extremely easy in this area which further drives the growth of APAC.
Industry News
4 April, 2018 – The latest positive update for this market has come in from Brazil. A mobility startup named Yellow recently announced that they have accumulated close to USD 9 million to launch their new e-scooters range. The main purpose behind this is to enhance the circulation of urban traffic and reduce harmful greenhouse gas emissions. This announcement has been taken positively and the market has high hopes for this project.
Market Players & Key Strategies
Some of the most renowned and long-standing players of this market can be listed as Jiangsu Xinri Electric Vehicle Co. Ltd, Gogoro Inc., Alta Motors, Ampere Vehicles, Vmoto Limited and Govecs Group.
All of the stakeholders of this market keep updating themselves with the latest industry trends to stay ahead in the competitive arena. Apart from that they also employ certain growth strategies like the expansion of business, strategic alliances and investment in research and development activities.
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