Electric Scooter Market Size, Share and Trend Analysis Report by Product (Retro, Standing / Self-Balancing, Folding), by Battery (Sealed Lead Acid, NiMH, Li-Ion), by Voltage , by region and segment forecast, 2021 – 2028
New York, Aug 04, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces the Publication of the “Electric Scooter Market Size, Share and Trend Analysis Report By Product, By Battery, By Voltage, By Region and segment forecast, 2021 – 2028 “- https://www.reportlinker.com/p06126820/?utm_source=GNW
Electric scooter market growth and trends
The global electric scooter market size is expected to reach $ 34.7 billion by 2028, with a CAGR of 7.6% from 2021 to 2028, according to a study. The growing adoption of electric scooters (e-scooters) among the young population, the growing purchasing power of the middle class community in developing countries, and rapid urbanization are expected to significantly boost the demand for products across the country. world. Electric scooters provide affordable last mile transportation compared to on-demand transportation. Agility and ease of maneuvering in densely populated areas with high traffic congestion are additional advantages offered by these vehicles, which are expected to fuel the growth of the market.
Consumer satisfaction is another critical factor for vendors trying to retain existing customers or looking to expand their customer base. It can be measured using various parameters such as durability, maintenance expenses, performance, comfort and safety, and operating costs.
Salespeople try to focus on two essential factors to attract customers: design / style and specifications. In May 2019, Pure EV launched two electric scooters for the Indian market, EPLUTO and ETRANCE, with a long range of 120 km per charge.
The ETRANCE scooter has a floor to handle the height of about 3.5 feet and weighs about 47 kg. These specifications were specifically designed with the female population of the country.
The year 2018 saw the introduction of various battery powered two-wheelers, for example, Vespa Electrica by Piaggio & C.SPA.
The following year was very promising for most electric scooter sellers due to the different strategies they adopted to expand their fleet to international markets. In addition, well-established two-wheeler companies have launched their electric scooters and invested in installing charging systems and infrastructure in various countries.
For example, Gogoro, Inc. and KYMCO have expanded their reach into other regions to take advantage of the untapped market benefits. GenZe By Mahindra, YAMAHA Motor Pvt. Ltd., VÃSSLA ELECTRIC SCOOTERS. and PURE EV are among other players who have incorporated interchangeable battery systems into their electric scooter variants. In addition, the governments of several Asian and European countries have offered grants to stimulate the sale of battery powered two-wheelers. These initiatives should become more robust with the increase in gasoline prices.
Asia-Pacific dominated the global market in 2020 and is expected to continue to dominate during the forecast period. The growth is driven by the presence of a growing number of electric scooter manufacturers and increased investment in vehicle charging infrastructure in countries such as Taiwan, India, and China.
In 2020, China acquired more than 84% of the turnover of the Asia-Pacific market. North America is expected to grow at a considerable rate from 2021 to 2028.
Growth in the region is driven by the faster adoption of electric vehicles in the United States as an alternative to traditional fuel transportation.
Highlights of the Electric Scooters Market Report
â¢ By product, the retro segment is expected to dominate the electric scooter market due to strong demand for the same among the young and old population.
â¢ Battery-based, sealed lead-acid segment dominated the market with over 60% revenue share in 2020 due to advantages such as low cost and robustness. However, the share is expected to decline rapidly due to a significant increase in demand for Li-Ion batteries.
â¢ Asia-Pacific is expected to be the largest regional market during the forecast period owing to significant investments in vehicle charging infrastructure and government subsidies for battery-powered scooters.
â¢ Major industry participants include Gogoro, Inc .; Mahindra GenZe; Gogoro, Inc .; Jiangsu Xinri E-vehicle Co. Ltd .; and electric hero
Read the full report: https://www.reportlinker.com/p06126820/?utm_source=GNW
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