Electric scooters are two or three wheeled electric vehicles that use electricity as its power source. The benefits delivered by electric scooters are fuel efficient, electricity powered vehicles, which are also lightweight, compact, easy to handle, and easy to manoeuvre.
Lack of conventional fuel sources along with concerns regarding growing carbon footprint is fuelling growth of the global electric scooter market
Growing demand for fuel efficient vehicles, due to low of availability of convectional fuel is one of the major driving factors for growth of the market. Increasing awareness among consumers regarding pollution, which is expected to further support the market growth. Another factor driving growth for electric scooter market is increasing CO2 emission in conjunction with factor such as regulations concerning exhaust gas emissions. The electric vehicles are fuel efficient vehicles, which in turn helps in reducing CO2 emission.
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Automotive and transportation segment accounted for a major share in the global energy consumption market, which is a major factor leading to increasing CO2 emission. Owing to these factors, governments have implemented stringent regulations regarding reducing carbon footprint and enhancing fuel efficiency, and this is among key factors driving growth of the global electric scooter market. For instance, the European Union has set emissions standards. EU Regulation No 443/2009 sets an average CO2 emission target for new passenger cars of 130 grams/kilometre. A target of 95 grams/kilometer will apply from 2021. According to CIA World Factbook, conventional fuels, commonly referred to as the fossil fuels such as coal, oil, and gas are expected to be exhausted by 2052, if the global consumption of oil remains consistent with an annual oil consumption of over 11 billion tons. Therefore, stringent government rules and regulations towards controlling the emission of harmful gases will positively help in propelling growth of the market.
Lack of availability of charging points is one of the major factors hampering growth of the market
The scarcity of charging points in cities is a major challenging factor for growth of the global electric scooter market. These electric scooters does not have any other alternative source in place of battery. Thus, complete drain of the battery can stall the scooter and can put the traveller at risk. Moreover, prices of electric scooter are also very high, which in turn decreases the adoption of these scooters.
Lithium –ion battery segment is expected to account for the largest market share during the forecasted period
Increasing prices of gasoline and diesel fuel is expected to be major factor for increasing adoption of vehicles that are environment-friendly. Thus, increasing demand for electric vehicles is one of the major factors for high demand for lithium-ion battery. For instance, according to Coherent Market Insights’ analysis, the annual sales of electric scooters as 542,000 Units in 2015, which witnessed an increase to 850,000 Units in 2016. Moreover, another factor leading to increasing demand for lithium-ion batteries is that the weight of the battery is very low as compare to the other alternatives. This is expected to aid in increasing adoption of lithium-ion batteries, which is in turn supporting growth of the market during the forecasted period.
Global Electric Scooter Market: Regional Insights
The global electric scooter market is segmented on the basis of regions into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America held a dominant position in the global electric scooter market in 2016, and is expected to retain its dominance throughout the forecast period. This growth is attributed to growing stringency of regulatory bodies towards reducing carbon footprint and emissions, and is also a major factor propelling growth of the regional market. For instance, Corporate Average Fuel Economy (CAFÉ) Standards in the U.S. is propagating adoption of energy efficient automotive by formulating regulations for reduction of petroleum consumption and enhancing utilization of alternative fuel vehicles such as hybrid vehicles. This in turn, creates a highly conducive environment for growth of the global electric scooter market in this particular region.
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Global Electric Scooter Market: Regional Insights
Leading players in the market are introducing innovative products, to cater to increasing consumer demand. Global players are entering new markets in developing regions to expand their customer base and strengthen their market presence. For instance, in January 2017, Hyundai Motor Company launched the IONIQ Scooter at the 2017 Consumer Electronics Show (CES) in Las Vegas, U.S. IONIQ Scooter is a light weight electrically-powered scooter. This launch will help in gaining a competitive edge in the market of electric scooters.
Key players operating in the market include Honda Motor Co. Ltd., Brammo, Inc., AllCell Technologies, LLC, Mahindra & Mahindra Ltd, Terra Motors Corporation, Yamaha Motor Company Limited, Suzuki Motor Corporation, KTM AG, Peugeot Scooters, and Green Energy Motors Corp.
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