Pune, Oct. 12, 2020 (GLOBE NEWSWIRE) — The global electric scooter market size is projected to witness remarkable growth on account of the rising demand for advanced infrastructure transportation systems worldwide. Electric scooters work on batteries and provide additional features such as high mechanical efficiency, regenerative braking, and low noise level and maintenance costs. An upcoming report by Fortune Business Insights™ titled, “Electric Scooter Market Size, Share & Industry Analysis, By Product Type (Electric Scooter, Electric Motorcycle), By Battery Type (Lead Acid, Li-ion), By Voltage Type (48-59V, 60-72V, 73-96V, above 96V), Others and Regional Forecast, 2019-2026,” offers a comprehensive overview of the market and its prime growth trajectories.
Highlights of the Report
- 360-degree overview of the electric scooter market
- Drivers, restraints, challenges, and opportunities of the market
- Key industry developments, and other interesting insights into the market
- Table of segmentation based on factors such as product type, voltage type, battery type, and region
- List of players and their key strategies for earning the lion’s share in the market
- Other electric scooter market trends
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Government Supporting Upcoming Electric Vehicle charging Infrastructures will Bode Well for Market
The most crucial factor promoting the electric scooter market growth is the fact that it requires no fuel for operations and runs on electricity. Besides this, the increasing environmental concerns, rise in fuel prices and growing traffic commotion in most parts of the world is also promoting the use of electric scooters. Additionally, low operating and maintenance costs of electric scooters are also expected to bolster growth in the forecast duration. This, coupled with increasing government initiatives and subsidies to promote the use of fuel-free vehicles will also add impetus to the market in future.
On the flipside, lack of power output and limited charging facility may act as major drawbacks to the market for electric scooter market. This, coupled with the high cost of electricity and initially high investments may cause hindrance to the overall market growth. Nevertheless, the entry of established players with updated models, and government initiatives to set up new electric vehicles charging infrastructures will create new growth opportunities for the market in the future.
Launch of New Products and Geographical Expansion to Intensify Market Competition
Major electric scooter market manufacturers are entering into strategic collaborations, mergers and acquisitions, joint ventures, and agreements and contracts and others for gaining a competitive edge in the market. They are also investing in new two-wheeler launches to attract high electric scooter market revenue in the years to come.
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List of the Leading Companies Profiled in the Global Electric Scooter Market are:
- Energica Motor Company S.p.A.
- Dongguan Tailing Electric Vehicle Co. Ltd.
- Zhejiang Luyuan Electric Vehicle Co. Ltd.
- Vmoto Limited
- Sunra Group
- Aima Technology Co. Ltd.
- Amper Vehicles
- Mahindra GeneZe
- Yadea Technology Group Co. Ltd.
- Hero Electric
- Govecs Group
- Other Players
Presence of Large Manufacturing Companies to Help Asia Pacific Dominate Market
Geographically, the global electric scooter market is segmented into the regions of Asia Pacific, North America, Europe, and the Rest of the World. Each of these regions are further categorized into countries. Currently Asia Pacific is holding the largest electric scooter market share on account of the presence of major manufacturing industries and the increasing demand for two wheelers to cut through the peaking traffic of the highly populated cities. China is dominating the regional market with high sales and high production capacity.
On the other hand, the market in North America will emerge as the second largest market in the forecast period owing to the rise in investment in research support and infrastructure for vehicle charging. Furthermore, the US made massive investments in research and development for the production of hybrid and electric vehicles with high-density batteries. This is further expected to help create lucrative growth opportunities for the regional market in the forthcoming years.
Major Industry Developments of the Electric Scooter Market Include:
February 2020 – Suzuki plans to launch its first electric scooter into the Indian market following the footsteps of other Japanese motorcycle manufacturers.
February 2020 – Ather Energy announced the successful launch of their 450X electric two-wheeler in major cities such as Pune, Hyderabad, Mumbai, and Delhi NCR. It now plans to expand business into the streets of Coimbatore, Kolkata, Kochi, and Ahmedabad.
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