Electric Scooters Market Projected to Reach US$ 11,905.7 Mn during 2017-2027: FMI
Environmental benefits of electric scooters over conventional gasoline-powered scooters is expected to drive their sales over the next couple of years. Not only the prices of electric scooters are being reduced but manufacturers are now introducing a range of new stylish models in order to lure more customers. Moreover, factors such as increasing concerns over fuel conservation and urgency to shift to more fuel-efficient transport systems for day-to-day commutation are also encouraging the use of electronic scooters across the globe.
Future Market Insights (FMI) has recently published a report on the global electric scooters market, excerpts from which suggest that the market is set to witness a CAGR of 3.9% during the forecast period (2017–2027) and reach a valuation of US$ 11,905.7 Mn by 2027- end. Towards the end of forecast period, around 5,430.9 units of electric scooters are expected to be sold worldwide. Key insights from the report further reveal that the market will continue to expand at a moderate pace and bring in lucrative opportunities for electric scooter manufacturers in the near future. The report enlists some of the leading players operating in the global electric scooter market such as Jiangsu Xinri E-Vehicle Co. Ltd., GOVECS GmbH, Vmoto Limited, Terra Motors Corp., Sanyang Motor Co. Ltd., and Hero Electric Vehicles Private Limited. These companies are actively focusing on strategically improving the supply chain network to increase their customer base.
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APEJ by Far the Market Leader for the Electric Scooters
By 2027-end, the electric scooter market in the region is expected to reach a valuation of US$ 9,785.9 Mn. APEJ is expected to create an incremental opportunity of US$ 3154.9 Mn between 2017 and 2027. In APEJ, China is estimated to hold more than 80% of the total market value share over the forecast period and will continue to dominate the electric scooter market. This is primarily due to the policies which completely or partially banned the use of conventional two-wheelers in urban Chinese cities. Meanwhile, the markets in Japan, North America and Western Europe are expected to show high growth potential over the next couple of years.
Additional Highlights from the Report Include –
- By product type, standard electric are the most commonly available scooter type in the market at present. In 2017 and beyond, demand for standard electric scooters is expected to remain robust and expected to account for more than 67% value share of the market by 2027-end.
- Between 2017 and 2027, battery-powered electric scooters will continue to witness higher sales as compared to plug in charge electric scooters. This is due to the absence of ample charging facilities, which is a major limitation for the plug-in segment. Meanwhile, Li-Ion remains the most preferred battery type used in electric scooters.