The global scooter market is currently worth USD 70.26 billion and is poised to grow at a CAGR of 5.9% over the period 2022-2030, amassing USD 111.37 billion by the end of the calendar devaluation.
Global Scooter Market There is a significant demand for transportation due to rapid urbanization in emerging economies and improved road connectivity. Lack of access to public transportation in remote locations drives people to own personal cars. Scooters are frequently chosen by consumers because they are lightweight, simple to ride and use, and affordable. Electric scooters that run on batteries need no fuel and produce zero emissions, helping the scooter market.
Consumer preferences have changed due to expanded regulatory standards, bans on internal combustion engine (ICE) vehicles, reduced import duties on electric vehicles, and improved fuel economy. battery charging infrastructure. They are moving from traditional scooters to electric ones. Electric scooters can be used for short distance travel and local sightseeing as they are lightweight, simple to use and battery powered. Moreover, the demand for electric scooters is increased by their high mechanical efficiency, low noise level, low total cost of ownership and low maintenance requirements. In affluent countries, the use of electric scooters for sharing services is also on the rise, which is expected to support the expansion of the market.
A country’s road connection has a significant impact on its economic development. Road construction is funded by the governments of developing countries. The transport and logistics industry now has new development potential thanks to investments in road construction. By starting their own business or collaborating with already existing companies, many entrepreneurs have started to enter the field of logistics. Scooters are one of the preferred vehicles as they can transport items with the least amount of time and money. Compared to bicycles, mopeds and vehicles, scooters can move away from traffic and consume less gas.
Scooter manufacturers are also focusing heavily on adding new technology to vehicles to increase speed, improve battery efficiency, and make them more affordable for consumers. Additionally, a variety of scooters have been launched in emerging economies by electric scooter manufacturers. For example, the Silence 01 and 02 models, made by a Spanish company called Silence, were launched in South Africa. They include fast charging capabilities, charging capability, and removable batteries. Therefore, it is expected that the initiatives of car manufacturers will open up new markets for scooters.
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Global Scooter Market – Key Trends
Various Benefits Offered by Scooters to Facilitate Market Expansion
Scooters are one of the most cost effective and efficient means of transportation. They are not only lightweight, but easy to ride and use. Due to their lightness, they involve less risk of accidents. This in turn increases the adoption of scooters by people of various age groups and economic backgrounds.
Global Scooter Market – Sector Assessment
• Electric scooter
• Normal scooter
The electric scooter segment is poised to rack up notable gains over the stipulated time frame owing to its energy efficient nature.
• Conventional electric scooter
• Exchangeable electric scooter
The swappable electric scooters segment is expected to generate significant returns over the estimated time frame owing to the growing focus of manufacturers to develop battery swapping technologies. Interchangeable scooters allow owners to replace depleted batteries with charged ones.
Global Scooter Market – Competitive Hierarchy
Major players characterizing the competitive terrain of this market are Yadea Technology Group Co., Ltd., Ninebot Limited, Neutron Holdings, Inc. (Lime), Bird Rides, Inc., Spin, Gotrax, Segway Inc., Razor USA LLC , Uber Technologies Inc. (Jump) and OKAI.
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