Electric Kick Scooters Market Size Is Expected To Reach USD 5.2 Billion By 2028
Electric Kick Scooters Industry Overview
The global electric kick scooters market size is expected to reach USD 5.2 billion by 2028, according to a study conducted by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.3% from 2021 to 2028. The growth of the market is attributed to the increasing penetration of cost-effective electric scooter sharing services across the globe.
While the market is expected to witness promising growth opportunities in the long run, the COVID-19 pandemic is likely to negatively impact the market. Strict restrictions on transportation activities and lockdowns in the first half of 2020 paralyzed electric kick scooter retail business activities across the globe. While manufacturing and supply chain activities were severely disrupted, the situation was particularly challenging for the manufacturers and dealers of electric kick scooters. In the near future, however, the fear of public transportation could motivate consumers to seek alternate modes of transportation, thereby driving the market. The pandemic is expected to be an accelerator for the transition to sustainable mobility.
The need for product differentiation and the introduction of next-generation technology is anticipated to favor market growth. One of the key factors expected to boost demand for the two-wheeler is the shrinking parking spaces in metro cities. In recent times, these two-wheelers have gained prominence in countries such as the U.S., Germany, France, and Spain. The growing need to avoid traffic congestions and increased demand for micro-mobility options have encouraged vendors to manufacture folding electric scooters. These two-wheelers offer flexibility with minimum energy consumption and can be easily folded to the size of a suitcase.
An increase in greenhouse gas emissions has resulted in initiatives to combat climate change with hopes pinned on e-mobility. Several countries globally have started enacting climate change action plans to reduce vehicular emissions by adopting sustainable and eco-friendly transportation options. Furthermore, investments in clean energy and initiatives that are taken by governments to curb CO2 emissions are expected to boost the demand for electric scooters over the coming years.
North America is expected to be the fastest-growing regional market over the next few years. The U.S. is anticipated to emerge as an early adopter of e-scooters due to high technology penetration and developed e-charging infrastructure.
Electric Kick Scooters Market Segmentation
Grand View Research has segmented the global electric kick scooters market on the basis of battery, voltage, and region:
Based on the Battery Insights, the market is segmented into Sealed Lead Acid (SLA), Nickel Metal Hydride (NiMH), and Lithium-Ion (Li-Ion).
- The lithium-ion batterysegment dominated the market and accounted for over 60.0% of the overall revenue share in 2020. Performance and environmental advantages of Li-Ion batteries over sealed lead acid batteries are expected to position Li-Ion technology as the global mainstream battery technology for electric kick scooters over the coming years.
- Continual improvements in battery technology have helped improve the storage capacity and reduce the overall cost of Li-Ion batteries, making them a popular choice for mobile, low-cost devices such as kick scooters. Furthermore, prolonged battery discharge cycles, high current density, a long usable lifespan, and reliable thermal stability work are expected to favor segment growth.
Based on the Voltage Insights, the market is segmented into Below 24V, 36V, 48V, and Greater than 48V.
- The 36V segment dominated the market and accounted for the largest revenue share of more than 55.0% in 2020. 36V batteries are popular owing to their capacity, which enhances the E-scooter's driving range. 36V batteries utilize NiMH or Li-ion technology as this voltage range calls for a compact design and enhanced charging time.
- Electric kick scooters with voltage greater than 48V offer advantages in terms of range. These kick scooters emit carbon dioxide at acceptable cost levels. Furthermore, 48V products provide features such as air conditioning compressors and turbochargers, which are difficult to implement in 12V or 24V scooters.
Electric Kick Scooters Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Mergers and acquisitions particularly focused on streamlining technology have been one of the most popular growth strategies used by OEMs in this industry. In addition to developing technology, these collaborations or mergers and acquisitions help vendors expand their geographical presence and reach out to untapped markets. For instance, in February 2020, TIER Mobility, a German-based micro-mobility solution provider, acquired a fleet of 5,000 electric mopeds and the charging infrastructure from Coup Mobility to enter the European e-moped sharing market. Similarly, in June 2019, Bird Rides, Inc. acquired Scoot to offer riders technologically-advanced vehicles and offer its service in other cities. Some of the prominent players in the electric kick scooters market include:
- Jiangsu Xinri E-Vehicle Co. Ltd.
- YADEA Technology Group Co., Ltd.
- Bird Rides, Inc.
- SWAGTRON
- SEGWAY INC.
- Xiaomi
- iconBIT GmbH
Order a free sample PDF of the Electric Kick Scooters Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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