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| Global Electric Scooter Market Size |
Electric scooters are environment friendly vehicles that use electric motor for
propulsion. They are easy to use, lightweight and energy efficient. Electric
scooters are increasingly being used for last mile connectivity solutions and
require low maintenance cost compared to fossil fuel vehicles. The global
electric scooter market provides convenient mobility options for daily
commuting and last mile deliveries.
The global Electric Scooter Market is estimated to be valued at US$ 30.36 Bn in 2023 and is expected to
exhibit a CAGR of 10% over the
forecast period 2024 to 2031, as highlighted in a new report published by
Coherent Market Insights.
Market Opportunity:
Last Mile Transportation
The growing need for last mile connectivity solutions is a major market
opportunity in the electric scooter market. Last mile delivery refers to the
delivery of goods and people from a transportation hub to a final destination.
The increasing demand for on-demand delivery services and inclination towards shared
mobility services is boosting the demand for electric scooters for last mile
transportation. Electric scooters provide an eco-friendly and economical
solution for last mile deliveries and connectivity. This is expected to
significantly drive the electric scooter market over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the electric scooter
market is moderate as there are significant capital requirements needed for
R&D for developing new technology. However, availability of venture capital
funding has increased competition from new startups.
Bargaining power of buyers: The bargaining power of buyers in the electric
scooter market is high given the availability of multiple brands and models.
Buyers can negotiate on price points based on their preferences.
Bargaining power of suppliers: Suppliers of raw materials and components for
electric scooters such as lithium-ion batteries have some bargaining power
given the limited number of suppliers for specialized components.
Threat of new substitutes: Threat from substitutes like electric bicycles and
electric mopeds is moderate since they fulfill different consumer needs
compared to electric scooters.
Competitive rivalry: The competition in the market is high with presence of
global as well as regional players.
SWOT Analysis
Strength: Growing popularity of last mile connectivity solutions, Eco-friendly
and emission free transport solution.
Weakness: High initial cost, Range anxiety, Limited battery life, Lack of
standard charging infrastructure.
Opportunity: Increasing adoption in shared mobility and logistics applications,
Favorable government policies and subsidies.
Threats: Safety issues due to high-speed, Range limitations in hilly areas and
remote locations.
Key Takeaways
Global
Electric Scooter Market Size is expected to witness high growth over
the forecast period supported by increasing government initiatives for adoption
of electric vehicles and growing consumer demand for eco-friendly commute.
Regional analysis: Asia Pacific dominates the global electric scooter market
due to presence of large consumer base and government incentives in countries
like China and India. China accounts for over 50% share of the global market
due to strong manufacturing base and increasing e-commerce deliveries.
Key players: Key players operating in the electric scooter market are Accenture
plc, Hewlett-Packard Company, BAE Systems plc, Tata Consultancy Services
Limited, Fujitsu Limited, Lockheed Martin Corporation, Infosys Technologies
Limited, Oracle Corporation, Harris Corporation, and IBM Corporation. Major
players are focusing on new product launches and expansion in regional markets
through strategic partnerships.
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