Electric Scooter Market Is Estimated To Witness High Growth Owing To Increasing Demand for Green Transportation
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| Electric Scooter Market |
The global Electric Scooter Market is estimated to be valued
at US$ 19.30 Bn in 2023 and is
expected to exhibit a CAGR of 8.10%
over the forecast period 2023 to 2030,
as highlighted in a new report published by Coherent Market Insights.
Market
Overview:
Electric scooters are powered by electricity and have gained significant
popularity in recent years due to their environmentally friendly nature and
cost-effective operation. These scooters are designed to provide an alternative
mode of transportation, especially in crowded urban areas with traffic
congestion and parking constraints. Electric scooters offer advantages such as
lower operating costs, reduced air pollution, and noise-free operation. They
also offer ease of use, making them an attractive option for short distance
commuting.
Market Key
Trends:
The key trend driving the growth of the electric scooter market is the
increasing demand for green transportation solutions. With rising concerns
about climate change and air pollution, there is a growing need for sustainable
modes of transportation. Electric scooters provide an eco-friendly alternative
to traditional gasoline-powered vehicles, as they produce zero emissions and
have minimal impact on the environment. Governments and environmental
organizations are actively promoting the adoption of electric scooters as a
means to reduce carbon emissions and improve air quality. The increasing focus
on sustainable mobility solutions is expected to drive the demand for electric
scooters in the coming years.
PEST Analysis:
Political: The political factors
influencing the electric scooter market include government regulations and
policies related to emissions and transportation. Governments around the world
are promoting the adoption of electric vehicles and offering incentives to
manufacturers and consumers. For example, many countries have implemented
strict emission regulations for automobiles, encouraging people to switch to
electric scooters as a sustainable mode of transportation.
Economic: The economic factors
influencing the electric scooter market include the cost of electric scooters
and their affordability, as well as the overall economic conditions in
different regions. As the price of electric scooters is relatively lower than
traditional gasoline-powered scooters, they are becoming increasingly
attractive to consumers. Additionally, the economic growth in emerging
economies is driving the demand for electric scooters, as people are looking
for cost-effective and environmentally friendly transportation options.
Social: The social factors
influencing the electric scooter market include the increasing awareness of
environmental issues and the shift towards sustainable transportation. With
growing concerns about air pollution and climate change, consumers are becoming
more conscious of their carbon footprint and are opting for greener
alternatives. Electric scooters provide a convenient and eco-friendly mode of
transportation, especially for short-distance travel in urban areas.
Technological: The technological
factors influencing the electric scooter market include advancements in battery
technology and charging infrastructure. As battery technology improves,
electric scooters can offer longer driving ranges and faster charging times,
making them more practical for daily use. Additionally, the development of
charging stations and infrastructure is crucial for the widespread adoption of
electric scooters, allowing users to charge their vehicles conveniently.
Key Takeaways:
The Global
Electric Scooter Market Size is expected to witness high growth, exhibiting
a CAGR of 8.10% from 2023 to 2030. This growth can be attributed to the
increasing concerns about environmental sustainability and the rising demand
for cost-effective transportation options.
In terms of regional analysis, Asia Pacific is projected to be the
fastest-growing and dominating region in the electric scooter market. The region
has a large population, increasing urbanization, and rising disposable incomes,
which are driving the demand for electric scooters.
Key players operating in the electric scooter market include Amego Electric
Vehicles Inc., Ampere Vehicles Pvt. Ltd, BMW Motorrad, ECCITY Motocycles,
GenZe, Gogoro Inc., GOVECS GmbH, Hero Eco (Hero Electric), Honda Motor Co.
Ltd., Jiangsu Xinri E-Vehicle Co., Ltd., Kumpan Electric, Piaggio & C. SpA,
Sanyang Motor Co. Ltd., Silence Urban Ecomobility, Terra Motors Corp., TORROT
ELECTRIC EUROPA S.A, TVS Motor Company, Vmoto Limited, and Yadea Group Holdings
Ltd. These companies are actively investing in research and development to
enhance their product offerings and gain a competitive edge in the market.
Read more - https://www.marketwebjournal.com/electric-scooter-market-forecasts-growth-trends-share-analysis-and-size/
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