Electric Scooter Market Is Estimated To Witness High Growth Owing To Increasing Demand for Green Transportation

 

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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