According to a research report “Electric Scooter Market by Vehicle (E-Scooter/Moped, E-Motorcycle), Voltage (36V, 48V, 60V, 72V, Above 72V), Motor Type (Hub and Mid-drive), Battery (Li-ion and lead acid), Motor Power, Technology, Vehicle Class, Usage & Region – Global Forecast to 2030″ published by MarketsandMarkets, the global Electric Scooter market is projected to grow from USD 4.3 billion in 2024 to USD 12.4 billion by 2030, registering a CAGR of 18.9%.
Market Dynamics :
Driver: Advancement in Battery Technology
The battery is a major component of an electric scooter. Technological advances in batteries, especially regarding their charge density, making them extractable and more competitive, are the focus of the electric scooter segment’s main research and development efforts worldwide. Currently, companies are providing multiple charging options, including a portable charger that can be used to charge vehicles in public places. Besides, charging stations are also installed at homes for convenience. Innovations in EV battery technology are advancing rapidly as more people realize the benefits of sustainable mobility. The industry is focusing on developments in battery technology, such as silicon anode batteries, lithium-ion and lithium-sulfur batteries, and solid-state batteries. Increasing battery energy density and adding fast charging capabilities are top priorities for battery and electric vehicle manufacturers. They are also keeping a close eye on technological advancements that will extend battery life and make recycling easier, helping the general public overcome the obstacles to electric scooter adoption. Many OEMs have also started offering electric scooters & motorcycles ranging from 100 to 150 km, with the batteries required to be replaced after 5 to 7 years. The research focuses on conventional lithium-ion, advanced lithium-ion using an intermetallic anode (silicon alloy composite), and future advanced lithium-ion (lithium metal, including lithium-sulfur and lithium-cobalt) batteries. Such rapid developments in battery technology would overcome the issue of range limitation in electric two-wheelers, thereby encouraging customers to prefer electric scooters & motorcycles.
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Opportunity: Government bodies backing electric two-wheelers
The electric scooter market is expected to grow with time and growing support from government bodies of different countries. Many countries have recognized the need to go electric to reduce automobile emissions, with the US and China gearing up for electric vehicles. The Indian government plans to stop producing ICE two-wheelers under the 150 cc segment by 2025. Many countries are implementing similar strategies and policies in support of electric two-wheelers. By enacting legislation and modifying rules, even emerging nations worldwide have shown their commitment to supporting the adoption of electric two-wheelers. Some nations have established agencies, authorities, and regulations to support market expansion. They have also provided tax and import-export incentives for producers, thereby helping the market for electric scooters and motorcycles to expand.
“The 1.5–3 kW segment to show a significant growth rate during the forecast period.”
The less than 100 kW market is projected to register a CAGR of 19.2% during the forecast period. The power output of medium-power electric scooters and motorcycles ranges from 1.5 kW -3 kW. As these scooters and motorcycles run with a motor that provides decent power output and efficient speed, electric scooters and motorcycles with this motor usage are expected to grow considerably during the forecast period. This power range strikes a balance between performance and efficiency, offering users enhanced capabilities without sacrificing energy conservation or affordability. These scooters are well-suited for navigating both city streets and suburban roads, providing users with a reliable and convenient mode of transportation for various daily needs. One of the key advantages of electric scooters in this power range is their improved performance compared to lower-powered models. With motor outputs between 1.5 kW and 3 kW, these scooters offer faster acceleration and higher top speeds, making them more suitable for longer commutes and handling diverse urban terrain. This increased power allows riders to maintain higher speeds and easily navigate inclines, enhancing overall ride comfort and efficiency. Manufacturers worldwide offer different vehicle models in a 1.5 kW – 3 kW motor power range. Gogoro (Taiwan) offer Gogoro CrossOver GX250 electric scooter with a 2.5 kW direct drive motor that can reach speeds of over 60 kmph and has a range of 111 km. Additionally, Greaves Electric Mobility Private Limited (India), Yadea Technology Group Co., Ltd. (China), and Niu International (China) offer Ampere Magnus EX with 2.1 kW, Yadea E8S with 2.0 kW, and NQiGT S with 3.5 kW motor power, respectively.
“The commercial use of electric scooter is expected to show significant growth during the forecast period.”
Fleet owners delivering goods and services to their customers increasingly rely on electric scooters and motorcycles. Electric two-wheelers often come equipped with advanced telematics and fleet management systems. These technologies enable real-time tracking, route optimization, and efficient fleet management, improving delivery efficiency. Businesses can monitor vehicle performance, schedule maintenance, and analyze data to optimize operations. Using electric scooters/mopeds and motorcycles can significantly reduce delivery costs and improve profitability. Meal delivery companies across the globe use electric scooters. For instance, in December 2023, Uber Eats (US) partnered with Gogoro (Taiwan) for Green Delivery Program. The partnership is word USD 30 million. Uber Eats delivery partners will receive discounts on new Gogoro Smartscooters and battery swapping programs and be given incentives for deliveries on Gogoro Smartscooters. Through the program, Uber Eats expects EV deliveries in Taiwan to double from nearly 20% to 40% by the end of 2025. Also increasing fuel prices, the need to rationalize costs, favorable government policies, and rising awareness of emission-free vehicles would boost the adoption of electric scooters for commercial use in the forecasted period.
Asia Pacific is the largest market for electric scooter during the forecast period.
The electric scooter market has witnessed rapid year-on-year growth in the Asia Pacific region, which comprises some of the fastest-developing economies globally, such as China, Japan, and India. The market has witnessed rapid growth year-on-year in the Asia Pacific region. India is one of the largest markets for electric scooters. Apart from the manufacturers recognizing the growth potential of the market, the positives of electrification of two-wheelers, such as noise-free operation and low maintenance cost, have led to an increase in the development of electric two-wheelers over the years, catering not only to domestic demand but overseas demand as well. The market growth in the region can also be attributed to the rising demand for energy-efficient commuting along with several initiatives by private organizations as well as governments. For instance, Indonesia’s government aims to put 1 million electric two-wheelers on the road through 2024. Thailand’s government offers a subsidy of THB 10,000 (USD 275) for e-motorcycles manufactured in Thailand with batteries smaller than 3 kWh but with a range of over 75 kilometers per charge.
Key Players
The electric scooter market is dominated by established players such as Yadea Technology Group Co., Ltd. (China), Ola Electric (India), TVS Motor Company (India), Ather Energy (India), and Gogoro (Taiwan).
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