Electric Scooters Market Size is Expected to be Worth $38.57 Billion By 2024: Grand View Research, Inc.

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Grand View Research, Inc.

24 Nov, 2016, 10:45 GMT

SAN FRANCISCO, November 24, 2016 /PRNewswire/ --

The global electric scooters market is expected to reach USD 38.57 billion by 2024, according to a new report by Grand View Research, Inc. As the automotive industry is growing, the uncertainty over the adoption of electric scooters is gaining importance as manufacturers are developing strategies to realize the full potential of the evolving electric two-wheeler industry. The introduction of home charging solutions and product related innovations are expected to boost the electric scooters revenue in the next eight years.

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The role electric scooters are portraying in meeting the standards for zero emissions are enabling vendor to undertake a pragmatic step in reducing the emission gap by 2020. The consumption of electricity in these vehicles can be managed with proper planning by utilities, which is further mitigated by evolving technologies such as solar-powered vehicles and vehicle-to-grid.

The key players are focusing on innovations to expand their reach. For instance, Gogoro, Inc. is offering its customers battery-swapping network to offset the cost of purchasing an electric scooter. Moreover, the charging equipment manufacturers are collaborating with researchers and automakers to develop strategies that facilitate scooters' access to clean energy from renewable sources. Automakers such as Yamaha Motor Corporation and Honda Motor Company are expected to enter into an alliance for electric scooters in the Japanese market in spite of growing compliances and emission regulations.

Browse full research report with TOC on "Electric Scooters Market Analysis By Product (Retro, Standing/Self-Balancing, Folding), By Battery (Sealed Lead Acid, NiMH, Li-Ion), By Voltage (24V, 36V, 48V) And Segment Forecasts To 2024" at: http://www.grandviewresearch.com/industry-analysis/electric-scooters-market

Further key findings from the report suggest: 

  • The folding scooters are expected to grow at a CAGR of over 14.5% from 2016 to 2024.The advent of the next-generation smart scooter technology and the need for product differentiation have propelled the demand for folding scooters.
  • The NiMH batteries are anticipated to grow significantly at a CAGR of over 12% from 2016 to 2024.Investment in R&D to improve the battery technology in order to decrease its production cost by USD 150 per kilowatt per hour and increase its energy density is expected to contribute to the growing demand.
  • The North America electric scooters market is expected to be the fastest-growing region owing to increased prominence in the U.S. Rising investment in charging grids and infrastructures & research support for innovative battery models is also anticipated to contribute to the overall regional demand.
  • The key players in the electric scooters market include Vmoto Limited, Mahindra GenZe, Gogoro Inc. and Terra Motors Corporation. Manufacturers are investing heavily in R&D to improve the charging time and range of these vehicles. Some of the major manufactures such as Vmoto Limited have announced market expansion into the electric three-wheeled and four-wheeled vehicle ecosystem.

Browse related reports by Grand View Research: 

Grand View Research has segmented the electric scooters market based on type, product, battery, voltage, and region: 

  • Product Outlook (Revenue, USD Million, 2014 - 2024)
    • Retro
    • Standing/Self-balancing
    • Folding
  • Battery Outlook (Revenue & Volume, 2014 - 2024)
    • Sealed lead acid
    • NiMH
    • Li-Ion
  • Voltage Outlook (Revenue, USD Million, 2014 - 2024)
    • 24V
    • 36V
    • 48V
    • Others
  • Regional Outlook (Revenue, USD Million, 2014 - 2024)
    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • UK
    • Asia Pacific
      • China
      • India
      • Japan
    • Latin America
      • Brazil
      • Mexico
    • MEA

Access research insight: http://www.grandviewresearch.com/research-insights/electric-scooter-market-insights-trends

About Grand View Research 

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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SOURCE Grand View Research, Inc.