- 18 February 2020 16:50
Electric Scooter Market Review and Outlook by 20 Companies (Honda, Yamaha, Suzuki, Unu, Govecs, BMW, TVS Motor, Piaggio etc.)
Increasing investments by governments across the globe to develop charging infrastructure and incentives offered to buyers will create opportunities for OEMs to expand their revenue stream and geographical presence. The market in Asia Pacific is projected to experience steady growth owing to the high demand for energy-efficient and emission-free electric two-wheelers, while the European market is the fastest growing market due to the government initiatives and investment. However, the lack of charging infrastructure network, high costs involved in initial investments, and performance constraints could hamper the growth of this market.
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Electric Scooters Market Players Perspective: Some of the key players that hold a significant share of the electronic scooters market are Suzuki Motor Corporation, BOXX Corp., Green Energy Motors Corp., Gogoro, Inc., Honda Motor Co. Ltd., Mahindra GenZe, KTM AG, Terra Motors Corporation, Greenwit Technology Inc, and Bmw Motorrad International. These manufacturers have enough opportunities to capitalize on by going forward with the strategy and expansion of charging stations to expand the perspectives of complete green automotive transportation.
E-motorcycle segment is estimated to be the fastest growing market during the forecast period: The e-motorcycle segment is the fastest growing market. Earlier, manufacturers were focusing on developing e-scooters/mopeds as they have a design more suitable to incorporate the electric propulsion system. However, e-scooters/mopeds have range and performance constraints; also, they serve the limited purpose of short distance commuting only. With e-motorcycles, users could serve different purposes such as cruising, racing, off-roading, and commuting, which would increase their demand in the future.
Asia Pacific is expected to be the largest market during the forecast period: Asia Pacific is expected to be the largest market. The market growth in the region can be attributed to the rising demand for greener transportation along with several initiatives by private organizations as well as governments of the countries. China’s rapidly growing economy is driving the expansion of advanced technologies to improve electrification in the country. China is expected to spend approximately USD 2.4 billion by 2020 to improve the charging facility infrastructure in the country. The Indian government is taking initiatives such as FAME-II, offering subsidies and tax exemptions to buyers to promote electric two-wheelers in the country.
Increasing monetary and non-monetary incentives are encouraging the adoption of battery-operated two-wheelers. Moreover, the need for sustainable urban mobility and modern transportation infrastructure are driving the transition from conventional to electric modes of transport. E-scooters are anticipated to have a positive influence on energy security and air quality.
Participation of vehicle manufacturers and governments in meeting the standards for zero-emissions is significantly contributing to reduce the carbon emission gap significantly by 2020. Furthermore, the consumption of electricity in these vehicles can be managed with proper energy and power infrastructure planning. This is further mitigated using renewable energy and technological advancements such as solar-powered vehicles and vehicle-to-grid technologies.
Governments across the globe have formulated several policies to increase the penetration of electric scooters by offering various benefits to consumers as well as manufacturers in the form of subsidies. Support in the form of research and development initiatives is also a prominent growth factor. For instance, in the U.S., the Corporate Average Fuel Economy (CAFÉ) standards are increasing the adoption of energy-efficient automobiles by framing regulations for enhancing the utilization of alternative fuel vehicles and reduction of fossil fuel consumption. Similarly, the Canadian government is developing a strategy to reduce the country’s greenhouse gas emissions and increase the number of zero-emission vehicles. Besides this, the swift adoption of scooter-sharing services has triggered the demand for battery-powered two-wheelers. This, in turn, creates a highly conducive environment for growth.
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Key Factors Shaping the Electric Scooters Market:-
Energy Independence and Sustainability of Electric Scooters Bolstering Demand: Moving to electric vehicles or scooters is one way to reduce the negative impact on the environment by reducing the emission of greenhouse gases. Manufacturers of electric scooters are continuously engaging themselves in research and development activities to fulfill the demand from end users. Manufacturers of electric scooters are focusing more on becoming energy independent. By connecting to the electric grid, electricity can be produced through several generation methods for electric vehicles.
Electric Scooters Market Outlook:: An online release by Forbes estimated that 46% of car traffic in the U.S. is caused by vehicles that operate on less than 3 miles, and that micro-mobility solution could aid in alleviating a substantial percentage of this last-mile gridlock. Increasing necessity for efficient transportation structure and ecological urban mobility are the prime factors motivating the evolution from conventional to electric modes of transport. Due to these factors, the electric scooters market is projected to grow at a global compound annual growth rate (CAGR) of x.xx% during the forecast period of 2019-2024.
Electric Scooters Market Challenges: Lack of charging facilities is a prime factor hindering the market growth as it is not convenient to keep changing the battery on transit and charging a vehicle takes more time than refueling a tank, thus making the e-vehicles less flexible from their fossil-fuel counterparts. However, the influx of investments in charging facilities and R&D to produce fast-charging batteries are pushing the market towards mass commercialization.
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Key Questions Addressed in the Electric Scooters Market Report : 1. Is the market for electric scooters growing? How long will it continue to grow and at what rate? 2. Which type of systems presents the major growth opportunities? 3. Is there a possibility for change in the market structure over time? 4. Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands? 5. Do the key vendors look for partnerships to expand their businesses with respect to geography or product? 6. What are the short-term, long-term, and medium-term growth drivers for the market? 7. What are the short-term, medium-term, and long-term challenges for the market? 8. What are the short-term, medium-term, and long-term opportunities for the market 9. Who are the top players/companies of the market? 10. What are the recent innovations in the market?