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The scooters market size is forecast to increase by USD 17.7 billion, at a CAGR of 9.48% between 2023 and 2028. The growth of the market depends on several key factors. The increasing popularity of e-scooter-sharing services is a major driver, as more cities adopt these convenient transportation options for short trips. Urbanization further fuels market expansion, with growing populations in cities creating a need for efficient mobility solutions to address traffic congestion. E-scooters offer an optimum alternative to traditional transportation methods, reducing traffic and pollution. Additionally, the cost-effectiveness of e-scooters compared to other forms of transport makes them an attractive choice for both consumers and service providers. These trends collectively contribute to the market's growth, fostering increased adoption and investment in e-scooter technologies and infrastructure.
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The market is witnessing significant growth due to urbanization and improved road connectivity in emerging economies. Scooters are becoming increasingly popular as a mode of transportation, particularly in densely populated cities where public vehicles and personal cars can be cumbersome. Scooters are lightweight, easy-to-drive, and economical, making them an attractive alternative to traditional public and personal vehicles. The shift towards e-vehicles, including battery-powered electric scooters, is gaining momentum due to concerns over fuel and vehicular pollution. Solar power and lithium-ion batteries are being adopted by electric vehicle manufacturers to reduce the carbon footprint of scooters. The sales of automobiles, particularly gas-powered vehicles, are expected to decline as more people opt for e-scooters. Conventional scooters powered by fossil fuel engines continue to dominate the market, but the trend is shifting towards electronic systems and mechanical models with LED lights. Long travel and micro-mobility are key features driving the demand for scooters, particularly in public transport vehicles. Overall, the market is poised for growth as more people look for efficient, economical, and environmentally-friendly transportation options.
Increasing popularity of e-scooters-sharing services is the key factor driving the growth of the market. The growing demand for e-scooters-sharing services can be attributed to the increasing traffic congestion and pollution in major cities such as Hotan and Delhi. Other reasons for using e-scooters sharing services are compact size, reasonable cost, convenience, easy navigation in heavily congested cities, no requirement for parking space, and suitable speed for intra-city trips. In urban cities, e-scooters are extensively used for trips ranging from 0.5 km to 4 km.
Moreover, the operational challenges of e-scooters are fewer because shared trips are generally shorter in duration and distance when compared with trips taken through other vehicles, trains, buses, and cars. In addition, e-scooters have smaller batteries compared with other vehicles. These batteries can be easily changed, thus, making them a handy solution for shared rides. Such factors are expected to positively impact the growth of the market during the forecast period.
The development of high-performance e-scooters is the primary trend shaping the market growth. High-performance e-scooters have a motor power of 48 hp (35 kW) at 4,650 rpm. The powerful electric engine also guarantees immediate torque and a riding range of up to 99 miles or a top speed of 80 mph. The major driving factors for the growth of the high-performance electric two-wheeler market are the decline in battery prices, low operating and maintenance costs, subsidies and incentives offered by governments of different countries, and increasing awareness about the need to curb vehicular emissions.
Further, two-wheeler manufacturers have started investing in high-performance electric scooters. Below are a few initiatives motorcycle manufacturers are undertaking to develop high-performance electric scooters. For instance, in April 2023, Quantum Energy introduced an e-scooter for cargo deliveries. It offers characteristics like remote lock-unlock, high-performance motor, anti-theft alarm, USB charger, disc brakes, LCD, and load carrying. Such initiatives are expected to positively impact the growth of the market during the forecast period.
The lack of adequate infrastructure for e-scooters is a major challenge impeding the growth of the market. The market faces significant challenges due to a lack of infrastructure to accommodate the increasing number of scooters on the road. It becomes challenging for users to locate a place to park and charge their normal and e-scooters without designated parking spaces, leading to crowding on walkways and other public spaces.
Additionally, the lack of infrastructure may deter potential users from buying scooters because they may not have access to safe and dependable parking or charging facilities. The Scooter charging infrastructure must be improved to ensure continued growth and market success. If not provided, it could present a challenge for the changing market under consideration during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Hero MotoCorp Ltd.: The company offers scooters such as Pleasure plus XTEC, Maestro Edge 125, Destini 125 XTEC. Also, the company is involved in the development, design, manufacture, assembly and sale of vehicles, as well as the sale of related parts and accessories.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the normal scooter segment will be significant during the forecast period. Normal scooters, also called conventional or standard scooters, will continue to dominate the global market during the forecast period. These internal combustion-powered scooters are typically made for commuting within cities and short distances. Normal scooters continue to command a sizeable portion of the market despite the rising popularity of electric scooters because of their low cost and simplicity of use.
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The normal scooter segment was valued at USD 14.10 billion in 2018. Normal scooter demand has steadily increased in recent the recent two decades. This growth is due to several factors, such as the increasing trend of urbanization, disposable income in developing countries, and the demand for affordable and efficient transportation. The global urban population has grown from 52% in 2022 to 56% in 2021, per the world bank. Normal scooters are also a common option in many developing countries because they are frequently preferred by customers who don't have extensive access to charging infrastructure or need to travel farther distances. However, growing environmental concerns such as global warming, harmful emissions, and stricter emissions regulations are posing challenges to the growth of the normal scooter segment. This has caused a slow shift towards electric scooters. Normal scooters are still significantly contributing to the market. They are anticipated to have steady demand, which is expected to drive the growth of the market in focus during the forecast period.
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APAC is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The scooter market has grown significantly in the APAC region due to numerous government initiatives, industry players, and rising sales. Several regional governments have taken proactive measures to encourage using scooters as a sustainable form of transportation. The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program was implemented by the Indian government to encourage the use of electric vehicles and scooters. Market participants in APAC are also actively engaged in product innovation and growth strategies such as expansion and R&D to take advantage of the rising demand for scooters and to reduce the harmful emissions from vehicles into the air. As consumer preferences have changed, manufacturers, including Hero, Bajaj, and Honda, have launched electric scooters with cutting-edge features, enhanced functionality, and longer battery life. For instance, Hero launched its first-ever electric scooter, the Vida V1, in October 2022. Such factors will increase the market growth in this region during the forecast period.
The market research and growth report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is witnessing significant growth due to urbanization and improved road connectivity, particularly in emerging economies. Scooters are increasingly becoming popular as a mode of transportation, especially in regions with heavy traffic congestion and limited public vehicle options. Scooters come in two main types: conventional and electric. Conventional scooters run on fuel, contributing to vehicular pollution, while battery-powered electric scooters offer a cleaner and more economical alternative. Sales of automobiles, including scooters, have been on the rise due to their ease of use, affordability, and mechanical efficiency. Scooter manufacturers are focusing on the latest technologies, design, colors, and safety features to cater to evolving consumer preferences. The weight and noise level of scooters are also crucial factors, as they impact the overall user experience.
In addition, regulatory norms regarding combustion engine emissions and battery charging infrastructure are also influencing the market. The market is not limited to personal vehicles; it also includes sharing services and logistics applications. As technology advances, scooters are becoming faster and more efficient, offering increased speed and battery efficiency. Competition in the market is fierce, with key players including vehicle manufacturers and startups. In summary, the market is thriving due to urbanization, road connectivity, and the need for economical, lightweight, and easy-to-drive vehicles. The market is witnessing significant innovation, with a focus on design, safety, and technology to cater to diverse consumer needs.
Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.48% |
Market growth 2024-2028 |
USD 17.7 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.41 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 31% |
Key countries |
China, US, UK, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ANI Technologies Pvt. Ltd., Ather Energy Pvt. Ltd., Bajaj Auto Ltd., Bayerische Motoren Werke AG, Bird Global Inc., Gogoro Inc., Hero MotoCorp Ltd, Honda Motor Co. Ltd., Kawasaki Heavy Industries Ltd., KWANG YANG MOTOR Co. Ltd., Mahindra and Mahindra Ltd., Niu Technologies, Piaggio and C. Spa, Sanyang Motor Co. Ltd., Stellantis NV, Suzuki Motor Corp., TORROT ELECTRIC EUROPA S.A., TVS Motor Co. Ltd., Volkswagen AG, and Yamaha Motor Co. Ltd. |
Market dynamics |
Parent market growth analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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