Electric scooters are conquering the city streets. It is a popular option for last-mile vehicles and a terrific way to avoid traffic jams in the city. In addition to that, people tend to perceive electric scooters as a greener transportation choice as well as being cool. It is no surprise that the adoption rate of these scooters is going up, both by municipalities and individuals. Electric scooters have become one of the fastest-growing micro-mobility options across the world.
According to Next Move Strategy Consulting, the global market for electric scooters is accelerating at a 25.3% CAGR. The market is predicted to reach USD 389 billion in 2030, an increase of 760% from the 2021 number, which was around USD 51 billion.
Electric scooters take up around 68% of the whole electric 2-wheeler market, based on data provided by Apollo Research Report. The other 32% is claimed by electric motorcycles. Within the whole e-mobility market, electric scooter is the second biggest segment after an electric car, contributing around 18% of the total market share.
APAC leads the global market, but Europe shows the strongest growth potential
Asia Pacific has the largest market share in the global electric scooter market thanks to significant investments in charging infrastructure and government subsidies for battery-powered scooters. The global electric scooter market is expected to reach USD 25 billion in 2021 to USD 162 billion by 2030 at a CAGR of 23% during the forecast period
China is the main market in the region with the biggest sales of electric scooters as well as the biggest manufacturing hub. The country's annual sales of e-scooters exceeded 30 million units last year, and the total ownership of such scooters was close to 300 million by the end of last year. In China, more commuters are investing in their long-term daily transportation needs by purchasing e-scooters, further accelerating this huge market.
Europe is the second biggest region in the global market, worth USD 12 billion in 2021. This region will experience the most robust growth at 30% CAGR during the forecast period. By 2030 Europe's market value will hit USD 125 billion, expanding its market share from 23% in 2021 to 32% by 2030. The adoption of electric vehicles remains at the forefront of many European countries’ agendas toward reducing carbon emissions. Just as the sales of electric cars are soaring in this region, there is also a boom in the sales of electric scooters. More than half a million electric scooters roamed the European streets last June, up from 400 000 in February this year, according to modeling done by Zag, an online medium dedicated to reporting micro-mobility. With strong upward momentum in the market, electric scooter numbers could hit 600,000 by now.
Sealed lead acid is still the most preferred option for batteries
Based on products, the global electric scooter market can be categorized into folding, standing/self-balancing, and retro scooters. Although standing scooters have the highest penetration in terms of volume, the retro scooter segment is dominating the market in terms of value mainly because of its higher price point. Contributing more than 60% of the total market value, the retro scooter segment was valued at USD 32 billion in 2021. The folding scooter and standing/self-balancing scooter segments each claimed 12% and 25% share in the market, respectively, during the year 2021.
On the subject of batteries, sealed lead acid batteries are still the most popular option to be used by both electric motorcycles and scooters due to their robustness and low-cost benefits. Around 75% of electric two-wheelers are running on this battery compared to the rest 35% that run on lithium-ion batteries. In terms of voltage, the 48V segment dominates the electric two-wheeler market, with more than 60% of electric scooters and motorcycles combined utilizing this voltage.