Electric Scooters Market Size & Share 2024 - 2032
Market Size by Battery (Lead Acid, Lithium Ion), by Voltage (24V, 36V, 48V), by End Use (Personal, Commercial), Growth Prospects, Regional Outlook & Forecast.
Report ID: GMI8071
|
Published Date: February 2024
|
Report Format: PDF
Download Free PDF
Authors:
Preeti Wadhwani, Aishvarya Ambekar
Electric Scooters Market Size
Electric Scooters Market size was valued at USD 23.7 billion in 2023 and is estimated to register a CAGR of over 6% between 2024 and 2032, due to an increasing emphasis on sustainable transportation options and rapid urbanization. Consumers are actively seeking eco-friendly alternatives, and electric scooters provide a convenient and efficient solution. As urban areas expand, the demand for compact, clean, and cost-effective personal mobility solutions rises, positioning electric scooters as a favored choice and contributing to the overall expansion of the market.
Electric Scooters Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
For instance, in December 2023, Kinetic Green introduced the 'Zulu' electric scooter equipped with a 2.27 kWh NMC battery, offering a 104 km range and a top speed of 60 km/hr. The scooter supports rapid charging, reaching 80% capacity in only 30 minutes using a standard charger and a 15-amp socket. This launch reinforces the electric scooters market by offering a compelling, high-performance option, meeting the evolving demands of environmentally conscious and tech-savvy consumers.
Strategic partnerships between companies play a pivotal role in propelling the growth of the electric scooters industry. Collaborations foster technology, allowing for the development of innovative features and improved infrastructure. Shared resources, expertise, and market insights contribute to the expansion of electric scooter offerings. Additionally, these partnerships enhance market penetration, enabling companies to tap into new regions and demographics, further catalyzing the widespread adoption of electric scooters as a sustainable and efficient mode of personal transportation.
For instance, in December 2023, Hero MotoCorp collaborated with Ather Energy to establish an interoperable EV charging network. This partnership enables Vida and Ather electric scooter owners to utilize both charging infrastructures across 100 cities in India, encompassing 1900 fast chargers for increased accessibility and convenience. This marks a significant enhancement in the electric scooters market, fostering broader accessibility and convenience through an interoperable EV charging network.
Though the electric scooters industry experiences robust growth, it encounters challenges from regulatory complexities and safety concerns. However, these barriers drive industry players to prioritize safety standards, leading to the development of innovative safety features and enhanced regulatory compliance. Addressing these challenges fosters a secure and reliable electric scooter ecosystem and underscores the commitment of stakeholders to ensuring the well-being of riders, contributing to the overall evolution of this sustainable transportation sector.
Electric Scooters Market Trends
The electric scooters industry is propelled by the ongoing trend of integrating advanced technologies, including GPS tracking and app-based functionalities. This integration enhances the user experience and provides real-time tracking, remote diagnostics, and improved security. The seamless connectivity afforded by these features contributes to efficient fleet management and aligns with the evolving preferences of users for smart and connected mobility solutions, driving the adoption and growth of electric scooters in urban environments.
For instance, in August 2023, the TVS Motor Company unveiled its second electric scooter, the TVS X, built on the high-strength aluminum platform of the TVS XLETON. This premium electric scooter integrates a variety of digital and connected features, including an intuitive navigation system, an EV charger mapping mechanism, a live vehicle location-sharing feature, and more. This launch significantly strengthens the market by introducing a technologically advanced model with premium features, further enhancing the appeal and expanding the options for consumers.
Electric Scooters Market Analysis
Based on battery, the lithium-ion segment accounted for 75% of the market share in 2023, owing to its pivotal role in powering these eco-friendly vehicles. Lithium-ion batteries offer high energy density, a longer lifespan, and a lighter weight, contributing to enhanced performance and range. The increasing demand for electric scooters is significantly bolstered by the efficiency and reliability of lithium-ion technology, making it the preferred choice in driving the growth and evolution of the market.
Based on the end-user, the personal segment held over 80% of the electric scooters market share in 2023, propelled by the increasing adoption of eco-friendly transportation options. Consumers, particularly in urban areas, are embracing electric scooters as convenient and sustainable personal mobility solutions. Factors such as ease of use, cost-effectiveness, and reduced environmental impact contribute to the segment's dominance. As awareness grows and preferences shift towards sustainable commuting, the personal segment continues to shape the electric scooters industry outlook.
Asia Pacific electric scooters market recorded around 94% of the revenue share in 2023, driven by rapid urbanization, a heightened focus on environmental sustainability, and supportive governmental policies. The region's diverse and expanding consumer base, coupled with a robust infrastructure for electric mobility, significantly contributes to its prominent position. Asia Pacific's pivotal role as a contributor reflects the escalating popularity and widespread adoption of electric scooters in this thriving market.
Electric Scooters Market Share
Niu and Yadea hold a significant market share of over 15% in the electric scooters industry. These companies strategically expanded their market presence through a combination of innovation and market penetration. Robust investments in R&D paved the way for the introduction of state-of-the-art technologies, including enhanced battery efficiency, smart connectivity features, and advanced safety mechanisms. Regular upgrades to their product lineup garner the interest of environmentally conscious consumers and position them as frontrunners in providing cutting-edge and eco-friendly transportation solutions to meet evolving market demands.
Moreover, these companies implemented effective marketing strategies to enhance their market share. Collaborations with urban mobility platforms, partnerships with local governments for shared mobility programs, and targeted advertising campaigns played crucial roles. By aligning with the growing demand for sustainable transportation options, these companies successfully positioned themselves as key players in the electric scooters industry, catering to the evolving preferences of environmentally conscious consumers and contributing to the overall industry growth.
Electric Scooters Market Companies
Major companies operating in the electric scooters industry are:
Electric Scooters Industry News
The electric scooters market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) and volume (Units) from 2018 to 2032, for the following segments:
Click here to Buy Section of this Report
Market, By Battery
Market, By Voltage
Market, By End-use
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →