Electric Scooters Market Size

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.

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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.