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Demand for Electric Scooters Set for Stupendous Growth in and Post 2020, Buoyed by the Global COVID-19 Pandemic

The latest market research study by Future Market Insights (FMI) on electric scooters includes the global industry analysis for 2014–2018 and market forecast for 2019–2029. The study examines the electric scooters market and proposes severe insights for the forecast period of 2019-2029. According to the study and analysis done in the report, the global electric scooters market is expected to witness notable growth due to growing environment concerns as well as its features such as safety and cost effectiveness.
The electric scooters market was valued nearly at US$ 8 Bn in 2018 and is projected to see a gradual progress at a mere ~3% CAGR during the forecast period of 2019-2029.
The upsurge in the production of vehicles with reduced noise pollution, low maintenance, and safety, among others has led to tremendous increase in demand for electric scooters. As the prices of fuel are at an all-time high, the demand for electric scooters will increase further. Electric scooters do not release toxic gases or smoke, which are dangerous to the environment as well as human health. To recharge electric scooters, renewable energy is used, which can help in the reduction of greenhouse gases emitted from the usage of fuel in vehicles. Thus, improved safety of electric scooter will lead to tremendous upsurge in the demand for electric scooters in the market globally.
Noteworthy Growth Opportunities Reside in APEJ’s Electric Scooters Market
Vehicles which require low maintenance and are equipped with internal combustion (IC) engines with which help in smooth operation, are anticipated to drive the market for electric scooters globally. Electric scooter manufacturers are focusing more on improving their offerings and aesthetic structures of vehicles in the China as well as globally.
For the global electric scooters market, the APEJ region is projected to be a prominent region throughout the forecast period owing to the increasing consumption and production of electric scooters in China along with Western Europe, Japan, and Eastern Europe. Growing environmental concerns and surge in no-emission vehicles are some of the factors for the development of the electric scooters market in APEJ.
Electric Scooters Market is segmented by (Product - Standard, Folding, Self-Balancing, Maxi & Three-Wheeled; Battery - Li-Ion, NiMH & Lead Based; Technology - Plug In & Battery;)
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Standard Electric and Maxi Electric Segments Expected to Remain Prominent
Based on the type of electric scooter, the standard electric vehicles are projected to remain prominent in terms of sales, which is anticipated to hold a prominent part in the global electric scooters market throughout the forecast period. The maxi electric scooters segment is also considered to project relatively high growth in the upcoming years, in terms of the growth rate.
On the basis of technology, the battery segment is projected to hold more than three fourth of the market share due to its various benefits. Standard electric scooters have noteworthy benefits owing to their simplicity and basic functionality for daily usage. Due to low servicing and no expenses on starter motors, exhaust systems, radiators, fuel injection systems, and many other parts that are not required, make the stand electric scooter to stay prominent in the market throughout the forecast period.
The global electric scooters report emphases on some of the leading industry players in the global electric scooters market. Some of the examples of key players in the market are Jiangsu Xinri E-Vehicle Co. Ltd., Vmoto Limited, GOVECS GmbH, Terra Motors Corp., Hero Electric Vehicles Private Limited, Sanyang Motor Co. Ltd., Gogoro Inc., Piaggio & C. SpA, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., among others.
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Press-Release Source – https://www.globenewswire.com/news-release/2019/10/03/1924604/0/en/Electric-Scooters-Market-is-expected-to-grow-at-a-CAGR-of-3-during-the-forecast-period-of-2019-to-2029-Future-Market-Insights.html
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