Shaping the Future of Work: Innovations in the Electric Utility Vehicles Market

The global electric scooters market is valued at US$ 9.59 billion as of 2022. The market is expected to grow at a CAGR of 9% during the forecast period, and by 2032, the market is expected to reach an estimated US$ 22.7 billion.

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Key Takeaways:

China electric scooters market is expected to hold a market share of nearly 80% in the Asia Pacific region during the forecast period.
China is also expected to be one of the fastest-growing markets during the forecast period.
Based on the product type, the maxi electric scooters are expected to have the highest share in the electric scooters market. Based on the battery type, the lead-based battery type is expected to have the highest electric scooters market share during the period 2022-2032.
Based on the technology, battery technology is expected to have the highest market share during the forecast period.

The use of electric scooters is predicted to rise throughout the course of the anticipated time period as a result of increased gas prices and a rise in demand for fuel-efficient automobiles. Governments from throughout the world are also attempting to lessen the pollution that urbanisation has brought with it. Due to their exceptionally low emissions, people have begun using these electric two-wheelers, which is anticipated to increase demand for electric scooters.

These methods are effective at reducing noise pollution. Electric scooters are substantially quieter than those powered by internal combustion engines. Sales of electric scooters are therefore likely to increase as predicted. Particularly for office employees, some of the larger ridesharing companies, like Ola, which also sells reasonably priced mobility scooters, can be a welcome break. Electric scooters are preferred by millennials due to their unique design, minimal weight, and limited storage space.

These techniques work well to lessen noise pollution. Compared to scooters powered by internal combustion engines, electric scooters are significantly quieter. Therefore, it is likely that sales of electric scooters would rise as expected. Some of the bigger ridesharing businesses, like Ola, which also offers competitively priced mobility scooters, might be a nice break, especially for office workers. Millennials favour electric scooters because of their distinct style, light weight, and small storage capacity.

Competitive Landscape:

The key players are currently investing in strategic partnerships. The reason is that they want to implement the state-of-the-art technology that has been developed by players from other industries like the semiconductor sector, electronics sector, etc. This would certainly enable them to leverage the technology in the electric scooters and assist them in delivering a seamless user experience.

Some of the recent developments in the electric scooters market are:

In July 2022, Ather announced that it planned to boost electric scooters production tenfold.
In September 2022, Yamaha opened ‘Blue Square’ premium outlet in Bhubaneswar. The outlet would offer engaging customer experience, and showcase Yamaha’s entire range of two wheelers, apparels and accessories.

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Key Companies Profiled

Alta Motors, Ather Energy, BMW Motorrad International, Cezeta, Energica Motor Company, Hero Eco, Johammer e-mobility GmbH, KTM AG, Mahindra GenZe, Ninebot Limited, Okinawa Autotech Pvt. Ltd, ReVolt Electric Motorbikes, Xiaomi, Yamaha Motor Company Limited.

Key Segments in the Electric Scooter Market

By Product Type: