The electric kick scooter market is set to grow at a 12.6% CAGR from 2021 to 2028, driven by lithium ion battery demand and urban mobility trends.
According to a recent report published by Allied Market Research, titled, “Electric Kick Scooter Market by Battery Type and Voltage: Global Opportunity Analysis and Industry Forecast, 2021–2028,” the global electric kick scooter market was valued at $2.10 billion in 2020, and is projected to reach $4.52 billion by 2028, registering a CAGR of 12.2% from 2021 to 2028.
Europe is the highest revenue contributor, followed by Asia-Pacific, North America, and LAMEA. On the basis of forecast analysis, Europe is expected to maintain its lead during the forecast period, owing to the European Government and environmental agencies which are enacting stringent emission norms & laws that increase the demand for the electric bikes and electric scooters.
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Electric kick scooter is a motorized version of the kick scooter, powered by rechargeable batteries. It is classified as a form of micro-mobility, where the rider stands in the center. It is a flexible, versatile, eco-friendly, and trendy mode of transport. Further, it is simple to operate, convenient for all age groups, and serves as an environment-friendly means of transportation, in comparison to motored vehicles. Thus, use of e-scooters is gaining popularity in the populated cities all around the world.
Worldwide services such as Bird, Lime or Jump that allow users to rent e-kick scooters for a short distance, as an e-hail service via a booking app are becoming very popular. Thus, electric kick scooters have emerged as a cost-effective urban commute option in the recent times. In addition, these scooters help to tackle traffic congestion, owing to the smaller size, attain higher speeds with lesser effort, and gain from the advantages of health benefits. These factors lead to rise in popularity of electric kick scooters across the globe.
Factors such as deployment of kick scooters for shared mobility services, surge in popularity of electric vehicles, and rise in awareness regarding the environmental advantages of electric kick scooter and positive government regulations to encourage the use of electric kick scooters are expected to drive the market growth. However, high maintenance as well as the manufacturing cost and ban on use of e-kick scooter in major cities across the world hinder the market growth. Furthermore, growing R&D investments for enhanced battery technologies and rapid technological advancements in the e-kick scooters industry are expected to offer lucrative opportunities for the market growth.
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COVID-19 Impact Analysis:
The outbreak of COVID-19 caused huge impacts on global economy, owing to total lockdown and temporary shutdown of industries across the world. Public transport tends to contain many people in one shared space, which boosts the spread of the coronavirus disease. As people reassess ground transportation options in the face of the COVID-19 pandemic, many are choosing isolated modes such as driving or biking over public transportation or ride-sharing. People are choosing electric kick scooter services to cover medium to short distances in view of health safety concerns during the outbreak.
Key Findings Of The Study
The key players operating in the electric kick scooter market are GOVECS AG, iconBIT, Jiangsu Xinri E-Vehicle Co., Ltd., Ninebot (Segway Inc.), Ningbo MYWAY Intelligent Technology Co., Ltd. (Inokim), Niu International, Razor USA LLC, SWAGTRON, Xiaomi and YADEA Technology Group Co., Ltd.
The main topic is the growth and trends in the electric kick scooter market, focusing on lithium ion batteries.
Factors include shared mobility services, environmental awareness, and government regulations.
COVID-19 increased the popularity of e-scooters for short distances due to health safety concerns.
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