Scooter Market 2030 Growing Worldwide By Best Key players- Yadea Technology Group Co., Ltd.; Ninebot Limited; Neutron Holdings, Inc.; (Lime); Bird Rides, Inc.; Spin; Gotrax; Segway Inc.; Razor USA LLC; Uber Technologies Inc. (Jump); OKIA

 

The global scooter market is expected to reach USD 111.37 billion by 2030, expanding at a compound annual growth rate (CAGR) of 5.9% during the forecast period, according to a new report by Grand View Research, Inc. The rising demand for comfortable rides with a gearless driving system is propelling the growth of the scooter market. Scooters are lightweight, easy to drive, require low maintenance, and are cost-effective, thus widely preferred over other two-wheelers. Besides, the increasing adoption of rental electric scooters for local travel and sightseeing is expected to foster scooters' market growth.

However, various factors drive demand for scooters; the pandemic severely impacted scooter sales from 2022 to 2020. The pandemic has stalled all manufacturing activities globally, which has cascading effects on the production and sales of new scooters. The demand for scooters witnessed an upsurge post-pandemic due to shifting consumer preference towards cost-effective scooters. Furthermore, to increase the penetration of electric scooters, the rental business model is followed by manufacturers. Companies such as Lime, Bird, Skip, Scoot, Spin, and Segway offer electric scooters on a rental basis; the minimum ride cost is $0.15 per minute. Thus, customers prefer rental electric scooters over buying them.

As more automobile manufacturers in the Asia Pacific region are entering the scooter market, it leads to the intensification of competition. Thus, to reduce the fierce competition in the scooter market, manufacturers are adopting a market consolidation strategy. For instance, in May 2021, China-based prominent scooter manufacturer Yadea Technology Group Co., Ltd., Gogoro Inc., and Dachanging Group (DCJ) underwent a joint venture in which Yadea and DCJ invested $50 million. The strategic partnership was established to develop smart infrastructure in the country which will promote the adoption of electric scooters.

The rapid rate of urbanization and improving road connectivity in emerging economies have created a high demand for transportation. The unavailability of public vehicles at remote locations encourages consumers to purchase personal vehicles. Consumers are looking for lightweight, easy-to-drive & operate, and economical vehicles; thus, scooters are widely preferred. Battery-powered electric scooters require no fuel and are free from vehicular pollution, fostering the scooter market.

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Although various factors contribute to the scooter market's growth, the pandemic has severe impacts. Global lockdown, supply chain disruption, and limited transportation lead to low or no demand for the vehicle. There is a sharp decline in the sales of automobiles like scooters, both conventional and electric. Post-COVID-19, there has been a spike in demand for electric scooters, majorly from China and India. Thus, to cope with demand, scooter manufacturers are launching new vehicle ranges with the latest technologies in the market. In addition, they are working on enhancing the existing design, colors, weight, safety, and experience of the scooters to gain consumers' traction. 

Scooter Market Report Highlights

• The electric scooter segment is estimated to register the highest CAGR of 7.8% during the forecast period due to changing government policy & regulations to adopt electric vehicles. Besides various benefits, such as tax incentives, the low import duty of electric scooters is a crucial factor driving the electric scooter segment
• The conventional electric scooter segment was the largest in 2021 and is anticipated to reach USD 29.21 billion during the forecast period. The conventional electric scooters are lightweight, robust, suitable for short distances, and more economical than a swappable electric scooter, thereby, contributing to the high share of the segment
• Asia Pacific region held the largest market share of 67.4% in 2021. Rising popularity among consumers seeking a comfortable ride with the gearless driving system and at low operating costs compared to the other mopeds has encouraged the regional demand for scooters

Growing regulatory norms, a ban on internal combustion engine (ICE) vehicles, a lower import duty on electric vehicles, and improved battery charging infrastructure has shifted consumer preference. They are adopting electric scooters over conventional ones. Electric scooters are lightweight, easy to operate, and battery-powered; thus can be used for short-distance travel and local sightseeing. Further, the high mechanical efficiency, lower noise level, the lower total cost of ownership, and lesser maintenance of electric scooters propel their demand. Besides, there is rising adoption of electric scooters for sharing services in developed countries, which is expected to foster the growth of the scooters market.

The key players that dominated the global scooter market in 2021 include Yadea Technology Group Co., Ltd., Neutron Holdings, Inc., Ninebot Limited, and Bird Rides, Inc., among others. Most of these manufacturers strongly emphasize providing advanced scooters that incorporate the latest technologies that widen the company's product portfolio and maintain dominance in the scooter market. Further, the companies take strategic initiatives, such as regional expansion, acquisition, merger, partnership, and collaboration.

Organic growth remains the key strategy for most of the market's incumbents. As such, electric scooter manufacturers focus on product launching activities in emerging nations. For instance, in April 2022, Bird, an electric scooter manufacturer, launched an e-scooter in Helsinki. The scooter is incorporated with advanced safety features and has an IP68-rated waterproof battery. Moreover, in May 2021, Bird Rides, Inc., introduced a next-generation scooter, “Bird Three,” with enhanced features, such as a diagnostic monitoring system and a longer-range battery in Berlin.

Some prominent players in the global scooter market include:

• Yadea Technology Group Co., Ltd.
• Ninebot Limited
• Neutron Holdings, Inc. (Lime)
• Bird Rides, Inc.
• Spin
• Gotrax
• Segway Inc.
• Razor USA LLC
• Uber Technologies Inc. (Jump)
• OKAI