Global Electric Scooters Market will register 7.5% growth to reach US$ 12 Billion in 2018

Bekryl Industry Analysis”Electric Scooters Market Report”
Global Electric Scooters Market witnessed 40% increase in sales in 2017 than that in 2014. The trend is expected to further continue with 2.4X higher unit sales by 2028 as compared to 5 million units in 2017.

Electric vehicles has gained immense popularity among consumers with e-scooters accounting for major unit share. Global Electric Scooters Market witnessed 40% increase in sales in 2017 than that in 2014. The trend is expected to further continue with 2.4X higher unit sales by 2028 as compared to 5 million units in 2017.

Rise In electric scooters market sales has brought new industry opportunity for manufacturers and suppliers, however, at same time has posed challenge for leading companies to implement technological changes to establish business presence worldwide. Despite the drop in oil prices post 2014, two wheeler electric vehicles managed to witness 40% increase in sales in 2017 as compared to that in 2014. Thus, clearly suggesting the optimistic consumer outlook towards electric vehicles.

The industry is primarily driven by presence of OEM and government initiative towards alternative sources. Growth in electric scooters market will further be supported by changing consumer outlook, rise in per-capita income and declining battery costs. As of 2017, electric scooters market accounted for over 2.5% of overall two wheeler on road. This share is expected to touch 6-8% by 2023.

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Much of the sales will take place in Asia Pacific with China accounting for major regional share. China does not only dominates the global share in terms of overall sales but also in production capacity. Sales is substantially fragmented with presence of mid scale and large scale players. Yadea, Aima, Zhejiang Luyuan collectively accounted for over 23% of overall sales in China. Yangtze River Delta and Bahai Economic Rim are two special zone in China, wherein, much of the production takes place. Most of these companies are prioritizing on product level strategy to capture a major chunk of regional makret. For instance, Chinese firm Niu is using a combination of big data and IoT to create smart e-scooter.

Some key trends in the global electric scooters market are:

Trend #1 Strategic Focus on Product Differentiation

The electric scooters market is getting competitive with technological advancement. At the same time, the industry is offering favorable business environment for new entrants to capitalize the market. As such, companies are focusing on product level strategies to offer smart e-vehicles. While few companies are focusing on development of renewable batteries, others are integrating artificial intelligence including big data to create AI based e-two wheeler vehicle.

Trend#2: Inorganic Growth Approach by Leading Companies

Industry giants are adopting inorganic growth strategy in order to capitalize the market and strengthen market presence globally. Mergers and acquisitions is a key part of strategy to strengthen position worldwide. For instance, in 2017, Taiwan based electric scooter company – Gogoro – raised US$ 300 million in series C funding from Temasek Holdings. In 2015, Polaris acquired Brammo to strengthen its position in e-motorcycle segment. Similar such developments are expected to be seen in next 10 years.

Key electric scooters market industry players are Niu, Yadea, Aima, Zhejiang Luyuan, Amego Electric, Alta Motors, Victory Motorcycles, Yamaha Motors, Zero Motorcycle, Z Electric Vehicle, Energica Motor Company, BMW, Govecs Group, Honda Motors, KTM, Mahindra GenZe, Sunra, Suzuki Motors Corporation, Terra Motors Group, and Shandong Incalcu Electric Vehicle.

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