The transportation sector is investing significantly in renewable energy vehicles, due to deplete sources of fossil fuels. Fuel prices around the world are increasing exponentially, which has compelled consumers to shift to electric scooters. A private electric scooter releases 250 grams of pollutants per kilometer traveled, which is predicted to drive the market growth.
Electric Scooters Market surpass the value at $9.87 Billion by 2027.
According to the U.S. Department of Energy Office of Science and therefore, the U.S. Environmental Protection, on a mean, a gasoline coach releases 320 grams of harmful chemicals including CO2 per traveled kilometer or like over 4,750 kilograms of harmful pollutants per year.
On the contrary, electric scooters are less polluting, and much more efficient than conventional scooters.
This, in turn, is predicted to spice up the market growth over the forecast period.
Asia Pacific region dominated the worldwide Electric Scooters Market in 2017, accounting for 88.4% share in terms of volume, followed by Europe, North America, Latin America, and Middle East, respectively.
Although, electric vehicles produce less emission and are more efficient, their extended use isn’t as dependable as their conventional counterparts.
An electrical scooter shows decline in performance in comparison to standard scooters, to scale back pollution caused by the vehicle.
Consumers preferring high-performance vehicles are reluctant to shop for electric scooters, since they underperform over the time.
Conventional scooter show consistent performance with high torque and a high speeds, which successively is predicted to hinder the sales of electrical scooters within the near future.
Although electric scooters offer numerous advantages over conventional scooters, major factor hindering their adoption is insufficient charging station infrastructure.
Developed countries like the U.S., Canada, and the U.K. have taken initiatives to put in ample public charging stations at supermarkets, restaurants, malls, cinema theaters, airports, etc.
However, emerging countries in Asia Pacific still don’t have robust public charging stations, which successively, is hampering the adoption of electrical scooters.
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- The charging stations that recharge batteries often run fossil fuels like coal or gas. Thus, development of other technologies to charge these batteries like solar-powered charging, wind-powered charging station or fuel cells offer better prospects within the market. Moreover, cell technology features a bright future among others where it is often charged in 5-10 minutes only, which faster than electric, or hybrid vehicles.
- The governments of many countries are offering subsidies and incentives for electric vehicle buyers, to endorse green vehicles, and curb carbon emission. The countries like Japan, China, Canada, Germany, and the U.S. have started offering lucrative incentives, subsidies, and tax benefits for electric scooters consumers, to spice up their sales. Moreover, this model has been followed in Norway, France, and Sweden, and has proved to be a hit. This, in turn, is predicted to supply significant opportunities for market players.
- As petroleum reserves are dehydration rapidly thanks to its immense consumption, consumers are shifting towards electric vehicles. However, hybrid electric scooters offer benefits both conventional and electric scooter and perform better than purely electric or plug-in electric scooters.
- Electric scooters are fairly popular in developed regions like North America and Europe. However, their adoption is low in Latin America, Africa, Eastern Europe, and Middle East. This is often majorly thanks to high supplies of fossil fuels and other substitutes like ethanol or methanol blend-mixed with petrol, which has decreased the sales of electrical sales in these regions.
Key companies operating within the global Electric Scooters Market are ECCITY Motocycles, Sanyang Motor Co. Ltd., Hero Eco (Hero Electric), Jiangsu Xinri E-Vehicle Co., Ltd., Gogoro Inc., BMW Motorrad, GOVECS GmbH, Piaggio & C. SpA, Vmoto Limited, Terra Motors Corp., and Honda Motor Co. Ltd.
Key companies within the market are focused on partnerships and collaborations, to realize competitive edge up the market.
As an example, in January 2017, Eccity Motocycles partnered with DAFY Networks, wherein DAFY service centers located throughout France are going to be used for delivery, commissioning, and maintenance of ECCITY electric scooters.
Key players within the market are involved in product launch, to reinforce their product portfolio.
As an example, in February 2017, Hero Electric launched ‘Flash: the foremost Economical 2 Wheeler’ at Green Mobility Expo 2017, New Delhi, India.