Electric scooter market is expected to grow from $21.02 billion in 2021 to $36.10 billion by 2029, at a CAGR of 7.3% during the forecast period 2022-2029, said GreyViews.
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The rising demand for affordable and sustainable transportation along with the need for reducing pollution and congestion in cities and towns has led to the emergence of regulations and policies that supports adoption of electric scooters.
The vehicle type segment includes E-Scooter/Moped and E-Motorcycle. E-Scooter/Moped segment is expected to witness highest growth rate during the forecast period. Growth of this segment is mainly driven by factors including surge in usage of e-scooters for e-commerce and courier delivery applications along with the government subsidies on these products.
The battery type segment includes sealed lead acid and lithium-ion. Lithium-ion segment is expected to witness highest CAGR during the forecast period. This is attributed to lucrative benefits of lithium-ion batteries. For instance, the Li-ion batteries have about 10X the energy density and it lasts about 45% longer than similarly rated lead-acid batteries.
Moreover, the market players are developing high quality Li-ion batteries to enhance operations of electric scooters. For instance, in May 2021, Komaki, the electric two-wheeler maker launched new lithium-ion battery pack with the promising range of about 220 km on a single charge. The company has developed this battery pack in-house and is projected to be implemented into the company's electric scooter line-up including the Komaki XGT-KM, the XGT-X4, and the X-One.
The voltage segment includes 36V, 48V, 60V, 72V, and above 72V. The 60V and 72V segments are expected to witness considerable CAGR during the forecast period. This is mainly attributed to the continuous research and development (R&D) activities to augment the speed and range of e-scooters.
Germany Electric Scooter market size was valued at USD 2.10 billion in 2021 and is expected to reach USD 3.53 billion by 2029, at a CAGR of 7.0% from 2022 to 2029. ■