New York City, 15 January 2019: Global electric scooter market is anticipated to reach over USD 51,324 million by 2026. In
2017, the retro product segment dominated the global market, in terms of
revenue. Asia-Pacific is expected to be the leading contributor to the global
market revenue during the forecast period.
Several stringent vehicular
emission norms passed by governments worldwide have boosted the adoption of
electric scooters. Growing concerns regarding environment, depleting fuel
resources, and increasing need to reduce fuel consumption further support the
growth of this market. Additionally, the increasing acceptance and high success
rates of electric cars have encouraged market players to apply similar
technologies in the two wheeler segment and optimize performance. Increasing
investments by vendors in technological advancements coupled with decreasing
prices of Li-ion batteries and powertrain components would reduce the overall cost
of these vehicles in the coming years, further boosting the market growth.
The demand for electric scooters has increased significantly over the years owing to increasing prices of gasoline across the globe. The exponential growth in the prices of gasoline and diesel owing to the depleting fossil fuel reserves has encouraged consumers to switch to electric scooters. Limited availability of public charging infrastructure for electric vehicles has limited the adoption of these vehicles in the past. However, with significant government initiatives and substantial investments, the development of public charging infrastructure has accelerated significantly.
The demand for electric scooters has increased significantly over the years owing to increasing prices of gasoline across the globe. The exponential growth in the prices of gasoline and diesel owing to the depleting fossil fuel reserves has encouraged consumers to switch to electric scooters. Limited availability of public charging infrastructure for electric vehicles has limited the adoption of these vehicles in the past. However, with significant government initiatives and substantial investments, the development of public charging infrastructure has accelerated significantly.
Governments all across the world
are taking initiatives to promote the adoption of electric vehicles. Countries
such as China, India, France, and the U.S. have invested significantly in the
development of charging infrastructure to support market growth. Governments
have also introduced stringent regulations regarding vehicular emissions to
encourage the use of electric vehicles. In 2016, Canada invested $62.5 million
to support electric vehicle (EV) and alternative fuel infrastructure. It also
aims to invest $16.4 million for development of more than 80 new charging units
for electric vehicles, along with development of natural gas and hydrogen
refueling stations along key transportation corridors. In August 2012, the
Government of India approved an investment of 230 billion rupees in the
development of electric and hybrid vehicle production and aims a target of 6
million vehicles by 2020. These initiatives by the government are expected to
accelerate the adoption of electric vehicles in the coming years.
Asia-Pacific generated the highest
revenue in the market in 2017, and is expected to lead the global market
throughout the forecast period. The increasing disposable incomes in developing
countries of this region, and rising environmental concerns drive the market
growth in the region. The increasing population of vehicles and adoption of
vehicular emission standards of the U.S. and European Union by Asia-Pacific
countries further promotes the adoption of electric scooters. Development of
public charging infrastructure further supplements growth in the region. Local
players are introducing low cost electric scooters with high performance.
Numerous key players have adopted partnership and expansion strategies to
increase their market share in electric scooter markets of the Asia-Pacific
region.
The different battery types used in
electric scooters include lead-acid, li-ion, NiMH, and others. In 2017, the
lead-acid segment accounted for the highest market share. Lead-acid batteries
are commonly used as a source of battery in electric scooters. They are
comparatively cheaper than other batteries but offer low kilowatt-hours of
energy storage per kilogram of weight. These batteries are inexpensive,
reliable, and safe. However, these batteries offer low specific energy, short
life cycle, and poor cold-temperature performance, which restrict its use in
major applications. These batteries could be easily replaced by lithium-ion
batteries in the coming years, however, automakers use it in vehicles owing to
its low cost.
The well-known companies profiled
in the report include Honda Motor Co. Ltd., Brammo, Inc., AllCell Technologies,
LLC, Mahindra GenZe, Terra Motors Corporation, Yamaha Motor Company Limited,
Suzuki Motor Corporation, KTM AG, Peugeot Scooters, Jiangsu Xinri E-Vehicle Co.
Ltd., Green Energy Motors Corp., and BMW Motorrad International among others.
These companies launch new products and collaborate with other market leaders
to innovate and launch new products to meet the increasing needs and
requirements of consumers.
No comments:
Post a Comment