Global Electric Bikes and Scooters Market Forecast 2023-2032: Estimated Market Size And Growth Rate
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The global electric bikes and scooters market has witnessed substantial growth, expanding from $23.38 billion in 2022 to $25.94 billion in 2023, reflecting an impressive compound annual growth rate (CAGR) of 10.9%. Looking ahead, the market is expected to continue its upward trajectory, reaching $32.91 billion in 2027 at a steady CAGR of 6.1%. Let’s explore the driving forces behind this surge.
Rising Environmental Awareness
- Pollution Concerns Propel Market Expansion
One of the key drivers fueling the electric bikes and scooters market is the increasing awareness about pollution. As people around the world become more conscious of the environmental impact of transportation, there is a growing demand for eco-friendly alternatives. This shift in awareness has led individuals to seek modes of transportation that minimize pollution and contribute to environmental conservation. Notably, a survey published by Forbes highlights that in the Netherlands, the awareness about pollution has propelled electric bike (e-bike) sales ahead of non-electric bikes, showcasing a tangible impact of this global concern.
Key Players Paving the Way
- Industry Giants Driving Innovation
Major players in the electric bikes and scooters market include Yadea, Mahindra & Mahindra Ltd., BMW, Yamaha, and others. These industry leaders are actively contributing to the growth of the market through innovation, technological advancements, and a commitment to sustainable mobility solutions. The electric bikes and scooters market is becoming increasingly competitive as these players strive to cater to the evolving needs of environmentally conscious consumers.
Technological Advancements: Improving Battery Technology
- Enhancing Efficiency with Advanced Batteries
An emerging trend in the electric bikes and scooters market is the continual improvement in battery technology. Notably, the use of graphene batteries is gaining prominence, offering enhanced efficiency and performance. Graphene batteries utilize super-thin materials, allowing for faster charging times, higher capacity, and lighter weight for electric bikes and scooters. A Barcelona-based startup, Earthday, is at the forefront of this technological innovation, working towards achieving a remarkable five-minute charging time for electric bikes and scooters, further revolutionizing the market.
Market Segmentation Insights
- Navigating Diverse Offerings
The electric bikes and scooters market is segmented based on various criteria:
- Product: Electric Bikes, Electric Scooters
- Battery: Lead-acid, Lithium-ion (Li-ion), Nickel-metal hydride (NiMh), Other Batteries
- Voltage Capacity: 48-59V, 60-72V, 73-96V, Above 96V
- Drive Mechanism: Hub Motor, Mid Drive, Other Drive Mechanisms
Understanding these segments is crucial for both industry players and consumers to choose vehicles that align with their preferences and requirements.
- Asia-Pacific Takes the Lead
In 2022, Asia-Pacific emerged as the largest region in the electric bikes and scooters market. The region’s dominance is attributed to factors such as robust economic growth, increasing urbanization, and a rising demand for sustainable transportation options. As other regions follow suit, Asia-Pacific is expected to maintain its position as a key driver of the market’s overall growth.
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The Electric Bikes and Scooters Global Market Report 2023 provides comprehensive insights on the electric bikes and scooters market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the electric bikes and scooters market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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