The electric kick scooter market size is witnessing rapid revenue growth across the globe. Governments' targets to introduce e-mobility and the wide uptake of these compact, lightweight vehicles are key driving forces.
Citing the increasing global pressure to reduce carbon footprints, MRFR expects the global electric kick scooter market valuation to escalate to USD 5.30 BN by 2030, growing at an 11.01% CAGR from 2022 to 2030.
Electric scooters are garnering huge popularity, with urbanities increasingly preferring them for short-distance commutes or neighborhood mobility. With a solid metal-alloy body, functional suspension mechanism, and 25 kmph top speed with around 20kms range, e-kick scooters have become an easily scalable clean mobility option. With recent technological advances, electric kick scooters have become outlandishly high-tech.
Due to their simplistic design, electric kick scooters offer the benefit of low maintenance costs. Also, they don't need the replacement of spark plugs and oil filters. Switching from ICE vehicles to e-kick scooters enables tackling the largest source of air pollution, reducing congestion by at least 40%. Resultantly, governments in countries across the globe have realized the potential that electric vehicles hold.
E-kick scooters have evolved from mere modes of personal mobility to futuristic devices equipped with Bluetooth smartphone connectivity, navigation, over-the-air updates, and so on. Although in its nascent stage, the e-kick scooter market is gaining vast attention. Leading manufacturers of electric kick scooters, like Luup Inc. (Japan), are also providing electric kick scooter sharing services in and around major cities.
Key Industry Trends
E-kick scooters have brought micro-mobility to the center stage and stimulated the personal mobility market. Today, a wide variety of electric kick scooter models are available in the market. Due to large technological advancements and policy initiatives, these scooters are expected to address major barriers to electric mobility. However, a renewed focus on equity will contribute significantly to making this growth a reality in the future.
Rapid developments of electric vehicle infrastructure and charging stations as a part of smart city projects influence the market value. Following recent revisions in road traffic laws in many countries to ease restrictions regarding electric kick scooters, the market is expected to gain a substantial boost. Besides steps taken to prevent traffic accidents involving them, electric kick scooter market share would rise as a convenient means of transportation.
Additionally, battery technology developments and declining costs are other major factors bolstering the market demand for electric kick scooters. Increasing focus on technologically advanced product development is expected to impact industry growth positively. The operating cost of an electric kick scooter is relatively lesser, while performance is excellent compared.
Electric Kick scooter Market Leaders
Leading market players are Jiangsu Xinri E-Vehicle Co. Ltd., SWAGTRON, YADEA Technology Group Co., Ltd., SEGWAY Inc., Bird Rides, Inc., Xiaomi, GOVECS AG, iconBIT GmbH, Razor USA LLC, and Niu International, among others.
Electric kick scooter manufacturers primarily focus on improving the on-road riding experience for their customers. They initiate several strategic approaches, such as collaborations, mergers & acquisitions, expansions, and product launches. Industry players also invest strategically in research and development activities and foster their expansion plans.
Notable Industry Updates
On Apr.08, 2022, ETorad launched an electric kick scooter and e-cycle to expand its portfolio in India. The company introduced two new products, Lil E, a new-age electric kick-scooter, and T-Rex+, an electric cycle. The two new variants join its existing range of e-cycles, T-Rex, EMX, and Doodle, targeting tech-savvy urban mobility users in the country. EMotorad holds a vision of making a name for India in the global EV space.
Realizing the need for a recreational commute and electric commuting solutions, the company has taken a holistic view to introducing Lil E electric kick-scooter to grab the opportunity to enter the recreational commute space. It has created a very strong base in the Indian market while expanding to other markets. Constantly improving products with consumer feedback and conducting market research, ETorad has made several improvements to its products.