In 2022, the electric scooters market is predicted to be worth US$ 24.53 Billion. In volume terms, sales are estimated to reach 8.73 million units in 2022, and will expand at a volume CAGR of 19.7%. Because of the investments created by significant important companies in the country, electric scooters held the largest share of the European market in 2022.
Sweden, on the other hand, is predicted to achieve the highest CAGR over the forecast timeline. This market in Sweden is assumed to expand as a consequence of rising customer involvement in electric vehicles over conventional vehicles, an increment in the number of projects undertaken by businesses involved in the electric mobility business, and government support for increased E.V. sales.
The growing use of electric motorcycles and e-bikes for commuting, enhanced implementation of electric scooters for ride-sharing facilities in Europe, and stringent emissions standards all add value to the market's development. Because of millennials' growing conscience, there is remunerative growth potential in this market. However, the inflated costs of electric two-wheelers, e-scooters , and bikes, as well as the short battery life, are predicted to stifle the industry's growth to some extent. Furthermore, there are no regulations in the electric two-wheeler and micro-mobility businesses, stifling growth.
Furthermore, the UK government announced plans for making bicycles a major part of transportation systems. For example, the United Kingdom's transport secretary announced that cycling would be included in a GBP 2 billion active travel campaign. This would encompass e-bikes as a mode of transportation rather than just for fun.
Numerous organizations from different industries actively collaborated with key electric scooter manufacturers to launch various products in the market. For example, Italy's Generali, a Trieste-based insurance company, purchased a stake in Ridemovi, which provides bicycle and electric scooter-sharing services, to enable its widening in Italy, Spain, and other nations.
To maintain their dominance in this volatile market, two-wheeler producers are increasingly concentrating on creating greener and more eco-friendly vehicles. Increasing environmental impacts about vehicular emissions, depletion of fossil fuel reserves, and increased government efforts to encourage electric mobility are cruising motorcycle OEMs to develop electric motorcycles. As a result, electric motorcycles are becoming extremely prevalent among European consumers.
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Key Takeaways
The lithium-ion battery segment held the largest portion of the Europe electric scooters market in 2021, based on battery technology.
According to the country, Italy had the largest share of the European electric scooter industry in 2021.
The Italian government has allocated aside US $11.4 Million to provide subsidies for the purchase of electric scooters.
In regards to revenue, electric scooter sales are anticipated to increase the fastest in Spain.
Competitive Landscape
Industry players intend to invest in technological advancements, mergers and acquisitions, product innovations, and studies and development. Furthermore, they are likely to place a greater emphasis on investing in new developments and products in order to grow their size and scope.
Key Companies Profiled
Alta Motors, Ather Energy, BMW Motorrad International, Cezeta, Energica Motor Company, Hero Eco, Johammer e-mobility GmbH, KTM AG, Mahindra GenZe, Ninebot Limited, Okinawa Autotech Pvt. Ltd, ReVolt Electric Motorbikes, Xiaomi, Yamaha Motor Company Limited.