The global electric kick scooters market revenues reached US $2700 million in 2021 and is expected to reach US $6416.78 million in 2030, growing at a CAGR of 10.3% during the forecast period from 2024 to 2032. Electric kick-scooters gained mainstream popularity in 2018 with the rise of various e-scooter startups such as Bird and Lime which introduced shared micro-mobility services across numerous cities in the U.S. Further, similar such start-ups introduced these services across the European and Asia Pacific countries such as South Korea and New Zealand. Thereby, the adoption of shared micro-mobility services across various economies led to a huge demand for electric kick scooters across the world. Prior to such shared micro-mobility services, electric kick scooters were primarily sold only for personal usage and were largely treated as a kid’s toy or a recreational ride for adults. With increasing popularity of electric kick scooters in shared micro-mobility services, several governments across the world have been engaged in taking positive steps towards adopting these scooters by introducing municipality level shared micro-mobility services programs and designing rules and regulations for safe use of electric kick scooters on public roads.
However, with the onset of the COVID-19 pandemic, a large proportion of daily users of shared micro-mobility services have avoid them due to health safety concerns. Factors such as lockdown restrictions and need to avoid human contact have resulted in a drastic decline in the demand for electric kick scooters for shared micro-mobility services across the world. This has negatively impacted the market growth in 2020. However, one of the positive outcomes for the market has been the daily users of shared micro-mobility services are now choosing to by their personal electric kick scooters to avoid sharing with other humans and reduce the usage of other public transport.
The number of households in developing countries that have an annual disposable income of between USD 45,000 and 100,000 (PPP) is expected to rise by an average of 5.6% per year between 2019 and 2030. This growth rate is expected to significantly outpace the average annual growth rate of 1.2% which is expected for the total number of households. It is anticipated that their expenditure will increase at an average rate of 6.9% per year in real terms from now until 2030, which will be significantly higher than the average annual real spending growth expected for households earning $15,000-45,000 per year, which is 1.9%. (PPP).
Both countries will see an increase in the percentage of total households that have incomes between USD45,000 and $100,000 (PPP), which will have an effect on total consumer expenditure. In the year 2031, China will experience a significant shift. However, households with incomes of USD45,000-100,000 (PPP) will command a larger share of the country's total consumer expenditure than households with incomes of USD15,000-45,000 (PPP). This is because households with incomes of USD 45,000-100,000 (PPP) will account for a larger share of the country's total households (PPP). As a result, China's new higher-income middle class, of which it is estimated that 160 million households will exist by the year 2031, will be a tremendously important target demographic for consumer brands in the years to come.
In 2023, the personal application market for electric kick scooters was the largest than the rental fleet market. Also, since the COVID-19 pandemic started, a lot of shared micro-mobility service providers have stopped doing business because they are worried about health safety and following the rules. The market for electric kick scooters for adults will be the biggest in the world in 2023.
Asia Pacific was the largest market in 2023. Most of the demand for electric kick scooters in the area comes from China, where there are a significant number of manufacturers. South Korea and New Zealand are two other countries that are driving demand for shared micro-mobility services. Due to its large population and need for cheap last-mile transportation, the Asia-Pacific region is expected to continue to lead the market for electric kick scooters over the next few years.
The top most strategy or the sole significant strategy adopted by the key players is product launch. There is a significant difference between product launches and the following strategy namely partnerships & Collaborations and other strategies. Razor USA and Segway inc had the most product launches announced. It is very clear that product launches are the most impacting strategy to enhance the market share of the competitors in this market. The top companies in this market therefore include Seagway Inc, Razor USA LLC, Bird Rides Inc, GOTRAX, Xiaomi. Though Seagway and Razor USA led the ranking, there is no significant difference (market activeness and strength of product portfolio) among the leaders and other close competitors.
