The global electric kick scooters market revenues reached US $2700 million in 2021 and is expected to reach US $6416.78million in 2030, growing at a CAGR of 10.3% during the forecast period from 2022 to 2030.Electric kick scooters have gained immense popularity due to the rise of shared micro-mobility services in various major cities across the world since 2021. However, due to the ongoing COVID-19 pandemic, large proportion of such fleet applications of electric kick scooters have halted due public health safety concerns. Thereby, since 2020, there has been a growing demand for personally owned electric kick scooters which are used for short distance travel. Some of the major factors driving the personal ownership of electric kick scooters include the need to avoid usage of public transport and unavailability of other affordable and safe mode of transportation.
Reduction In Cost of Li-Ion Batteries
Lithium-ion battery is a major component of automotive lithium-ion battery pack that is used as an energy source responsible for the functioning of electric vehicles. Electric vehicles may use only electric motors or it may use internal combustion engine and electric motor as a combination to propel the vehicle. Lithium-ion battery is being adopted in the electric vehicles market owing to its light weight and its ability to hold the charge better than any other conventional batteries. Market demand of lithium-ion battery in electric vehicle market not only depends on its performance but also on the prices of lithium-ion battery. For instance, International Renewable Energy Agency have estimated that the global lithium-ion battery production capacity has increased by 521% between 2016 and 2020. They’ve also estimated that the lithium-ion mega factories in China is expected to grow its capacity by six times by the year 2020. The battery cost has fallen from over $1000 in 2010 to approx. $200 currently.
Increasing Disposable Income Across Emerging Economies
The number of households in developing countries that have an annual disposable income of between USD45,000 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% that 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).
Personal Applications Led the Application Market
In2021,the global electric kick scooters market was led by the personal application due higher availability of product choices as opposed to the rental fleet scooters. Furthermore, since the onset of the COVID-19 pandemic, a large number of shared micro-mobility service providers have stopped their operations due to health safety and regulatory concerns. On account of the uncertainties related to the sharing of electric kick scooters, increasing number of cities across the world have stalled the usage of electric kick scooters in the shared micro-mobility services segment. Thereby, this has resulted in an increasing number of consumers purchasing their own electric kick scooters for private use.
Adult Segment Remained as the Most Dominant End User
In 2021, the overall electric kick scooters market worldwide is led by the adult’s segment. On account of the growing presence of various shared micro-mobility services across the world, the electric kick scooters for adults have witnessed significant growth in the recent years. In addition, adults also purchase these electric kick scooters for private usage for both daily commute and recreational purposes.
APAC Remains as the Global Leader
In 2021, Asia Pacific represented the largest market for electric kick scooters, in terms of market volume. The demand for electric kick scooters in the region is primarily driven by China which has a large presence of electric kick scooter manufacturers. Electric kick scooters are largely adopted in China for both personal and fleet applications. Some of the other countries in the region driving the demand for electric kick scooters for shared micro-mobility services include South Korea and New Zealand. With its large population base and need for affordable last mile commute, the Asia Pacific region is expected to maintain its dominance in the electric kick scooters market during the forecast period.
Product Launch Remains as the Key Market Strategy Influencing the Market Share of Key Competitors
The topmost 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 includes 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.
Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Electric Kick Scooters market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
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Region Segment (2020–2030; US$ Million)
Global Impact of Covid-19 Segment (2020-2021; US$ Million )
Key questions answered in this report