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E-Scooter market value to hit USD 23178.7 million in 2026 report finds
A recent report by Mordor Intelligence LLP found that “The Electric Scooters and Motorcycles Market was valued at USD 5176.16 million in 2020 and is expected to reach USD 23178.7 million in 2026 by registering a CAGR of 25.08% during the forecast period (2021 – 2026).”
This is a huge increase in just five years period. Meaning that all major cities and midsized ones are more than likely to have an offering of escooters and private individuals using escooters on a large scale. This is also the view we at Langfeite share.
Considering the volume of growth this will naturally come with changing cityscapes and regulations that open the road for two-wheeled transport. The popularity and use case is pretty much proven for escooters now and as the winter approaches, we are starting to see news about people complaining as some escooter fleets are getting removed from the streets for the winter.
Interestingly the report mentioned that the Covid-19 had a negative impact on the escooter market as the production of electric scooters and motorcycles took a hit. On the other hand, we see that the need for social distancing has enabled more users to try out the scooters for the first time.
In any case, once the supply chain is on full power again we are more than likely to see a rapid expansion in the usage of escooters which reflects the huge value increase stated in the report.
Where this expansion happens is likely to have an answer “everywhere” the trend of moving to greener transportation is a global trend. Recently we have discussed how the rising energy prices are causing people to look for alternative transport methods and how some major cities of the world suffer from smog and other pollution caused by cars and other fossil fuel using transports methods.
Naturally many Asian countries like India and the Philippines will benefit from escooters a lot as they have high population densities and a great climate for escooters riding around the year. Maybe we will see a future where the air quality of great cities will increase as the need for fossil fuels decreases.
Currently, escooters are also often discussed as the last leg transportation meaning people perhaps use public transportation like the metro to get closer to their office downtown and then use an escooter to get from the station to their offices. This is likely to change too or at least the travel distance suitable for escooters will increase as the coming generations of scooters will have increasingly better battery life thanks to the battery and motor technologies developing faster as the demand for the escooters increases.
All in all the future of escooters is bright as the public is adopting the new technology faster and faster plus not willing to give it up as they see how it benefits their daily life in the form of cheaper and more enjoyable commuting, better air quality in their cities, fewer traffic jams and small carbon footprint overall.
Catch the wave of escooters and contact Langfeite today. We can offer you OEM escooters, Dealership, Scooter design, and other services. Win your own market with the help of our premium quality escooters!