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According to a recent study by Polaris Market Research the electric scooter market size is set to reach $50.99 Billion By 2030 (11.2% CAGR).
Some driving markets to fuel the growth are USA, Germany, France and Spain where the demand for electric scooters is on the rise which lines up with what we at Langfeite have been expecting to see, excluding the UK which we also see as a rising market due to the new regulations for private usage.
According to the study, the rising cost of petroleum is also contributing to the growth as people are looking for low-cost and quick ways of doing short trips. Naturally, the booming electric scooters are on the winning side here.
From Langfeite’s point of view, the rising fuel costs are most unlikely to stay as a driver for the next 8 years as the current energy crisis is not going to last forever. The actual driver is simply the convenience and overall low costs of riding electric vehicles and scooters even if the fuel costs would drop to pre-pandemic levels.
Battery projections
Interestingly the research mentions that R&D investments in battery technology are also one of the driving forces and we can wholly agree with that. Electric scooters themselves already offer enough range for daily usage in most cases but battery charging stations, longer ranges, sizes, weight, and discharge rates all will contribute to how the future electric scooters are going to look and how the use cases are going to be. Ultra-lights with powerful motors and long-range would be great as long as the laws of physics allow!
According to the research, the sealed lead-acid (SLA) batteries had the largest market share in 2021 thanks to their low cost and strength although they deplete quickly and have a limited charge cycle. Lithium-Ion batteries that Langfeite normally uses are projected to grab more market share as they are superior to SLAs in almost every way.
Growing segments
Mentioned product segments are folding, self-balancing and retro scooters which are all within the expertise of langfeite. While all segments are likely to crow the report especially mentions that substantial growth would happen in the folding electric scooter segment.
Geographical drivers
APAC economies had the largest share of escooter markets as the infrastructure and manufacturers are in those regions but the highest CAGR is in North America as the infrastructure and battery technology develops.
Do you want to be part of this growth? Contact Langfeite and let’s get some scooters on the road together!
Check out the report at Polaris Market Research