The E-scooter Market Expected To Be Worth $28.56 Billion By 2025
Electric scooters are a new revolution in the automotive industry. The vehicles work with a battery that can either be recharged or replaced depending on the model. The use of E-scooters is popularized by the growing awareness for global warming. More and more people want to protect our planet from harmful gasses emitted by vehicles. The e-scooter industry has welcomed this with open arms.
In 2017, the sales of electric vehicles in Europe increased by more than 50%, while purchases of gas-powered scooters declined by 40%. The European e-scooter market is doing especially well, and it is expected that the market will increase at almost 15% by 2024. Governments of multiple European countries are offering tax incentives to support this booming industry. These countries are also increasing heavy taxes on gas-powered vehicles.
Within Europe, Germany is known to be the biggest market for electric vehicles. Over 720,000 e-vehicles were sold in 2017, which is a 19% increase compared to the previous year. France also registered a growth of 50% in electric scooter sales. This was owed to a revolutionary national incentive program that offered €200 for every e-bike sale. Italy also had an increase of 25% in these vehicle sales in 2017. This trend is expected to rise and the global e-scooter market is expected to be worth $28.56 Billion by 2025.
Meanwhile, North America has the goal to reach 1.5 million non-emission vehicles by 2025. The market for e-scooters has yet to take off in North America though. Mostly because of complicated traffic laws and fear for public safety.
Asia Pacific is king when it comes to manufacturing e-vehicles. This is because there is an increased investment in the charging infrastructure that e-scooters need. Countries such as China and Taiwan are emerging as manufacturing hubs for electric scooters. China accounted for around 87% share in the Asia Pacific electric scooter market in 2017.
The e-scooter as an alternative
The e-scooter is well received and often considered a great alternative for driving by car. These vehicles do not only offer the benefits of being eco-friendly, most countries also don’t require drivers to have a specific license, insurance, inspection or parking permit. And although charging systems are still not widely available, they becoming more and more common.
More and more e-scooters are also using solar energy to prolong battery life. This matters, because the rise of fuel prices might be one of the biggest factors as to why e-scooters are becoming more popular. It is expected that the government subsidies focused on getting more e-vehicles out there will only soar in the upcoming years as the fuel prices continue to rise.
Some users have complained about the heavy weight of the e-scooters, as well as the vehicle overheating or rapid discharges in recharged batteries. These are some if the limiting aspects of the e-scooter market.
It seems that the e-scooter market is growing rapidly all over the world. Asia Pacific has evolved as a manufacturing hub and Europe is currently the continent with the biggest market for e-scooters. That might change in the future though. North America, first hesitant to jump on the e-vehicle revolution, is now setting goals to also give them a place in the country.