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Strategic Partnerships, Product Launches, and Company Collaborations by Market Players such as Vmoto Limited, Gogoro, and Others to Foster the Growth of the Global Electric Scooter Market

Electric scooter, also known as plug-in electric vehicles are used for urban transportation. These vechiles use electricity stored in the rechargeable lithium or lead batteries. Compared with diesel or gasoline vehicles, electric scooters are more comfortable as they run smooth and produce less vibration. Due to the growing environmental concerns the demand for electric vehicles have increased. Further, the increasing demand for sustainable transportation across the globe has boosted the growth of the electric scooter market.

COVID-19 Impact on Electric Scooter Market

The outbreak of COVID-19 across the globe has moderately impacted the global electric scooter market growth. The moderate growth of the electric scooter market is majorly owing to the reduction in automotive sales across the globe in 2020 due to the lockdown restrictions during the pandemic. Besides, the disturbance in transportation and supply chain of essential components used in an electric scooter like semiconductors has impacted the global electric scooter market growth during the COVID-19 crisis.

However, several businesses around the world are experiencing the rising need for digital management of their operations. In addition, the rising need for implementation of several technologies like industrial internet of things (IIoT) will enable real-time monitoring of manufacturing process of numerous electronics devices like automotive switches, which is having a positive impact on the market growth during the pandemic period.

Electric Scooter Market Trends and Developments

The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global electric scooter market growth in the upcoming years.

For instance, in August 2020, Okinawa Autotech, the electric two wheeler maker, announced the launch of new electric scooter, ‘R30 e-scooter’ at a price of Rs.58,992. The e-scooter is positioned in the speed range of 25 km/h and has an interesting amount of equipment and board features. Pre-bookings of the scooter were opened at a token amount of Rs.2,000.

In February 2021, Vmoto Limited, the global electric vehicle company, expanded its B2C product offering by launching the three new B2C electric two-wheeler models, the new TC model, the new TS model, and a CUmini model at the recent Vmoto Soco World Premiere 2021. Among the three electric vehicles, the ‘CUmini’ is an urban electric scooter which is easy to ride, light weight, easy to maintain, fun loaded with technology, safe, loaded with technology, and a lower entry price.

In April 2021, Hero MotoCorp, India’s leading two-wheeler company, and Gogoro, a leading developer of a battery-swapping refueling platform for electric scooters, motorcycles, and mopeds, entered into a strategic partnership to work on Hero-branded electric vehicle development, powered by Gogoro Network vehicles.

Forecast Analysis of Global Market

The global electric scooter market is projected to witness an exponential growth over the forecast period, owing to the support programs and financial incentives by governments to promote electric vehicles. Conversely, the lack of public charging infrastructure is expected to hamper the market growth in the projected timeframe.

The growing emphasis on the utilization of fuel-efficient vehicles and the increasing adoption of artificial intelligence (AI) are the significant factors and electric scooter market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global electric scooter market is expected to garner $10,317.4 million during the forecast period (2021-2028). Regionally, the Asia-Pacific electric scooter market is estimated to observe dominant growth by 2028, owing to the rising demand for ecofriendly mobility solutions and the rapid urbanization in the developing economies, such as China and India.

The key players functioning in the global market include

  1. Alta Motors,
  2. Gogoro Inc.,
  4. Vmoto Limited,
  5. Terra Motors Corporation,
  6. Greenwit Technologies Inc.,
  7. Boxx Corp.,
  9. PIAGGIO & C. SPA, 
  10. Johammer e-mobility GmbH.

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