The Electric Scooter Market is expected to reach $408.1 billion by 2031, at a CAGR of 21.6% from 2024 to 2031. By volume, this market is expected to reach 29,85,23,693 units by 2031 at a CAGR of 18.1% during the forecast period 2024 to 2031. The growth of the electric scooters market is driven by the increasing localization of electric two-wheeler manufacturing in emerging economies, increasing consumer acceptance of electric two-wheelers due to less total cost of ownership and better performance dynamics compared to ICE two-wheelers and growing adoption of E-PTWs (Electric Powered Two-Wheelers) for in developed economies. However, the inadequate initiatives by legacy two-wheeler manufacturers to invest in electric scooters and increasing incidents of accidents involving electric two-wheelers restrain the growth of this market.
The rise in government initiatives to reduce traffic congestion and pollution across countries is expected to generate market growth opportunities. However, the inadequate availability of charging infrastructure in emerging economies poses a major challenge for the market.
The global electric scooters market is segmented based on vehicle type, power output, battery technology, motor type, charging type, end user, and geography.
Here are the top 10 companies operating in the Electric Scooter Market
Founded in 1955 and headquartered in Japan, Yamaha Motor Co., Ltd. manufactures motorcycles, marine products such as boats and outboard motors, and other motorized products. The company offers various products such as motorcycles, outboards, wave runners, boats, golf cars, e-bike systems, power products, industrial robots, SMT assembly systems, performance dampers, clean water supply systems, OEM casting and forging, cell picking and imaging systems cell handler, and electric motors.
With its subsidiaries and a strong distribution network, the company has a geographical presence across Asia, North America, Europe, Japan, and other regions. Some of its subsidies are Yamaha Motorcycle Sales Japan Co., Ltd. (Japan), Yamaha Motor Europe N.V. (Netherlands), Yamaha Motor Netherland B.V. (Netherlands), Yamaha Motor France S.A. (France), and Yamaha Motor Italia S.p.A. (Italy).
The company operates through five reportable segments: Land Mobility, Marine Products, Robotics, Financial Services, and Others. Yamaha Motor Co., Ltd. is recognized as a leader in e-bikes, with over 2 million sales of Yamaha e-bikes in Japan and 4 million drive units used worldwide.
Yadea Group Holdings Ltd.
Founded in 2001 and headquartered in China, Yadea Group Holdings Ltd. manufactures high-end electric two-wheeled vehicles. The company sells a wide range of electric bicycles, electric motorcycles, and their components and accessories. Yadea sells different types of e-scooters, such as city, sport, express, tricycle, and kick-scooters, and different types of e-bikes, such as MTB, urban, trekking, fat-bike, and folding. The company is increasing its influence in the research and development of core technologies for electric two-wheeled vehicles, including power systems, energy systems, intelligent systems, safety systems, and appearance design.
The company operates through four reportable segments: Electric Scooters, Electric Bicycles, Batteries and Chargers, and Electric Two-Wheeled Vehicle Parts. Yadea Group has seven production bases in Tianjin, Jiangsu, Zhejiang, Guangdong, Chongqing, Anhui, and Hanoi in Vietnam, and its sales network covers 83 countries worldwide. The company has 670+ patents along with 1889+ distributors around the world.
Founded in 2014 and headquartered in China, Niu Technologies provides smart urban mobility solutions. Niu’s currently streamlined product portfolio consists of multiple series, such as NQi, MQi, UQi, NIU Aero, Gova, RQi, and many others, with multiple models and specifications for end consumers, such as NIU Power accessories and NIU AERO outdoor sports bicycles. With its subsidiaries and a strong distribution network, the company has a geographical presence across the PRC, Europe, and other regions.
The company has three reportable business segments: E-scooter Sales, Accessories and Spare Parts Sales, and Service Revenues. The company has its business with retail stores in 38 countries, including Asia, Europe, and Latin America.
Hero MotoCorp Ltd.
Founded in 1984 and headquartered in New Delhi, India, Hero MotoCorp Ltd., formerly known as Hero Honda, is an Indian multinational motorcycle and scooter manufacturer, providing customers with a range of two-wheelers. Hero Electric is a pioneer and market leader in the Indian Electric two-wheeler industry. With its subsidiaries and a strong distribution network, the company has a geographical presence across India and other countries.
The company operates through its automotive segment, which includes all activities related to the development, design, manufacture, assembly, and sale of vehicles, as well as the sale of related parts and accessories. Hero Electric has more than 500 dealers and a presence in more than 25 states in India. As of March 2022, the company had a headcount of 9,215 employees across the world.
Founded in 2014 and headquartered in Modena, Italy, Energica Motor Company S.p.A. is an Italian manufacturer of electric motorcycles. Energica electric motorcycles are manufactured in the Italian Motor Valley in Modena, Italy. Energica Motor Company is a subsidiary of the CRP Group, an Italian industrial group specializing in the motorsport and automotive sectors. With its subsidiaries and a strong distribution network, the company has a geographical presence across Italy and other countries.
Energica Motor Company has grown into three companies, namely CRP Meccanica (Italy), CRP Technology, and CRP Service (Italy). All three companies work together to collaborate with Energica Motor Company and CRP USA, forming one of the world’s leading automotive groups. As of December 2022, the company had a headcount of 565 employees across the world.
Fuji-Ta Bicycle Co., Ltd.
Founded in 1992 and headquartered in China, Fuji-Ta Bicycle Co., Ltd. is a private company and the largest bicycle manufacturer in China. The company provides different types of products, such as mountain bikes, electric bikes, road bikes, folding bikes, city bikes, children’s bikes, scooters, bicycle parts, and outdoor toys. Fuji-ta bicycle manufacturers have five production and processing bases and nine major subsidiaries. With its subsidiaries and a strong distribution network, the company sells its products in more than 50 countries and regions, including North America, Latin America, Europe, Australia, and Asia.
Fuji-ta Group has the largest modern frame production base in the world and owns more than 60 bicycle frame production lines, including over 30 hi-ten steel frame lines and over 30 aluminum, carbon fiber, and new-material frame lines. The company works on different technologies, including frame manufacturing, spraying & labeling, cycle assembly, testing laboratory, and e-bike laboratory.
Riese & Müller GmbH
Founded in 1993 and headquartered in Germany, Riese & Müller GmbH manufactures e-bikes, e-cargo bikes, and folding bikes. Riese & Müller GmbH provides different types of bikes such as e-bike, cargo, compact, tour, city, commuters, all-terrain, child transport, changing riders, comfort, with dog, high load capacity, battery integrated into the frame, long-range, mountain, and s-pedelec.
Riese & Müller GmbH is focused on the innovation of e-bikes and e-bike technologies, such as e-cargo bikes and compact e-bikes. The company caters to different technologies, such as control technology, dual battery, gears, and safety technology. Riese & Müller GmbH also provides all bikes on rent in different locations.
Founded in 2006 and headquartered in California, U.S., Zero Motorcycles, Inc. manufactures electric vehicles, powertrain innovation, and fleet and authority sales. Zero Motorcycles produces high-performance electric motorcycles and also provides commercial, police and security, and military electric vehicles. With its strong distribution network, the company has a geographical presence across North America and Europe through its offices.
Zero Powertrains provide electrified propulsion for several final product applications across a wide array of industries. Zero Motorcycles also provides various accessories such as SR/F and SR/S seats, touring seats, fast chargers, and zero gears.
Gogoro Inc.
Founded in 2011 and headquartered in Taoyuan, Taiwan, Gogoro Inc. develops a battery-swapping refueling platform for urban electric two-wheel scooters, mopeds, and motorcycles. Gogoro Inc. provides solutions to electric mobility, smart scooters, battery-powered vehicles, technology, energy, global transportation solutions, design, energy networks, eco-friendly transport, and urban planning.
Founded in 2010 and headquartered in Utah, U.S., Magnum Bikes designs and manufactures electric bicycles. Magnum Bikes provides electric bikes, electric scooters, apparel, accessories, parts, and conversion kits. The company provides a full line of step-through and step-over e-bikes, including urban, folding, cruiser, cargo, and mountain e-bikes.
Magnum Bikes has manufacturing sites in China and Europe. Having partnered with BB-Leisger International (Germany), the company managed the production and quality of its products. The company provides different types of accessories, such as front carrier racks, foldylock, Bluetooth helmets, and decks. It also provides batteries, chargers, controllers, displays, inner tubes, throttles, tires, and other components.
Popular Mention: Leon Cycle, Aventon Bikes, Govecs AG, Walberg Urban Electrics GmbH, Zhejiang Minimotors Bike Co., Ltd., myStromer AG, Pedego Electric Bikes, Rad Power Bikes Inc., Ather Energy Pvt. Ltd., Revolt Motors, and Trek Bicycle Corporation.
