The introduction of advanced electric kick scooters with innovative technology and long-lasting batteries is expected to propel demand for electric kick scooters in the coming years. As per a recent report by Future Market Insights, electric kick scooter market is set to be valued at US$ 2,215.7 Mn in 2021. The increase in the demand for sustainable transportation options is expected to propel electric kick scooters sales. Key manufacturers are focusing on providing high quality electric kick scooters and are expected to invest in new technologies in order to stay ahead of the competition.
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The rise in the number of electric kick scooter sharing services is expected to drive demand in the market in the foreseeable future. Governments are introducing regulations to encourage the adoption of electric kick scooters. These vehicles can help reduce traffic congestion and are also considered a viable option for cost-effective commuting. Sharing and rental companies are entering into mergers and acquisitions in order to expand their reach. The global automotive industry suffered a major slump in production and sales in 2020 due to pandemic. However, the market is slowly recovering as the manufacturing facilities have resumed production through 2021. According to FMI’s research, the global electric kick scooter market is projected to exhibit impressive growth during the tenure of 2021 to 2031.
Key Takeaways from Market Study
- Lithium-ion batteries are anticipated to grow at an impressive CAGR, ranging from 11.5% to 12% driven by safety and performance benefits.
- The global electric kick scooter market witnessed a slump in 2020 due to the COVID-19 pandemic, with a recorded decline of -2.3%.
- Sharing and rental applications hold lucrative growth opportunities and is anticipated to create an incremental $ opportunity worth US$ 1,979.5 Mn between 2021 and 2031.
- China will hold over 77% of the East Asia market by 2031, backed by government incentives towards green transport, and a wide consumer base.
- Germany followed by France are dominant in the Europe market, with US$ 94.8 and US$ 82.4 Mn valuation respectively in 2021, owing to widespread implementation of sharing programs.
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“Investments in research for green transport options, coupled with the increase in the number of electric kick scooter sharing companies across the globe, is expected to drive the growth through the assessment period ending in 2031,” says a Future Market Insights analyst.
The market is largely fragmented, with key players only accounting for a little more than one-fourth of the overall market share. These players are likely to invest in new technology developments and expansion of their distribution networks to consolidate their interests.
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Some of the key players in this industry are Micro Mobility Systems AG, YADEA Technology Group Co., Ltd., Golabs Inc. (GOTRAX), Bird Rides Inc., Razor LLC, Segway Inc., iconBIT Limited, GOVECS AG, Unagi Inc., Xootr LLC, Fuzion Scooter, Globber Scooters, Xiaomi Corporation, AKTIVO Scooter, Zhejiang Okai Vehicles Co.,Ltd., SWAGTRON, Besrey Co. Limited, Spin, VOI Technology & Niu International.
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