South Korea Electric Scooter Market Outlook
According to the report by Expert Market Research (EMR), the South Korea electric scooter market size is projected to grow at a CAGR of 25.7% between 2024 and 2032. Aided by the urbanisation, rising environmental concerns, and growing interest in alternative modes of transportation, the market is expected to grow significantly by 2032.
Electric scooters, commonly known as e-scooters, are two or three-wheeled vehicles powered by electric motors. These scooters have witnessed rapid adoption in South Korea due to their eco-friendliness, affordability, and convenience. They serve as an ideal solution for short-distance commuting, reducing traffic congestion, and addressing last-mile connectivity issues in urban areas.
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The growing environmental consciousness among the citizens has significantly driven the South Korea electric scooter market. As cities face increasing pollution levels and traffic congestion, e-scooters have emerged as a sustainable and efficient alternative to traditional motor vehicles. The South Korean government’s support through incentives, subsidies, and the development of dedicated lanes for e-scooters further bolsters the industry’s growth.
Moreover, technological advancements play a pivotal role in enhancing the South Korea electric scooter market. Innovations in battery technology, motor efficiency, and scooter design have led to the production of lighter, faster, and more durable e-scooters. These advancements, coupled with features like GPS tracking, smart locks, and app-based rental services, have enriched the user experience, attracting a broader consumer base.
Urbanisation and the challenges it brings, such as limited parking spaces and increased traffic congestion, have also bolstered the South Korea electric scooter market demand. For city-dwellers and tourists alike, e-scooters provide a flexible and convenient mode of transportation, enabling them to navigate through the city streets with ease.
The sharing economy’s rise in South Korea has given another significant boost to the electric scooter industry. Numerous e-scooter sharing startups have sprung up in major cities like Seoul and Busan, offering rental services that cater to the needs of daily commuters and tourists. These sharing platforms have made e-scooters easily accessible to a larger audience, promoting their widespread use.
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Furthermore, the ongoing research and development in the electric vehicle sector in South Korea are bound to influence the South Korea electric scooter market outlook positively. As the country focuses on reducing its carbon footprint and promoting green transportation, e-scooters will likely play a crucial role in shaping South Korea’s urban mobility landscape in the years to come.
South Korea Electric Scooter Market Segmentation
The market can be divided based on product, battery, and voltage.
Market Breakup by Product
- Retro
- Standing/Self-Balancing
- Folding
Market Breakup by Battery
- Sealed Lead Acid
- Li-Ion
- NiMH
Market Breakup by Voltage
- 24V
- 36V
- 48V
- Above 48V
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the South Korea electric scooter market. Some of the major players explored in the report by Expert Market Research are as follows:
- Segway Inc.
- Nanowheel
- WEPED
- IU Tech Co. Ltd.
- Xiaomi Corporation
- Others
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