The e-scooter market is expected to reach $644.5 billion by 2028 claims a study by market research company, Meticulous Research.
According to the study, the e-scooter market will grow by a compound annual growth rate of 29.4% and will reach 209 million units between 2021 and 2028.
The increasing use by courier services and e-commerce delivery applications are cited as reasons for this growth, with business organisations expected to account for the largest share of the overall electric scooter market in 2021.
Based on power output, the 3.6kW segment is expected to account for the largest share overall in the e-scooters market as there is an increase in adoption of ride-hailing companies deploying e-scooters along with e-bikes for micro mobility.
The study also notes that the Asia-Pacific region is expected to account for the largest share of the global electric scooter market in 2021, due to the presence of major manufacturers and the high adoption rate in emerging economies such as India and Southeast Asian countries.
This follows a 22% growth in Europe during the COVID-19 pandemic in 2020, which is cited as being down to the increasing government initiatives to encourage people to switch to more green forms of mobility. Meticulous Research notes: “Although the COVID-19 pandemic has negatively affected many industries, its effect on electric scooter is positive.”