Electric Rideable Market Size, Share, Growth, And Industry Analysis By Type (Electric Skateboards, Kick Scooters, Self-balancing Unicycles, Motorized Scooters, Others) By Application (Supermarkets/Hypermarkets, Departmental Stores, Speciality Stores, Online Retail), Regional Forecast To 2031

Updated On: 22 April 2024

Electric Rideable Market Report Overview

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The global electric rideable market size expanded rapidly in 2021 and the market is projected to grow substantially by 2031, exhibiting a prodigious CAGR during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the Electric Rideable market experiencing higher-than-anticipated/lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The e-kick scooter is known by a variety of names across the world, including electric motorised scooter, standing scooter, and electric scooter. They have developed as a cost-effective urban travel choice in recent times, this is ascribed to the sleek design and the ease of usage. Also, the market is growing as a result of rising investments in the construction of bike lanes in emerging economies worldwide.

Due to the increased demand for environmentally friendly transportation, the market for electric scooters and motorcycles has experienced tremendous development. Rising government efforts and environmental concerns are a few of the main drivers fueling the market's expansion. The market's expansion is also anticipated to be fueled by rising energy prices and competition among newly developed energy-efficient technologies.

COVID-19 Impact: COVID-19 outbreak Negatively Influenced Supply Chain of The Market Growth

The market for electric motorcycles and scooters was adversely affected by the COVID-19 outbreak. New vehicle manufacturing and sales were put on hold as a result of the worldwide shutdown limitations, including those for electric motorbikes and scooters. E-scooters are electric vehicles that can be plugged in. An external source of electricity can be used to charge these vehicles. When compared to traditional ICE-powered cars, electric scooters have lower operational costs. China is one of the world's top producers of car parts, but because the COVID-19 pandemic started there and has now spread throughout the globe, lockdowns have been implemented in a number of nations to stop the virus's spread. The COVID-19 epidemic has had a huge influence on the automobile sector, which is now dealing with a number of difficulties. Due to interruptions in the supply chains from China and an increase in demand for certain products, the pandemic has had a significant influence on both product demand and supply chains in the automobile sector. With interruptions in the supply chains from China and a decline in demand for automotive products, the pandemic has had a significant influence on both product demand and supply networks in the automobile sector. Also, the economic crisis' effects on consumer behaviour have had a significant impact on how the business will develop in the future.

Latest Trends

"E-Bikes With Pedal Assistance Are Anticipated To See Significant Market Growth"

Similar to a typical bicycle, an electric bike's pedal-assisted mode uses pedals that the user must actively press to spin the wheels. Nevertheless, depending on the type of bike, additional power is provided by a battery-operated motor installed on the front or rear wheel. The benefits, which include longer battery life, fewer maintenance requirements, and the ability for users to select among three to five pedal assist modes depending on the model, are expected to draw in new customers and are likely to improve the market's overall growth over the course of the forecast period.

Electric Rideable Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Electric Skateboards, Kick Scooters, Self-balancing Unicycles, Motorized Scooters, Others. Electric Skateboards is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Supermarkets/Hypermarkets, Departmental Stores, Speciality Stores, Online Retail. Supermarkets/Hypermarkets will be the dominating segment.

Driving Factors

"Government-Led Electrification Initiatives And Increased Use Of Electric Two-Wheelers Will Drive Market Expansion"

Manufacturers will be able to expand their revenue streams and geographic reach if governments increase spending on charging infrastructure and offer incentives to customers. With a financial commitment of USD 100 billion, the Indian government launched the FAME initiative (Faster Adoption and Manufacture of Hybrid and EV) in 2019 to support 7,000 e-buses, 500,000 e-three wheelers, 55,000 e-passenger vehicles, and a million e-two wheelers. The initiative has so far helped over 124,415 cars. Also, because of fluctuating fuel prices, sales of gasoline-powered automobiles have decreased as consumers change their purchasing habits towards EV adoption. Consumers are turning away from gasoline-powered cars as a result of rising fuel prices, but at the same time, sales of these scooters are sharply rising, particularly in India, Hong Kong, and the Netherlands. Norway plans to progressively phase out the sale of all vehicles powered by fossil fuels over the next several years in order to meet its 2025 target of utilising entirely renewable energy. As a result, this element is fueling the market CAGR.

"Automakers' Promise To Become Carbon Neutral Will Boost Market Development"

Nearly all of the top automakers have already committed to become carbon neutral soon. They want to electrify all of their products and cease producing automobiles that run on fossil fuels. For instance, Ford Motor Company said in February 2021 that by 2026, Ford will solely sell electric and plug-in hybrid electric cars, and that its European division would shortly phase out the manufacture of fossil fuel-powered vehicles.

Also, by 2030, solely batteries will be used to power all passenger automobiles. Hence, it is projected that the market growth throughout the projection period would be boosted by manufacturers' focus on quick electrification.

Restraining Factors

"A Global Lack Of Semiconductor Chips Will Impede Market Expansion"

Overall EV manufacturing has been impacted by the global scarcity of semiconductor chips. For instance, major manufacturers like Volkswagen, Mercedes-Benz, General Motors, and others have already noticed a decline in the volume of new electric vehicle manufacturing, which has led to a scarcity of new EVs and an increase in the EVs' delivery time and price. Moreover, market expansion in the upcoming years may be hampered by some emerging and impoverished nations' delayed acceptance of electric mobility.

Electric Rideable Market Regional Insights

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"Rising Interest in Emission-Free Cars Will Fuel Market Expansion"

With a market size of USD 116.35 billion in 2020, Asia Pacific led the world in electric mobility, and it is anticipated that it will continue to do so during the projection period. The market's expansion was spurred by China's widespread use of electric automobiles. China saw an increase in EV sales from 1.1 million units in 2019 to 1.2 million units in 2020, according to the International Energy Agency (IEA). Furthermore, the market growth is anticipated to be boosted in the future by the rising adoption of electric cars in APAC's developing nations, including India, South Korea, Japan, and others. Europe is anticipated to experience a promising CAGR of 28.3% during the forecast period due to the rising number of government policies and incentives for new EV purchases as well as the shifting preference of the populace towards electric mobility as a result of strict emission standards and environmental concerns. For instance, EV sales in Europe more than quadrupled in 2020, with a total of 1.4 million new EV registrations—more than any other nation. Moreover, it is anticipated that the availability of charging infrastructure along with the developed automotive industries in key European nations like Germany, the U.K., and others would further drive market expansion in the upcoming years. During the course of the projected period, North America is also anticipated to see a considerable growth rate.

Growth in the market is being fueled by significant EV sales in the US. Moreover, it is anticipated that the presence of top EV producers in North America, including General Motors, Tesla Inc., and others, would drive the market for electric vehicles there and accelerate the uptake of electric mobility.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• IO Hawk (U.S.)
• Swagway (U.S.)
• Phunkeeduck (U.K.)
• Better Wheels (U.S.)
• Razor Hovertrax (U.S.)
• MonoRover (China)
• Powerboard (U.K.)
• Skque (U.S.)
• Leray Two Wheel (U.S.)
• Cyboard (India)
• Chic Robotics (China)
• Street Saw (U.S.)
• Jetson (U.S.)
• Fiturbo (India)
• Vecaro (Malaysia)
• Space board (India)
• Megawheels (China)
• Bluefin (U.S.)
• HOVERZON (India)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.