Global Scooter Market Growth Analysis 2024: Forecast Market Size And Key Factors Driving Growth

Posted by ramacharitbrc on May 10th, 2024

Overview and Scope

The scooter refers to a small, open, two-wheeled motor vehicle where the driver sits with their legs together and their feet resting on the floorboard above an enclosed engine. Scooters can be powered by fuel, electricity, or themselves. Scooters are found in various styles, colors, and sizes.

Sizing and Forecast

The scooter market size has grown strongly in recent years. It will grow from .72 billion in 2023 to .97 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%.  The growth in the historic period can be attributed to urbanization and traffic congestion, rising fuel prices, environmental concerns, ease of maneuverability, youthful demographics, rise of sharing economy, changing lifestyle patterns.

The scooter market size is expected to see strong growth in the next few years. It will grow to .89 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.  The growth in the forecast period can be attributed to smart connectivity features, expansion of scooter-sharing services, focus on sustainable manufacturing, customization options for consumers, advancements in scooter design, economic viability for short commutes. Major trends in the forecast period include integration of smart features, lightweight and compact designs, technological advancements, evolving consumer preferences, integration of advanced safety features, innovations in charging infrastructure, collaborations with ride-hailing platforms.

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Segmentation & Regional Insights

The scooter market covered in this report is segmented –

1) Product Type: Electric Scooters, Gas Scooters, Kick Scooters

2) By Application: Commercial, Individual

Asia-Pacific was the largest region in the scooter market in 2023. Asia-Pacific is expected to be the fastest-growing region in the scooter market report during the forecast period. The regions covered in the scooter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The investment in road construction is driving the scooter market. Road construction leads to the repair, maintenance, and building of new roads for ease of transportation. Good-quality roads help vehicles, especially two-wheelers, run smoothly without jerks and obstructions. Scooters work more efficiently when the roads are properly built. Countries are investing in the construction of roads to improve transportation facilities. For instance, the Ministry of Road Transport and Highways has received funding from the Indian government of .14 billion to construct roads and highways. Thus, an increase in investment will propel the scooter market.

Key Industry Players

Major companies operating in the scooter market report are Yadea Technology Group Co. Ltd., Ninebot Limited, Neutron Holdings Inc., Bird Rides Inc., Skinny Labs Inc., Honda Motor Co. Ltd., Yamaha Motor Pvt. Ltd., Harley-Davidson Inc., Piaggio & C SpA, Suzuki Motor Corporation, Bayerische Motoren Werke AG., Hero MotoCorp Ltd., Bajaj Auto Ltd., TVS Motor Company Ltd., Mahindra & Mahindra Ltd., Ducati Motor Holding SpA, Triumph Motorcycles Ltd., Kawasaki Heavy Industries Ltd., Sanyang Motor Co. Ltd., Gogoro Inc., NIU Technologies, Segway Inc., Razor USA LLC, Okinawa Autotech Pvt. Ltd., Ather Energy Pvt. Ltd., Ampere Electric Vehicles Pvt Ltd., Revolt Intellicorp Pvt. Ltd., Ola Electric Mobility Pvt. Ltd., Zhongneng Vehicle Group Co. Ltd., Baotian Motorcycle Industrial Co. Ltd., Bashan Motorcycle Manufacturing Co. Ltd.

The scooter market report table of contents includes:
1. Executive Summary

2. Market Characteristics

3. Market Trends And Strategies

4. Impact Of COVID-19

5. Market Size And Growth

6. Segmentation

7. Regional And Country Analysis

……….

27. Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions

29. Future Outlook and Potential Analysis