Scooters Market Size to grow by USD 17.7 billion between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Scooters Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: The global automotive components and equipment market encompasses businesses involved in the manufacturing of parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers for the automotive parts and equipment market include the escalating demand for electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, fueled by the increasing sales of EVs, motorcycles, and PCs over the past decade. - The Scooters Market is experiencing significant growth, fueled by the Increasing popularity of e-scooters-sharing services. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Increasing popularity of e-scooters-sharing services
  • Urbanization and optimum alternative for traffic congestion
  • Lack of adequate infrastructure for e-scooters
  • Critical safety issues with respect to driving two-wheelers
• Growth Projections

The market size is estimated to grow by USD 17.7 billion, at a CAGR of 9.48% during the forecast period. In the dynamic market for high-performance electric scooters, manufacturers are responding to key drivers of growth, including declining battery prices, minimal operating and maintenance expenses, and government subsidies and incentives. These factors have fueled the development of high-performance electric two-wheelers, such as models with a motor output of 48 hp (35 kW) at 4,650 rpm, delivering immediate torque and a riding range of up to 99 miles or a top speed of 80 mph. Major players in the motorcycle industry have initiated efforts to produce these high-performance electric scooters, capitalizing on the market's potential.

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• Regional Insights

In the dynamic business landscape of the scooters market, our company remains a leading player, delivering high-quality and innovative solutions. Leveraging advanced technology and design, we cater to diverse consumer needs, ensuring optimal performance and safety. Our commitment to customer satisfaction and sustainable business practices sets us apart, driving consistent growth and market leadership.

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