Europe Electric Scooters Market To Witness over 25% CAGR
From $284.2 million in 2019, the European electric scooters and motorcycles market revenue is predicted to increase to $758.5 million by 2025, at a massive 27.6% CAGR. The biggest growth drivers for the market include the rapid adoption of e-scooters in sharing fleets, worsening traffic condition in major cities, increasing emission of GHGs, and implementation of restrictive regulations as a result. Since these vehicles run majorly on an electric battery and electric motor, they release no operational emissions, which makes them eco-friendly.
The battery segment of the European electric scooters and motorcycles market is led by the Li-ion category, a situation that will remain unchanged in the next few years. Compared to SLA batteries, Li-ion variants are able to accumulate more charge owing to their higher energy density. This offers these energy storage devices a higher power output and longer operational hours, which translate into a higher speed and range, respectively, for the two-wheeler. Moreover, Li-ion batteries last longer and are easier to dispose of than SLA variants.
Another factor aiding the advance of the European electric scooters and motorcycles market is the growing adoption of such vehicles in sharing services. With people burdened by the high costs associated with purchasing and maintaining automobiles, the demand for scooter and motorcycle sharing services is growing in the region, as all the parking, insurance, maintenance, and other expenses are taken care of by the service provider. Further, in the years to come, the demand for such automobiles for last-mile delivery services will rise with the advance of the e-commerce sector.
France has generated the highest revenue in the European electric scooters and motorcycles market till now because of the initiatives its government has taken to reduce the emission of GHGs into the atmosphere. However, the Spanish market, which is set to grow at the highest CAGR, is expected to become the largest in the continent in the coming years. Spain already has a rich scooter culture in its major cities, such as Madrid and Barcelona, which can be leveraged by e-scooter manufacturers to increase sales.
Hence, the future prospects for electric scooter and motorcycle manufacturers and dealers in Europe remain bright owing to the surging emission concerns and need to conserve crude oil.
