The Asia-Pacific Electric Scooter Market Is Expected To Record A CAGR Of 28.9% From 2022 – 2029 To Reach $625.03 Billion By 2029, Report
Estimated Reading Time: 3 minutes The Asia-Pacific electric scooter market is expected to record a CAGR of 28.9% from 2022 – 2029 to reach $625.03 billion by 2029. By volume, this market is expected […] The post The Asia-Pacific Electric Scooter Market Is Expected To Record A CAGR Of 28.9% From 2022 – 2029 To Reach $625.03 Billion By 2029, Report appeared first on EMobility+.
Estimated Reading Time: 3 minutes
The Asia-Pacific electric scooter market is expected to record a CAGR of 28.9% from 2022 – 2029 to reach $625.03 billion by 2029. By volume, this market is expected to grow at a CAGR of 26.4% from 2022 – 2029 to reach 266.04 million units by 2029.
The growth of this market is attributed to favorable government policies and regulations in south-east Asian countries, the growing environmental concerns, and the increasing number of investments by OEMs & ride-hailing companies in the micro-mobility space. Furthermore, the decreasing prices of batteries offer significant opportunities for the growth of this market.
Based on vehicle type, the e-scooters & bikes segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is attributed to the increasing government subsidies and support to promote electric mobility, the increasing usage of e-scooters & bikes in courier and e-commerce delivery applications, and the growing number of investments by government authorities in the development of EV charging infrastructure.
The COVID-19 pandemic lowered the demand for public transportation as most countries imposed lockdowns. However, several companies are offering emission-free e-scooters & bikes as an effective alternative to conventional public transportation.
Based on power output, the 3.6 kW to 7.2 kW segment is expected to grow at the highest CAGR during the forecast period. This category of power output is used in electric mopeds. The growth of this segment is attributed to the cost-effectiveness of electric mopeds, low service cost, minimum maintenance, zero tailpipe emissions, and its ability to run 60 km on a single charge.
Different companies launched their Electric motorcycles in the global market with a power output of 3.6 kW to 7.2 kW. TVS Motor (India) launched the iQube electric scooter in India, equipped with a 4.4kW electric motor. It has a maximum speed of 78 kmph and a driving range of 75km on a full charge.
Based on battery technology, the lithium-ion polymer battery segment is expected to grow at the highest CAGR during the forecast period. Most electric bike manufacturers prefer lithium-ion polymer battery and are widely equipped on e-bikes. Compared to other lithium batteries, the LiPo battery has a lower price yet maintains its performance.
LiPo batteries use solid, colloidal polymers or organic electrolytes. It is also beneficial for large capacity and fast charging while providing higher power in a short period, which enables e-bikes to obtain power support once started.
Based on motor type, the hub motor segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to high flexibility and the ability to operate in all-wheel-drive, providing higher stability. A hub motor includes a wheel with a motor inside of it.
There are two types of hub motors: geared hub motors with internal planetary gears to reduce the speed of a higher RPM motor, and gearless hub motors with no gearing and directly connect the lower RPM motor stator’s axle to the bike. Gearless hub motors have zero moving parts aside from their bearings, making them efficient in terms of wear and tear.
Based on charging type, the wireless charging segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is driven by the flexibility to charge the vehicle without physical contact and its faster-charging speed, which helps confront range anxiety.
Wireless charging systems for electric scooters are charging systems that use inductive power transfer technology to transfer power over the air from a pad embedded in the ground to a pad attached to the underbelly of an electric vehicle to charge the vehicle’s battery. These pads are either installed in the parking spaces of commercial infrastructures and private garages for charging one vehicle at a time or along a stretch on the road for charging multiple vehicles while they are on the move.
Based on end-user, the business organizations segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing government initiatives to push towards faster EV adoption, last-mile transportation, and reducing road congestion.
Many e-commerce companies have started using e-scooters for their delivery services. In January 2020, Ampere Vehicles partnered with online grocery store Supermarket Grocery Supplies Pvt Ltd to electrify the process in six metro cities in India, including Bengaluru, Chennai, Hyderabad, Mumbai, Pune, and Delhi NCR.
Based on country, the Philippines is expected to record the highest CAGR during the forecast period. The EV adoption in this country is driven by the initiatives taken by the local governments to encourage investments in electric mobility and the adoption of cleaner technologies.
The Electric Vehicle Association of the Philippines (EVAP) forecasts an annual growth rate of 8-12% with revenue generation of $33.6 million from services and sales of approximately 200,000 units of electric vehicles by 2024. Additionally, many small-scale programs have been launched by the Philippines’ local government units (LGUs) and businesses, such as resorts, on eco-friendly vehicle adoption.