Electric Mobility Scooter Market: Introduction
- Global restrictions on vehicle fuel consumption and emissions, enacted by various regulatory authorities, are prompting automakers to develop vehicles to run on electricity. Electric scooters are emission-free and have low operation cost as compared to traditional scooters that run on gasoline. This, in turn, is driving the global electric mobility scooter market.
Key Drivers of Electric Mobility Scooter Market
- Increasing trend toward vehicle electrification coupled with a rise in the rate of adoption of electric propulsion systems in vehicle manufacturing by automakers is expected to drive the global electric mobility scooter market
- Various government organizations and authorities are enacting stringent regulations on the use of IC-engine in order to reduce vehicle emissions and curb climate change. Furthermore, various governments are offering subsidiaries on electric vehicles and electric mobility scooters in order to spread awareness about green vehicles, which in turn reduces the cost of ownership of scooters.
- For instance, the Government of India announced a plan to provide subsidies for hybrid and electric vehicles. The plan is expected to offer subsidies up to Rs 150,000 (Approximately US$2,200) for cars and Rs 50,000 on two wheelers. Moreover, in 2019, the Government of India announced income tax benefits to buyers of electric vehicles; and provided incentives for manufacturing of components and development of manufacturing hubs for electric vehicles and components locally (in India).
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Electric Mobility Scooter Market: Restraint
- Electric scooters have low cost of operation, are silent, and are considered to be green vehicles. Moreover, electric scooters have a simple design, easy to manufacture, and can save energy through the application of regenerative braking systems. All these factors are expected to propel the global electric mobility scooter market.
- Demand for electricity is rising owing to an increase in use of electricity-based products including automobiles, home appliances, smartphones, and smart televisions, which require constants supply of electricity. This, in turn, is expected to boost the cost of electricity during the forecast period and consequently, hamper the global electric mobility scooter market.
North America to dominate Electric Mobility Scooter Market
- In terms of region, the global electric mobility scooter market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- North America dominated the global market, due to government policies and high demand for mobility scooters. Moreover, baby boomer effect, sophisticated reimbursement policies, and high awareness about electric mobility are other factors boosting the market in North America. Europe, followed North America, and is expected to account for a notable share of the global mobility scooters market due to an increase in awareness about electric mobility coupled with a rise in disposable income.
- However, disruptions in supply chain catering to the automobile industry, owing to shutdown of production and manufacturing facilities and raw material shortage caused by the coronavirus pandemic across the world, is estimated to contract the market in 2020. Consequently, the coronavirus pandemic has hampered the global electric mobility scooter market. The market is anticipated to recover by increasing production volume of vehicle components as well as vehicle production in 2021. This, in turn, is projected to offer lucrative opportunity to players operating in the supply chain of the electric mobility scooter market during the forecast period.
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Key Players Operating in Electric Mobility Scooter Market
The global electric mobility scooter market is highly concentrated due to the presence of top manufacturers. A few key players operating in the electric mobility scooter market are:
- Afikim Electric Vehicles
- Amigo Mobility International Inc.
- Bayerische
- Drive Medical Design and Manufacturing
- Electric Mobility
- Energica Motor
- EV Rider
- Golden Technologies Inc.
- Hoveround Corp.
- Invacare
- MERITS
- Pride Mobility Products
- Quingo
- Sunrise Medical
- UK Mobility
- Van Os Medical
- Zip’r