The global kick scooter market is currently in its nascent
phase; however, it is expected to observe notable growth during 2019–2024 on
account of the increasing demand for last-mile transportation solutions and the
emergence of kick scooter sharing fleets. Megacities across the world are
facing issues of pollution and congestion as a result of rapid urbanization.
Nearly 45% of the traffic in the U.S. is caused by cars that are used for
traveling less than three miles a day, and micromobility solutions, such as
kick scooters, can help reduce this snarled-up traffic substantially.
Based on battery type, the market has been categorized into lead acid and lithium-ion (li-ion) kick scooters. Between the two, li-ion kick scooters are expected to witness faster growth in demand during the forecast period. This can be majorly attributed to the advantages of li-ion batteries over lead acid batteries. Li-ion batteries offer more energy density, are compact and lightweight, and hold the charge for a longer time. Furthermore, the falling price of these batteries is propelling their adoption, thus boosting the category growth in the kick scooter market.
The kick scooter market has also been classified into personal, rental, and sharing applications. Of these, kick scooters used in the sharing fleet are projected to witness the fastest growth during the forecast period. Kick scooter sharing service is evolving and is gaining ground across several countries. The service has enabled the users to travel to their destinations without having the need to own vehicles and bear secondary charges, including maintenance, insurance, and parking. Such advantages are expected to boost the demand for these vehicles for sharing services in the near future.
Geographically, Asia-Pacific holds the largest share in the kick scooter market, owing to the major adoption of these vehicles in China. The presence of key electric kick scooter manufacturers, developed electric vehicle value chain, extensive government support for electric vehicles, availability of low-cost batteries, and strong customer base are some of the factors that are boosting the adoption of these vehicles in China, thus driving the market in the APAC region.
Based on battery type, the market has been categorized into lead acid and lithium-ion (li-ion) kick scooters. Between the two, li-ion kick scooters are expected to witness faster growth in demand during the forecast period. This can be majorly attributed to the advantages of li-ion batteries over lead acid batteries. Li-ion batteries offer more energy density, are compact and lightweight, and hold the charge for a longer time. Furthermore, the falling price of these batteries is propelling their adoption, thus boosting the category growth in the kick scooter market.
The kick scooter market has also been classified into personal, rental, and sharing applications. Of these, kick scooters used in the sharing fleet are projected to witness the fastest growth during the forecast period. Kick scooter sharing service is evolving and is gaining ground across several countries. The service has enabled the users to travel to their destinations without having the need to own vehicles and bear secondary charges, including maintenance, insurance, and parking. Such advantages are expected to boost the demand for these vehicles for sharing services in the near future.
Geographically, Asia-Pacific holds the largest share in the kick scooter market, owing to the major adoption of these vehicles in China. The presence of key electric kick scooter manufacturers, developed electric vehicle value chain, extensive government support for electric vehicles, availability of low-cost batteries, and strong customer base are some of the factors that are boosting the adoption of these vehicles in China, thus driving the market in the APAC region.
Investments in kick scooter companies are accelerating. The electric kick scooter market is currently at its nascent stage, but is steadily growing with the increase in scooter startups offering kick scooters for sharing purposes. Competition in the market has grown in recent years and so have the investments. For instance, in July 2018, Google Ventures, an Alphabet Inc.’s venture capital division, led a $355 million funding round for Neutron Holdings Inc. (LimeBike).
Some of the major players operating in the industry are Razor USA LLC, Segway Inc. (Ninebot Inc.), Xiaomi Corporation, Shenzhen Xiaobaima Energy Tech Co. Ltd., Ningbo MYWAY Intelligent Technology Co. Ltd., Spin, Skip, Scoot, PopScoot Singapore Pte. Ltd., Tier Mobility GmbH, WIND Mobility, VOI Technology AB, Vogo Automotive Pvt. Ltd., Dott, and LMTS Holding S.C.A.
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