The global electric transporters market size is projected to reach USD 66.98 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 8.4% during the forecast period. Rising fuel price has been spurring the growth of the market. In addition, growing inclination towards eco-friendly transportation has led to increased adoption of electric transporters. The vehicles are compact and lightweight in nature and are highly convenient for short distance commuting.
Electric scooters were the most prominent vehicle type in terms of revenue in 2017. These vehicles are compact, which provide ease of transportation in a heavy traffic situation. Moreover, electric scooters are available in various types such as portable hover boards, foldable scooters, and Segway’s model. Thus, customers get more options to choose an appropriate electric scooter depending on their preference. The segment is poised to expand at a CAGR of 9.7% over the forecast period. The market share of electric bikes is likely to decline over the forecast period owing to their high cost. Stringent government regulations for using e-skateboards in public places and on roads are also limiting the growth of the segment.
Sealed lead acid batteries were the most popular battery type for electric transporters in 2017, owing to their low cost and a higher range per charge. The growth of the NiMH batteries segment can be limited by increasing environmental concerns over Nickel and other harmful chemical leakages through these batteries while decomposing. Lithium-ion batteries are estimated to gain considerable market share by 2025 owing to growing technological innovations such as fast charging and surging use of polymers for better battery life.
In present time, the market is flooded with a variety of electric transporters. Increased adoption in China is proving to be a challenge for the government. Prominent cities in China, including Shanghai, Beijing, Shenzhen, and Guangzhou, have strictly banned the use of e-bikes as their riders tend to ignore traffic rules. Thus, creating awareness among users and developing a robust regulatory framework is essential for the market to grow substantially.
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Further key findings from the report suggest:
- Electric scooter is likely to be most promising vehicle type segment during the forecast period
- By voltage type, the 48V segment accounted for over 36.0% share in 2017 and the segment is anticipated to experience significant growth over the forecast period
- North America is projected to register substantial growth over the coming years owing to various technological developments and success of rental business model, especially in the automotive industry. The regional market is poised to exhibit a CAGR of 9.4% from 2018 to 2025
- The key players operating in the market include Allcell Technologies LLC, BMW Motorrad International, BOXX Corp., and KIWANO.