Electric Scooter Battery Market: Introduction
According to the report, the global electric scooter battery market is projected to surpass US$ 27.8 Bn by 2031, expanding at a CAGR of 24.19% during the forecast period. Electric scooter batteries are energy storage packs that provide electric power to that vehicle motor and other accessories in order to generate movement. Electric battery is considered as a single power source for electric scooters. Mostly lithium-ion battery is widely utilized in an electric scooter among other batteries such as lead acid battery, nickel metal hydride battery, and fuel cells.
The increasing production of electric vehicles, globally, led by rise in pollution, population, emission regulations by governments, and tax benefits to manufacturers is further expected to propel the global electric scooter battery market. Customers are widely focusing on the adoption of electric vehicles for their daily commute due to rising awareness about zero-emission technology among the public. In developed countries, the demand for shared electric scooters has increased among customers, due to their easy availability, high presence of EV charging infrastructure, and zero emission vehicles, which, in turn, further fuels the electric scooter battery market.
Expansion of Electric Scooter Battery Market
Governments across the globe are emphasizing on awareness to opt for zero-emission technology and to increase the production & sales of electric vehicles, which, in turn, drive the global electric scooter battery market. Additionally, governments have also implemented several emission norms that further boost the adoption of electric vehicles and consequently, fuel the market. Apart from government agencies, other private agencies and OEMs are also promoting manufacturing, development, and adoption of electric vehicles among consumers, which further augments the electric scooter battery market.
Based on battery type, the lithium-ion battery segment held a dominant share of the global electric scooter battery market, in terms of revenue, in 2020. This segment is also expected to expand at a rapid pace during the forecast period. Moreover, rising adoption of electric two wheelers across the globe drives the demand for lithium-ion batteries. Government subsidies and incentives are also boosting EV sales, which, in turn, propel the sales of lithium-ion battery.
Based on sales channel, the original equipment manufacturers (OEM) electric scooter battery segment held a major share of the market, in terms of revenue and volume, in 2020. Electric battery witnessed lower demand in the aftermarket segment, due increased lifecycle of electric vehicles. The inclusion of swappable batteries for vehicles can decrease the demand for EV batteries from the aftermarket segment, which further propels the OEM segment of the electric scooter battery market.
Regional Analysis of Electric Scooter Battery Market
In terms of region, the global electric scooter battery market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific dominated the global electric scooter battery market, in terms of volume and revenue, in 2020. Countries in Asia Pacific witnessed significantly high demand for electric two wheelers. China has the largest number of customers using electric two wheelers, and it is considered as one of the leading countries, globally, in terms of electric scooter adoption, production, and sales.
Apart from China, countries including India and Japan also witnessed significantly high demand for electric two wheelers due to rising population and fuel prices. These factors, in turn, are anticipated to propel the global electric scooter battery market.
Impact of COVID-19 on Electric Scooter Battery Market
The COVID-19 pandemic hampered the global automotive industry, as all manufacturing facilities were halted due to lockdowns, which further restrained the market. Moreover, a shortage of raw material supply, which was required for manufacturing EV batteries was experienced due to the disruption of global supply chain. However, governments across the globe announced several relief packages and benefits for the adoption of electric vehicles, which, in turn, is projected to propel the electric scooter battery market during the forecast period.
Electric Scooter Battery Market Players
Prominent players operating in the global electric scooter battery market include LG Chem, BYD Co. Ltd., Panasonic Corporation, ENVISION AESC GROUP LTD., Contemporary Amperex Technology Co. Limited (CATL), Guoxuan Hi-Tech, Samsung SDI, CBAK Energy Technology, Inc., China Aviation Lithium Battery Co., Ltd., Wanxiang Group, Electrovaya, Siam GS Battery Co. Ltd., MOLICEL (E-ONE MOLI ENERGY CORP.), Amara Raja Batteries Limited (ARBL), EXIDE INDUSTRIES LTD., Okaya Power Pvt. Ltd., and PURE EV.
Global Electric Scooter Battery Market: Segmentation
- Electric Scooter Battery Market, by Battery Type
- Lead Acid Battery
- Flooded Batteries
- AGM Batteries
- GEL-type Batteries
- Lithium Ion Battery (LIB)
- Lithium Iron Phosphate Battery (LFP)
- Lithium Polymer Battery (LiPo)
- Nickel Metal Hydride Battery (NiMH)
- Fuel Cell
- Lead Acid Battery
- Electric Scooter Battery Market, by Battery Capacity
- 100-500 Wh
- 500-1000 Wh
- 1000-1500 Wh
- 1500-2000 Wh
- 2000 Wh & Above
- Electric Scooter Battery Market, by Sales Channel
- Electric Scooter Battery Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
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