As per the report published by Allied Market Research, the global electric scooter batteries market was pegged at $1.0 billion in 2020, and is expected to reach $7.3 billion by 2030, growing at CAGR of 21.6% from 2021 to 2030.
The dependency on lightweight electric vehicles is increasing rapidly owing to zero carbon emission, low operating and maintenance costs, and other factors. Moreover, significant fiscal incentives spurred the uptake of light-duty electric vehicles; thus, scaled up the growth of electronic vehicles and battery industries. This has led both government and key manufacturing companies to invest in building charging infrastructure to provide efficient and advanced charging facilities to customers. For instance, according to a report published by International Energy Agency (IEA), the governments of countries such as China, the U.S., Switzerland, and others, have provided support for electronic vehicle charging infrastructure through measures such as direct investment to install publicly accessible chargers or incentives for EV owners to install charging points at home. This is expected to lead the customers to become more linear toward using electric scooters, which in turn may boost the growth of the electric scooters battery market during the forecast period.
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The report segments the global electric scooter batteries market on the basis of analysis product type, capacity, and region.
On the basis of product type, the Li-ion segment dominated the market in 2020, contributing to nearly half of the market. However, the segment is projected to manifest the highest CAGR of 23.5% during the forecast period. The report includes analysis of other segments such as Lithium iron phosphate battery (LFP), Lithium polymer (LiPo), Sealed lead acid battery (SLA), and Nickel metal hydride battery (NiMH).
Based on capacity, the 1000-1500 Wh segment held the largest share in 2020, accounting for more than one-third of the market. However, the 1500-2000 Wh segment is estimated to register the highest CAGR of 24.8% during the forecast period.
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Region wise, the electric scooter battery market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific electric scooter battery market size is projected to witness growth at the highest CAGR during the forecast period and accounted for 97.2% electric scooter battery market share in 2020. The Indian government has launched several schemes to provide subsidies on the purchase of electric scooters. For instance, the faster adoption and manufacturing of electric vehicles in the India phase 2 (FAME 2) scheme provides subsidies on the purchase of electric scooters. This is anticipated to increase the sales of electric scooters which in turn may propel the growth of the electric scooter battery market in the Asia-Pacific region.
Key players operating in the global electric scooter battery industry include Contemporary Amperex Technology Co. Ltd., Dande Renewable Energy Pvt. Ltd., Hunan CTS Technology Co. Ltd., LG Energy Solution, Maxvolt Energy, Pastiche Energy Solutions, Pure EV, Samsung SDI Co. Ltd., SmartPropel Lithium Battery, and Xupai Battery Inc.
Get detailed COVID-19 impact analysis on the Electric Scooter Battery Market
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COVID-19 analysis
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The electronic scooter battery market has been negatively impacted, due to the wake of the COVID-19 pandemic owing to its dependence on transportation sectors. According to a report published by the International Energy Agency, the global road transport activity was almost 50% below the average by the end of March 2020 as compared to March 2019. Also, several companies have either shut down or shrank their operations, due to the risk of infections among the workforce, which in turn has slowed the production rates of electric scooter batteries during the COVID-19 period. In addition, the falling income of customers and travel restrictions imposed by both local and government bodies has decreased the sales of electric scooters which in turn has led the electric scooter battery market to witness a downfall in demand. Also, around 180 countries have temporarily stopped the trade of unnecessary products, which in turn has hampered the demand-supply chain of electric scooter battery amid the COVID-19 situation.
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