Press release
Top Players and Competitive Dynamics in the Scooter Market
Scooter
Forecasted Expansion of the Scooter Market by 2029
The scooter market is projected to experience robust growth, reaching a valuation of $99.71 billion by 2029. This expansion is expected to happen at a compound annual growth rate (CAGR) of 6.6%. Several factors contribute to this positive outlook, including the introduction of smart connectivity features, the rising popularity of scooter-sharing services, sustainable manufacturing practices, and personalized customization options for riders. Additionally, improvements in scooter design and the cost-effectiveness of scooters for short-distance travel play a crucial role in driving this growth. Key trends shaping the market during the forecast period include the widespread adoption of smart technologies, development of lightweight and compact scooters, advances in safety features, innovations in charging infrastructure, and partnerships with ride-hailing companies.
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Top Companies Leading the Scooter Market
The scooter industry is dominated by several influential companies known globally for their products and innovations. These include Yadea Technology Group Co. Ltd., Ninebot Limited, Neutron Holdings Inc., Bird Rides Inc., Honda Motor Co. Ltd., Yamaha Motor Pvt. Ltd., Piaggio & C SpA, Suzuki Motor Corporation, Hero MotoCorp Ltd., Bajaj Auto Ltd., TVS Motor Company Ltd., Mahindra & Mahindra Ltd., Kawasaki Heavy Industries Ltd., Sanyang Motor Co. Ltd., Gogoro Inc., NIU Technologies, Segway Inc., Razor USA LLC, Okinawa Autotech Pvt. Ltd., Ather Energy Pvt. Ltd., Ampere Electric Vehicles Pvt Ltd., Revolt Intellicorp Pvt. Ltd., Ola Electric Mobility Pvt. Ltd., Zhongneng Vehicle Group Co. Ltd., Baotian Motorcycle Industrial Co. Ltd., and Bashan Motorcycle Manufacturing Co. Ltd.
Significant Acquisition Shaping the Market
In a strategic move in March 2022, Tier, a Europe-based shared micro-mobility provider, acquired Spin, a micro-mobility unit owned by Ford, for an undisclosed sum. This acquisition gives Tier a foothold in North America and elevates it to become the world's largest multimodal micro-mobility provider based on the number of cities served and vehicles operated. Spin, headquartered in San Francisco, was previously part of Ford Motor Company's micro-mobility division.
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Technological Innovations Driving the Scooter Market
One of the most important drivers in the scooter market is the integration of advanced technology. Artificial intelligence (AI) is increasingly being incorporated into scooter production and operations to enhance safety, navigate traffic, assist with battery management in electric scooters, and support delivery logistics by tracking locations and identifying parking spaces. An example of this is the partnership formed in April 2022 between Voi Technology, a Sweden-based electric scooter provider, and Drover AI, a company specializing in AI-powered IoT solutions. This collaboration aims to deploy computer vision technology across Voi's e-scooters in Oslo, helping to regulate sidewalk usage, optimize parking, and improve the overall safety of scooter riding.
Scooter Market Segmentation by Product Type and Application
The global scooter market is categorized into various segments to better understand consumer preferences and applications:
1) Product Type: Electric Scooters, Gas Scooters, Kick Scooters
2) Application: Commercial, Individual
Detailed subcategories further define these product types:
- Electric Scooters include Lithium-Ion Battery Electric Scooters, Lead-Acid Battery Electric Scooters, High-Speed Electric Scooters, Foldable Electric Scooters, and Off-Road Electric Scooters.
- Gas Scooters are broken down into 50cc Gas Scooters, 150cc Gas Scooters, Heavy-Duty Gas Scooters, and Retro Gas Scooters.
- Kick Scooters feature Adult Kick Scooters, Kids Kick Scooters, Folding Kick Scooters, and Stunt Kick Scooters.
This segmentation allows manufacturers and marketers to tailor their offerings to meet the specific needs of diverse user groups across both commercial and personal transportation sectors.
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