Free-Floating Segment to Acquire the Dominant Part of the Global E-scooter Sharing Market, Exhibiting a CAGR 13%, according to Fact.MR
June 23, 2022
Offline E-Scooter Sharing Segment Acquired 4.5% Of The Global Market Share In 2021 And Is Expected To Grow Rapidly With A CAGR Of 12.6% During 2022-2032.
/EIN News/ -- United States, Rockville MD, June 23, 2022 (GLOBE NEWSWIRE) -- During the forecast period 2022-2032, the E-scooter sharing market is expected to grow at a value of 19%. In 2021, this market was predicted to have a global valuation of US$ 930 Mn, and is expected to reach a sum of US$ 6302.2 Mn by 2032. The market is going to face increasing demand owing to the increase in growing traffic congestion and the increased environment pollution caused by them.
From 2017 to 2021, the E-scooter sharing industry grew at a CAGR of 17.3%. During these years, the main limelight of the traditional mode of scooter sharing- the station bound sharing system. This did not provide flexibility to the users and thus the demand fell during these years. With the advent of the free-floating segment of the E-scooters sharing systems, the users were provided with enhanced flexibility. They had the option of picking up and dropping the vehicle to their preferred location. This accelerated the demand of E-scooter sharing programs in the global market.
“Due to various increased traffic congestion on the road, which leads to higher pollution levels, the demand for E-scooter sharing is expected to rise in the future. This necessitates a sustainable commute option for people, and E-scooters are the preferred option for people worldwide. More companies will be able to enter the market and create new opportunities as technology advances in these vehicles during the forecast period. ,” comments a Fact.MR analyst.
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In the second half of 2019, the trend of e-scooter sharing shifted from the United States to Europe. The European market has a high revenue share due to the prominence of key market players and high levels of consumer awareness about e-scooter sharing services. Simultaneously, growth in the APAC market is attributed to changing commuter behavior, increased internet penetration, and growing awareness of e-scooter sharing services, as well as the entry of key market players and the emergence of local market players. The key players, globally, are focussing on various kinds of technological advancements in these scooters to make the riding experience more comfortable for the users.
Key Takeaways from the Market Study
- In 2022, the global E-scooter sharing market is estimated to have a global market size of US$ 1106.7 Mn.
- The E-scooter sharing market in Europe acquired 66% of the global market share in 2021.
- The APAC region was projected to acquire 23% of the global market share in 2021.
- By product, the Free-floating E-scooter sharing segment took over 95.5% of the global E-scooter sharing market share in 2021.
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Globally, the electric scooter sharing market is highly consolidated, with only a handful of major market players accounting for nearly all of the market shares. Leading companies are pursuing geographic expansion in order to capture untapped markets. The market share of key players is also growing through mergers and acquisitions.
- Bounce, a Bengaluru-based start-up, unveiled its first electric scooter on November 5, 2021. Rather than purchasing batteries with the scooter, Bounce will offer customers the option to rent them. A recurring subscription fee will be added to the scooters, so they will be less expensive.
- Lime introduced three new features in April 2021 to improve the user experience: free 10-minute reservations, customizable display themes, and vehicle recommendations. Furthermore, the company has created app clips that allow users to ride without downloading the official application.
- Singapore's Neuron Mobility and Lime partnered up in October 2021 to offer e-scooters in Christchurch, New Zealand.
- Lime acquired Jump, a bike- and scooter-sharing service owned by Uber, in May 2020.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global E-scooter sharing market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (Free-floating, station-bound), by distribution channel (online, offline), and across five major regions (North America, South America, Europe, Asia Pacific and Middle East & Africa).
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