Electric Scooter Market

Part
01
of two
Part
01

US Electric Scooter Market Size

The current (2019) US market size for electric scooters (e-scooters) is estimated to be $95.03 million.

Useful Insights

  • In 2015, 4,934 e-scooters were sold in the US. It is estimated that by 2024, sales will rise to 21,756 units.
  • In 2015, 2,021 e-motorcycles were sold in the US. It is estimated that by 2024, sales will rise to 37,667 units.
  • The US accounts for a share of about 85% in the North American e-scooter and e-motorcycle market.
  • The 2018 size of the North American e-scooter and e-motorcycle market was $154.8 million. This figure is projected to grow at a CAGR of 28.4% from 2019 through 2024.

Research Strategy

Your research team commenced by consulting credible market report and data providers such as Grand View Research, BusinessWire, PRNewswire, and Statista to find market studies and publications that provide the growth rate, as well as an outlook for the US electric scooter market. This approach failed to yield any information specific to the current state, the future state, or the growth rate of the US electric scooter market. The only results this approach could yield were those that provided information on the current and future state of the North American and global electric scooter market, as well as the number of emobility vehicles sold in the US in 2015. However, these were insufficient to provide the current size of the market.
Next, we moved on to search for studies, interviews, and surveys regarding the preferences of younger generations such as the iGeneration, Generation Z, and Millennials, since they are the most likely population to dominate the use of the form of transportation that require electric scooters. This led us to a publication on the motivations of Millennials when considering the means of transportation to take, as regards environmental impacts and considerations. The study showed that 24% agreed that it is better to use a motor scooter or moped for transportation purposes because it is better for the environment, while 36% stated that they are more willing to use public transits compared to other transportation options because it affords them more opportunity to socialize while traveling. Unfortunately, the insights gathered from this approach were not enough to provide sufficient insights to estimate the size of the electric scooters market in the US.
Finally, we sought to determine the future trends of micromobility that are most likely to impact or act as a significant determinant of the use of electric scooters as an option for addressing the challenges of micromobility. We found a Deloitte publication that discussed the evolution of micromobility in the US. The publication revealed that as of late 2018, the University of Georgia and the Arizona State University had each seized about 1,000 scooters. Similarly, a San Francisco board of supervisors put a temporary ban on all scooters and afterward, passed a local law that requires companies that operate powered or shared scooters to have permits. Again, these insights were insufficient to determine or estimate the market size of electric scooters in the US. However, by combining the insights gathered throughout the research process, we were able to calculate an estimate for the market size of electric scooters in the US.

Calculations

The number of e-scooters sold in the US in 2015 was 4,934. By 2024, this number will grow to 21,756. To get the number of e-scooters sold in 2019, the Compound Annual Growth Rate (CAGR) has to be calculated using a CAGR calculator, where the initial value = 4,934; the final value = 21,756; the number of periods = 9 (2024 – 2015). This yields the CAGR as 17.92%. To get the number of e-scooters sold in 2019, then, the CAGR calculator is used again, where, this time, the CAGR = 17.92% (as calculated above), the initial value = 4,934, and the number of periods = 4 (2019 – 2015). This gives the final value, that is, the number of e-scooters sold in 2019 as 9,540.
Also, the number of e-motorcycles sold in the US in 2015 was 2,021. This number will grow to 37,667 by 2024. To get the number of e-motorcycles sold in 2019, the CAGR is calculated using a CAGR calculator, where the initial value = 2,021; the final value = 37,667; the number of periods = 9 (2024 – 2015). This yields the CAGR as 38.41%. To get the number of e-motorcycles sold in 2019, then, the CAGR calculator is used again, where, this time, the CAGR = 38.41% (as calculated above), the initial value = 2,021, and the number of periods = 4 (2019 – 2015). This gives the final value, that is, the number of e-motorcycles sold in 2019 as 7,417.
The total number of e-scooters and e-motorcycles sold in the US in 2019 = 9,540 + 7,417 = 16,957. The number of e-scooters sold represents a share of (9,540/16,957) * 100 = 56.26%. This means that e-scooters account for a market share of 56.26% in the US e-scooter and e-motorcycle market size in 2019.
In 2018, the North American e-scooter and e-motorcycle market had a size of $154.8 million, and the market is estimated to grow at a CAGR of 28.4% through 2024. Thus, using a CAGR calculator (SOURCE 5), where the initial value = $154.8 million, and the number of periods = 1 (2019 – 2019); the 2019 market size (the final value) = $198.76 million. However, the US accounts for 85% of this market. That is, 0.85 * $198.76 million = $168.95 million, this is the 2019 US e-scooter and e-motorcycle market size. As calculated above, e-scooters account for 56.26% of the e-scooter and e-motorcycle market in the US. Thus, the 2019 US market size for e-scooters is 56.26% of $168.95 million, that is, 0.5625 * $168.95 million = $95.03 million.

Part
02
of two
Part
02

US Electric Scooter Market Outlook and Growth

The expected Compound Annual Growth Rate (CAGR) of the US electric scooter market over the next 10 years is estimated to be 14.7%. The future (2029) market size of the US electric scooter market is estimated to be $665.86 million.

Useful Insights

  • From 2019 through 2030, the North American electric scooter market is expected to grow at a CAGR of 14.7%.
  • From 2019 through 2030, North America is expected to have the highest growth rate in the global electric scooter market.
  • The US accounts for a share of about 85% in the North American e-scooter and e-motorcycle market.
  • In 2015, 4,934 e-scooters were sold in the US. It is estimated that by 2024, the sales would rise to 21,756 units.
  • In 2015, 2,021 e-motorcycles were sold in the US. It is estimated that by 2024, the sales would rise to 37,667 units.
  • The 2018 size of the North American e-scooter and e-motorcycle market was $154.8 million. This figure is projected to grow at a CAGR of 28.4% from 2019 through 2024.

Research Strategy

Your research team commenced by consulting credible market report and data providers such as Grand View Research, BusinessWire, PRNewswire, and Statista to find market studies and publications that provide the growth rate, as well as an outlook for the US electric scooter market. This approach failed to yield any information specific to the current state, the future state, or the growth rate of the US electric scooter market. The only results this approach could yield were those that provided information on the current and future state of the North American and global electric scooter market. However, these were insufficient to provide the required future outlook and growth rate of the market.
Next, we moved on to search for studies, interviews, and surveys regarding the preferences of younger generations such as the iGeneration, Generation Z, and Millennials, since they are the most likely population to dominate the use of the form of transportation that require electric scooters. This led us to a publication on the motivations of Millennials when considering the means of transportation to take, as regards environmental impacts and considerations. The study showed that 24% agreed that it is better to use a motor scooter or moped for transportation purposes because it is better for the environment, while 36% stated that they are more willing to use public transits compared to other transportation options because it affords them more opportunity to socialize while traveling. Unfortunately, the insights gathered from this approach were not enough to give a clear understanding or outlook regarding the outlook and future market growth of electric scooters in the US.
Finally, we sought to determine the future trends of micromobility that are most likely to impact or act as a significant determinant of the use of electric scooters as an option for addressing the challenges of micromobility. We found a Deloitte publication that discussed the evolution of micromobility in the US. The publication revealed that as of late 2018, the University of Georgia and the Arizona State University had each seized about 1,000 scooters. Similarly, a San Francisco board of supervisors put a temporary ban on all scooters and afterward, passed a local law that requires companies that operate powered or shared scooters to have permits. Again, these insights were insufficient to determine or estimate the future market growth rate or outlook of electric scooters in the US. However, by making some logical assumptions and combining the insights gathered throughout the research process, we were able to calculate an estimate for the future growth rate, as well as the future market size of electric scooters in the US.

Calculations and Assumptions

The number of e-scooters sold in the US in 2015 was 4,934. By 2024, this number will grow to 21,756. To get the number of e-scooters sold in 2019, the CAGR has to be calculated using a CAGR calculator, where the initial value = 4,934; the final value = 21,756; the number of periods = 9 (2024 – 2015). This yields the CAGR as 17.92%. To get the number of e-scooters sold in 2019, then, the CAGR calculator is used again, where, this time, the CAGR = 17.92% (as calculated above), the initial value = 4,934, and the number of periods = 4 (2019 – 2015). This gives the final value, that is, the number of e-scooters sold in 2019 as 9,540.
Also, the number of e-motorcycles sold in the US in 2015 was 2,021. This number will grow to 37,667 by 2024. To get the number of e-motorcycles sold in 2019, the CAGR is calculated using a CAGR calculator, where the initial value = 2,021; the final value = 37,667; the number of periods = 9 (2024 – 2015). This yields the CAGR as 38.41%. To get the number of e-motorcycles sold in 2019, then, the CAGR calculator is used again, where, this time, the CAGR = 38.41% (as calculated above), the initial value = 2,021, and the number of periods = 4 (2019 – 2015). This gives the final value, that is, the number of e-motorcycles sold in 2019 as 7,417.
The total number of e-scooters and e-motorcycles sold in the US in 2019 = 9,540 + 7,417 = 16,957. The number of e-scooters sold represents a share of (9,540/16,957) * 100 = 56.26%. This means that e-scooters account for a market share of 56.26% in the US e-scooter and e-motorcycle market size in 2019.
In 2018, the North American e-scooter and e-motorcycle market had a size of $154.8 million, and the market is estimated to grow at a CAGR of 28.4% through 2024. Thus, using a CAGR calculator, where the initial value = $154.8 million, and the number of periods = 1 (2019 – 2019); the 2019 market size (the final value) = $198.76 million. However, the US accounts for 85% of this market. That is, 0.85 * $198.76 million = $168.95 million, this is the 2019 US e-scooter and e-motorcycle market size. As calculated above, e-scooters account for 56.26% of the e-scooter and e-motorcycle market in the US. Thus, the 2019 US market size for e-scooters is 56.26% of $168.95 million, that is, 0.5625 * $168.95 million = $95.03 million.
Since the US market accounts for the vast majority of the North American market, it can be assumed that the US market will grow at the same rate as the North American market from 2019 through 2029, that is, 14.7%. Thus, using the CAGR calculator, where the initial value = $198.76 million (the 2019 size of the North American market), the CAGR = 14.7%, and the number of periods = 10 (2029 – 2019). The final value (2029 size of the North American market), = $783.36 million. Also, assuming that the US will maintain its dominance (85%) of the electric scooter market, the 2029 size of the US electric scooter market can be estimated as 85% of $783.36 million, that is, 0.85 * $783.36 million = $665.86 million.

Sources
Sources