Top Companies in Electric Scooter Market | Leading Industry Players Historic data, Growth rate, Market Overview by VMR

Electric Scooters are plug-in electric vehicles that are powered by an electric battery or a combination of an electric battery and an internal combustion engine.

Top Companies in Electric Scooter Market | Leading Industry Players Historic data, Growth rate, Market Overview by VMR

Market Overview:

The Global Electric Scooter Market is valued at USD 19.6 Billion in the year 2021 and is projected to reach a value of USD 29.9 Billion by the year 2028. The Global Electric Scooter Market is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 7.3% over the forecast period. Increasing investments by governments across the globe to develop charging infrastructure and incentives offered to buyers will create opportunities for OEMs to expand their revenue stream and geographical presence. The market in the Asia Pacific is projected to experience steady growth owing to the high demand for energy-efficient and emission-free electric two-wheelers, while the North American market is the fastest-growing market due to the government initiatives and the growing high-performance E-Motorcycle segment. However, the lack of a charging infrastructure network, high costs involved in initial investments, and performance constraints could hamper the growth of global electric scooter and motorcycle market.

The production and sales of new vehicles had come to a halt across the globe as the whole ecosystem had been disrupted in the initial outbreak of COVID 19. OEMs had to wait until lockdowns were lifted to resume production, which affected their businesses. Hence, vehicle manufacturers would need to adjust the production volume. Also, component manufacturing is suspended, and small Tier II and Tier III manufacturers could face liquidity issues. The automotive industry is highly capital-intensive and relies on frequent financing to continue operations. Thus, the production suspension during the outbreak and lower demand will have an unprecedented impact on electric scooters and motorcycle manufacturers.

Due to the COVID-19 pandemic, many countries had imposed a complete lockdown of more than two months, which, in turn, has impacted vehicle production. Manufacturing units around the world were shut down, and vehicle sales have taken a huge hit. However, the majority of the automakers resumed vehicle production with limited production and necessary measures.

Market Players:

Company Name

Revenue in USD

  • Mahindra GenZe

$90 Million

  • BMW Motorrad International

$7 Million

  • Vmoto Limited

$55 Million

  • Terra Motors Corporation

$29 Million

  • Gogoro Inc.

$741 Million

  • Jiangsu Xinri Electric Vehicle Co. Ltd.

$443 Million

  1. Mahindra GenZe

In 1945, Mahindra GenZe's journey commenced to get into the steel business, and over time, they expanded to 22 key industries. A need for change in the agricultural practices pushed us to foray into that sector right before the agricultural revolution began in India. They became one of the key torch-bearers of the IT revolution in their country. The company's focus now lies in developing alternate energy sources because they believe energy conservation will play a huge role in ensuring a better future – for not just our country and communities, but the entire world.

  1. BMW Motorrad International

The special fascination of the BMW Group not only lies in its products and technology but also in the company’s history, written by inventors, pioneers, and brilliant designers. Today, the BMW Group, with its 31 production and assembly facilities in 15 countries as well as a global sales network, is the world’s leading manufacturer of premium automobiles and motorcycles, and provider of premium financial and mobility services. The BMW Group sets trends in production technology and sustainability as an innovation leader with an intelligent material mix, a technological shift towards digitalization, and resource-efficient production. At the same time, flexibility and continuous optimization of value chains ensure competitiveness.

  1. Vmoto Limited

Vmoto Limited is a global scooter manufacturing and distribution group. The Company specializes in high-quality electric-powered two-wheel vehicles and manufactures a range of western-designed electric scooters from its wholly-owned 30,000sqm state of the art manufacturing facility in Nanjing, China. Vmoto combines low-cost Chinese manufacturing capabilities with European design and offers high performance and competitive products to international markets. Vmoto operates through three primary brands: Vmoto, E-Max, and Super Soco. As well as operating under these brands, the Company also manufactures for a number of customers on an original equipment manufacturer (“OEM”) basis.

  1. Terra Motors Corporation

Terra Motors Corporation is No.1 Electric two&three wheeler from Japan. The company's vision is 'leading innovations with Electric Vehicles in creating a clean and sustainable society. Terra Motors has business operations in South East Asia and South Asia. The company's mission is to create a sustainable world with innovations. Terra Motors designs and manufactures electric two-wheelers and three-wheelers with their well-experienced Japanese engineers. Especially, their core technology is a power train system including a battery, charger, motor, and controller. The company's production plant is in India, Bangladesh, Vietnam, and Japan.

  1. Gogoro Inc.

Founded in 2011, Gogoro is putting energy into things that matter. With a mission to deliver consumer innovations that will improve how the world’s most populated cities distribute and utilize energy, the company is enabling the transformation of megacities into smart cities. The company is working toward a better future by putting power in the hands of everyone to move us all forward, faster.

  1. Jiangsu Xinri Electric Vehicle Co. Ltd.

Jiangsu Chamber of Commerce for Import & Export Firms, 5A social organization, was restructured and established on December 8, 2003, and is headquartered in Nanjing Jiangsu China. It has nearly 2,000 members, mainly about trade and economics. The company's aim at “serve members and speak for the industry and commerce”, strive to be” the home of enterprises and assistant of the government” and provide the following services. One is organizing all types of economics and trade activities to promote business development in Jiangsu. Organizing tests and training including International Commercial Documents in Jiangsu, overseas labor service testing center of Jiangsu province, and training about foreign trade skills, business negotiation, tax, and customs. Providing information about trade and foreign economics, investment information, and the newest policy information. In addition, they also provide law services like an early warning and reminder of risks, helping respond to trade frictions and barriers, safeguarding legal rights, giving legal advice to help enterprises solve legal problems through various channels, and enhancing their ability to handle trade frictions.

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