The Electric Transporters market has experienced a remarkable growth trajectory, majorly attributed to the rapid advancements in digital technology and solutions.
Fort Collins, Colorado, Feb. 08, 2024 (GLOBE NEWSWIRE) — The Electric Transporters Market size was valued at USD 39.6 Billion in 2022 and is anticipated to reach USD 85.7 Billion by 2032 at a CAGR of 8.1%.
Several factors, including the increasing focus on eco-friendly alternatives for short distances, the rise in fossil fuel prices, and the growing problem of traffic congestion, drive the market growth in the transportation industry. Fortunately, electric transporters can help mitigate these issues, providing a better alternative to automobiles for last-mile transit and reducing congestion. According to the Tomtom Traffic Index, major cities in North America, such as New York, Toronto, Vancouver, Washington, San Francisco, Boston, and Chicago, face significant congestion problems, leading to an additional 100 USD per capita in annual fuel consumption.
Moreover, a study by the Georgia Institute of Technology showed that using micro-mobility solutions like electric scooters and electric bikes could reduce daily commute time by 9-11% compared to conventional modes of transportation. This benefit is crucial as it saves time and helps people manage their daily schedules efficiently. The high prices of fossil fuels and carbon emissions caused by their usage lead to climate change, according to the International Energy Agency (IEA). In 2022, global CO2 emissions from transportation amounted to 5.87 gigatonnes, 3% higher than in 2021.
Electric transporters can help mitigate these problems by operating on batteries instead of fuels, so they do not emit carbon dioxide or other harmful gases. They are an affordable alternative to other electric vehicles, such as electric cars or bikes, which is a significant reason for their growing popularity. They are safe, easy, convenient to use, lightweight, and portable, making them an ideal option for people who want to reduce their carbon footprint and save money on transportation costs.
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The global electric transporters market has been segmented into vehicle type, battery type, voltage and region. The electric scooter segment held the largest market share, primarily due to its substantial range and lower operating costs. The relatively uncomplicated design of these vehicles also makes repair and servicing easier. Moreover, shared electric scooter services offered by market players such as Lime, Bird, Ofo, and Spin have further contributed to the growing popularity of these mobility solutions. Additionally, the 48V segment accounted for a higher market share in 2022. This can be attributed to the high power of 48V batteries, which enables increased functionality and better range for electric scooters. As such, 48V batteries are the preferred choice for these vehicles, primarily due to their longer range than other electric transporters.
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Electric Transporters Market Report Highlights:
- The global electric transporters market growth is anticipated at a CAGR of 8.1% by 2032.
- Electric transporters are becoming popular due to their ability to provide eco-friendly alternatives for short distances, reduce traffic congestion, and save transportation costs. They do not emit carbon dioxide or other harmful gases and offer an affordable alternative to other electric vehicles. Studies show that micro-mobility solutions like electric scooters and electric bikes can reduce daily commute time by 9-11%. With the increasing focus on eco-friendly alternatives, rising fossil fuel prices, and growing traffic congestion, electric transporters are ideal for people who want to reduce their carbon footprint and save money on transportation costs.
- The Asia Pacific region is expected to hold a significant market share in the coming years. The governments in the region are progressively focusing on deploying sustainable modes of transportation to tackle traffic congestion and other related issues arising due to the rapidly expanding urban population. Consequently, the adoption of electric transporters is on the rise.
- Some prominent players in the electric transporters market report include Jiangsu Xinri Electric Vehicle Co. Ltd, Xiaomi, Bird Rides Inc., Razor USA LLC, Terra Motors Corporation, Gogoro Inc., Mahindra GenZe, Vmoto Limited, and BMW Motorrad International.
Industry Trends and Insights:
- The Xiaomi 14 series will launch globally on February 25th, featuring the Xiaomi 14, Xiaomi 14 Pro, and Xiaomi 14 Ultra devices. The launch will happen a day before the Mobile World Congress in Barcelona.
- Razor USA LLC and DGL Group, Ltd. have settled the patent infringement case brought against DGL by Razor and Mr. Shane Chen, the inventor of the Hovertrax line of self-balancing scooters.
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Electric Transporters Market Segmentation:
By Vehicle Type: Electric scooter, Electric bike, and Electric skateboards
By Battery Type: Sealed Lead Acid, NiMH, and Li-Ion
By Voltage: 24V, 36V, 48V and Greater Than 48V
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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