Sales of electric vehicles (EVs), including the market share for electric scooters, are set to grow. Various statistical records and market information, as well as the inclinations of key players among the vehicle manufacturers to ramp up their electric plans, show that the transition from gasoline cars to EVs is inevitable. A Cnet report even proclaimed that 2022 would be remembered as the year when the floodgates for electric cars opened.
And as we ushered in the second quarter of 2023, the growing desire to pursue cleaner energy by the public and their concerns over environmental issues such as global pollution serve to fuel the latest developments of the electric vehicle industry. In general, most of the critical aspects of electric vehicle development have been receiving continuous government support from various nations in response to the alarming rise of carbon emissions and fuel product demands. This has also led to a significant shift toward the adoption of electric vehicles.
All these indicators, along with the presence of an expanding number of e-scooter manufacturers, highlight a significant EV-oriented automobile industry development that all automotive wholesalers can ride on and thrive with. The good news is that anyone may begin exploring the EV industry by starting with some affordable and common single-person electric vehicles.
To better determine how to ride on such an electric vehicle wave, let’s take a look at the popularity of micro-mobility vehicles such as electric scooters or e-scooters, and their top trends in 2023.
Overview of the micro-mobility market
If you have not heard of the term micro-mobility, don’t worry as it is still considered a fairly new term despite not being a brand-new concept since its inception in September 2017 during the first micro-mobility summit. In essence, they are referring to compact, foldable, and lightweight vehicles that more often than not, rely on electric power.
The global market of micro-mobility is growing at a rapid pace by all accounts. Between the forecast period of 2021 to 2030, the market is projected to enjoy a significant increase at a compound annual growth rate (CAGR) of 17.4%. This number is estimated to have risen from an estimated US$ 44.12 billion in 2020 to an around 500% increment in 2030, reaching US$ 214.57 billion by then. Among all these micro-mobility vehicles, electric scooters were singled out for their stable increment in the rental and sharing sector, especially in the Asia Pacific region. According to Statista, global e-scooter sharing services are expected to reach US$ 3.11 billion by 2027, with the United States expected to have the highest revenue in 2023.
In fact, industry analysts were becoming increasingly optimistic about the e-scooter market expansion, with some even predicting a 760% increase in the global forecast for the electric scooter market based on 2021 estimates. This is believed to be achievable with an aggressive 25.3% CAGR to hit a total of more than US$ 380 billion market size by 2030!
Top e-scooter trends in 2023
As technology progresses, e-scooters are evolving to become more intelligent and connected. Numerous smart features with additional benefits, such as GPS tracking, remote diagnostics, and mobile app integration, are becoming standard features in many e-scooter models.
In other words, a smart electric scooter is outfitted with cutting-edge technology that provides greater ease to the riders, for example, an electric scooter with a single-button function to turn on the vehicle or lighting or even to adjust the speed. Meanwhile, as featured in the picture below, a basic smart e-scooter may also be integrated with entertainment functions such as speakers with music controls via the mobile application.
While the retail prices for most smart electric scooters that come with fundamental smart app functions typically range between US$ 300 – US$ 500, the wholesale prices for these scooters are normally much lower, around US$ 200 or less. This also applies to specialized models such as electric scooters with waterproof features or electric scooters with lightweight batteries.
High-end electric scooters equipped with smart applications and advanced hardware capabilities can command significantly higher prices, regardless of whether it is at a retail or wholesale level. For instance, a golf-focused electric scooter with a “smart auto balance” feature that involves sensors, gyroscopes, and advanced algorithms to regulate speed and tilt in order to maintain rider balance can easily cost more than US$ 800.
By the same account, a powerful electric scooter with a robust 5600w motor and various high-tech features, including smart app control and the ability to reach a maximum speed of 90km, may carry a price tag of around US$ 1000 even when ordered at a wholesale level.
Safety is a top priority for e-scooter manufacturers, and many companies are investing in new technologies to ensure that users are as safe as possible while using their products. A few most significant safety advancements in the electric scooter industry include the emergence of better braking systems, robust suspension systems, and more durable, puncture-resistant tires.
An electric scooter that comes with a pneumatic tire is a good example that highlights the importance of puncture-resistant tires. Although not all pneumatic tires are designed to be puncture-resistant, they still offer a cushioning effect that helps to absorb shocks and vibrations, particularly during off-road rides.
On the other hand, in terms of braking and suspension, most e-scooters are equipped with dual disc brakes and suspension systems that can mitigate the impact of shocks and vibrations caused by uneven surfaces. In addition, many scooters include damping systems to further minimize this impact. For instance, an electric scooter that features a front damping system and computer numerical control (CNC) oil disc brakes can greatly improve safety while traveling over rough terrain.
Even though an e-scooter equipped with dual disc brakes – one at the front and the other at the rear – can effectively bring the vehicle or equipment to a quick stop, it’s important to note that this doesn’t necessarily mean that the brakes are responsive. A responsive brake system is one that is sensitive and reacts quickly to the driver’s input. Therefore, an e-scooter packed with powerful safety features should ideally include such responsive features.
For example, the e-scooter shown in the image below prioritizes safety with its various features, including dual disc brakes that respond quickly, LED headlights and tail warning lights, a hydraulic shock absorption system, a sturdy shock absorber, and 11-inch off-road tires with deep grooves for improved traction. These safety-focused features provide riders greater control and make the scooter an ideal choice for those who prioritize safety when selecting an e-scooter.
In the meantime, some electric scooter manufacturers are targeting to go beyond the typical disc brakes found on most e-scooters. They incorporated advanced functionalities that are usually associated with heavier vehicles such as motorcycles and cars to surpass current standards. One such example is an e-scooter that boasts an electronic blackout brake in addition to front and rear oil brakes. These enhanced braking features help prevent accidents by quickly bringing the scooter to a stop and allowing for safer braking at higher speeds.
Economical is the new sexy
With the gloomy forecast for world economic growth in 2023 from the IMF (International Monetary Fund), it appears that there won’t be much good news for the global economy in 2023 or even 2024. The worldwide growth is expected to slow down from last year’s estimation of 3.4% to 2.9% in 2023, only to pick up slightly to 3.1% in 2024.
Given the state of the economy, it’s not surprising that many end customers are starting to be more vigilant in their spending and limiting their consumption of certain products and services. These include their daily commute in order to maneuver across the potentially turbulent economic uncertainty.
In the midst of such a grim economic climate, electric vehicles which offer lower fuel costs and reduced maintenance fees are undoubtedly the top choice for the majority of current consumers. Yet among all the available electric vehicles, electric scooters are the most favored cheap forms of transportation for urban point-to-point travelers or for those who frequently travel in the city to avoid getting stuck in traffic congestion.
One example of such an economical e-scooter is this under US$ 500 wholesale offer, which comes with two seats and a powerful 2000w engine that suggests a potential top speed of 25-30 miles per hour (MPH). Another example is an IPX6-rated waterproof electric scooter model that can go as low as under US$ 300 when ordered at a bulk wholesale level.
Lightweight with simple minimalist design are the common features of economical electric scooters. Affordable pricing however does not necessarily mean that these options lack features or safety measures. A dual-brake e-scooter equipped with Bluetooth can cost under US$ 150 and still come with multiple safety features including anti-slip tires and LED front light, as seen in the image below.
In fact, it can be a pleasant surprise to find out that a smart electric scooter, which can be efficiently controlled through a smartphone app and equipped with larger-than-average tires designed for off-road terrain, can be acquired for a price that is below US$ 120 when purchased in bulk at the wholesale level.
In recent years, the public’s growing concern for the environment and their desire to pursue cleaner energy sources are driving the substantial growth of the electric vehicle industry. Anyone can begin exploring the EV industry starting with affordable and widely available single-person electric vehicles such as electric scooters. E-scooters are the exciting and rapidly evolving category of micro-mobility vehicles, primarily driven by the considerable increase in the number of rental and vehicle-sharing options available in Asia Pacific. As we look toward 2023, it is clear that smart-driven features, safety advancements, and economic models will continue to shape the market growth of electric scooters. By investing in these industry trends, e-scooter manufacturers and wholesalers will be well-positioned to meet the increasing demand for efficient and sustainable transportation solutions. For enhanced readiness in your business, make sure to explore the multiple sections on Alibaba Reads that provide sourcing advice and insights across various categories.