The global e-scooter financing market revenue amounted to US$ 17 billion in 2022. Looking ahead, the e-scooter financing market is projected to expand significantly and reach a total value of US$ 279.8 billion by the year 2033. This growth is anticipated to occur steadily at a CAGR of 29% during the forecast period.
They are quite simple to drive and hence can be a viable substitute for traditional modes of transportation, particularly in large cities for short distances.
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Electrically powered scooters are becoming more popular as consumers are preferring personal mobility solutions as compared to public transportation. E-scooters are becoming a more common and vital mode of urban mobility. Rising awareness of environmental pollution and the need to migrate from traditional gasoline-powered vehicles to electric-powered vehicles, which aids in the decarbonization of urban transportation will fuel sales.
Congestion is one of the most serious urban issues faced by cities, causing endless traffic jams. Using public transport results in delays, poor sanitation, cancellations, last-mile commute issues, and even a lack of safety. Individuals are looking for easy, time-efficient, and cost-effective forms of transportation to get to their destination due to rising traffic congestion and long commutes.
Electric scooters, especially ones manufactured for city transportation, provide a number of advantages. These e-scooters are small enough to fit in public transportation, easy to transfer over short distances, and does not get stuck in traffic in general. Furthermore, electric scooters are free of oil and fossil fuels, making for a green and peaceful mode of urban transportation. Backed by the aforementioned factors, sales in the global e-scooter financing market are expected to gain traction in the forthcoming years.
Key Takeaways from the E-Scooter Financing Market Report:
The electric scooter financing market is poised for significant growth, with the electric moped segment presenting a substantial absolute dollar opportunity of US$ 126.8 Billion. Non-banking finance corporations are set to experience a remarkable surge in demand, expanding by 13.4 times during the forecast period. Lease sales are anticipated to grow steadily at a CAGR of 30.3% between 2022 and 2032. Notably, Germany will play a pivotal role, generating an absolute dollar opportunity exceeding US$ 7.8 Billion. In North America, the United States will dominate, capturing around 68.5% of the market share. Meanwhile, India's E-scooter financing market is expected to exhibit robust growth, with sales projected to increase at a CAGR of 36.4% over the assessment period.
Competitive Landscape:
E-scooter financing providers are building strategies such as product innovation to improve their services to meet the growing demand. Players are collaborating with technology professionals to gain a competitive edge.
In March 2022, IDFC First Bank announced a partnership with Ather Energy to provide electric scooter financing options to customers. This partnership is projected to allow the customers to make use of instant loans from IDFC First Bank at low-interest rates.
In March 2022, L&T Finance joined hands with Hero Electrics to provide consumers with simple financing options, hassle-free loan approvals in under three minutes, and reasonable interest rates starting at 7.99%.
Enigma established a strategic alliance with EZFinance, a financial institution, in July 2023, to boost Enigma’s ability to provide end-to-end e-scooter financing support to its loyal dealers and assure an efficient buying experience for clients countrywide.
Quantum Energy, a well-known electric vehicle (EV) startup specializing in the design, creation, manufacturing, and selling of electric scooters, revealed a strategic partnership with Bike Bazaar in July 2023. This collaboration intends to expedite the implementation of environmentally friendly mobility solutions by making Quantum Energy’s Bziness Pro e-scooters more widely available, especially for last-mile delivery.
Leading Key Players:
In the dynamic landscape of the E-Scooter Financing Market, several key players have emerged, each bringing its unique strengths and offerings. Leading the pack are established names like Bank of America, Volkswagen Financial Services, and AEON Credit, leveraging their extensive financial expertise. Joining them are innovative disruptors such as Klarna, Katapult, and Affirm, revolutionizing financing models with their flexible payment solutions. Meanwhile, HDB Financial Services, IDFC First Bank, and L&T Finance provide robust financial infrastructures to support the burgeoning e-scooter industry. Additionally, the market sees the participation of specialized players like Greaves Finance and Hyundai Capital, catering to niche segments with tailored financing options. Together, these players not only fuel the growth of the e-scooter market but also shape the future of mobility financing with their diverse offerings and strategic collaborations.
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