Scooter Sharing Market Witnessing Growth due to Technological Advancements

January 17 10:36 2020
Scooter Sharing Market Witnessing Growth due to Technological Advancements

Scooter Sharing Market Research Report
Scooter Sharing Market to Grow by Five Times during 2019-2025

In 2018, the global scooter sharing market generated a revenue of $99.8 million and is projected to attain $553.0 million in 2025, registering a 24.4% CAGR during the forecast period (2019–2025). The market is growing due to the greater convenience of these services, surging road congestion in urban areas, increasing concern over greenhouse gas emissions, and technological advancements. In terms of trip, the market is bifurcated into round and one-way, between which, the one-way trip is expected to hold the larger share of the market during the forecast period.

Among all the regions, namely Europe, Latin America (LATAM), Asia-Pacific (APAC), and North America, Europe accounted for the major share of the scooter sharing market in 2018 and is further predicted to dominate the market during the forecast period. The reason for this is the early adoption of these services in the region. The APAC region is expected to witness the fastest growth during the forecast period because of the surging adoption of scooter sharing services in India. 

The rapidly increasing road congestion in urban areas is among the primary driving factors of the scooter sharing market. The surging population in major cities around the globe has resulted in a rising number of daily commuters, which, in turn, is leading to growing road congestion, primarily during peak hours. In order to deal with these problems, countries are looking for new alternatives. Governments and scooter sharing service providers are encouraging the usage of scooters for daily travelers. This can decrease traffic congestion as scooters occupy less space on the road and parking spaces. 

Scooter sharing market is further registering significant growth due to technological advancements. These services are primarily offered through mobile apps, where the users and providers connect for booking rides, making payments, and parking vehicles. Different concepts are being introduced with technological innovations. Services such as software as a service (SaaS) and platform as a service (PaaS) are also resulting in the growth of the market. SaaS aids the service providers subscribe a software from software providers and PaaS enables providers to develop their own mobile application, thereby helping them offer their services online.

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The increasing concern over greenhouse gas emissions is another factor driving the growth of the scooter sharing market. Vehicular emissions are among the major causes that have resulted in the degradation of the environment. This has further compelled the governments across different regions to formulate stringent environmental policies. Increased adoption of scooter sharing services can be a potential solution to this problem as over 95% of the scooters offered in sharing services are electric. This can help reduce the amount of carbon dioxide emitted into the environment.

Scooter sharing services are highly convenient for the general public, majorly daily commuters, which is also resulting in the growth of the scooter sharing market. The users can reach their desired destination without owning a private vehicle. In addition to this, owning a private vehicle has its own responsibilities, such as insurance claims, parking arrangements, charge of the vehicle, and vehicle’s maintenance costs. However, by making use of scooter sharing services, the user just needs to pay for the distance traveled on the basis of time, along with an initial registration cost.

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Thus, the greater convenience of scooter sharing services, increasing road congestion, surging concern regarding greenhouse gas emissions, and technological advancements are driving the market.

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