Electric Personal Mobility Devices Market - Global Outlook & Forecast 2024-2029

INDUSTRY OUTLOOK

The global electric personal mobility devices market size was valued at USD 10.15 billion in 2023 and is expected to reach USD 14.85 billion by 2029, growing at a CAGR of 6.56% during the forecast period. Electric personal mobility devices have revolutionized urban transportation, offering compact, environmentally friendly alternatives to traditional vehicles. The market landscape for these devices features a diverse range of products tailored to meet various consumer needs, including electric scooters, skateboards, bicycles (e-bikes), and unicycles. Increasing urbanization and shifting towards sustainable transportation solutions drive consumer demand for electric bikes, scooters, and skateboards. Also, advancements in battery technology are enhancing the performance and range of these devices, making them more appealing to a broader audience. Supportive government policies and investments in charging infrastructure further bolster electric personal mobility devices market prospects, encouraging adoption in urban centers globally. Furthermore, electric scooters have surged in popularity due to their portability and convenience in urban environments. Models like the Xiaomi Mi Electric Scooter and Segway Ninebot Max emphasize lightweight, foldable designs with extended battery life and advanced safety features. These attributes cater to the growing demand for reliable, safe, last-mile commuting solutions.

MARKET TRENDS & DRIVERS

Increased Urbanization and Micro-Mobility Adoption

Micromobility vehicles offer a convenient method of private transportation in urban areas; hence, the rising level of urbanization greatly contributes to their adoption. They are useful in covering short distances and taking less space, which makes them a perfect choice in urban settings. Besides, many European countries have separate road infrastructure for such vehicles, increasing their adoption. Additionally, there is a surge in environmental awareness; as people become more conscious of climate change and the negative impacts of exhaust emissions, their reliance on micromobility has risen. Increasing environmental awareness has also resulted in greater use of public transport, but these have become increasingly crowded, forcing some to look for more use of micromobility.

Government Support for EPMDs

Government support has driven the growth and adoption of electric personal mobility devices (EPMDs) worldwide. These devices, which include electric scooters, electric bicycles, and hoverboards, have become increasingly popular as urban populations seek convenient, eco-friendly alternatives to traditional transportation methods. Government initiatives, from financial incentives to regulatory frameworks, have facilitated this transition.

One of the primary forms of government support is financial incentives. Many governments have introduced subsidies and tax breaks for manufacturers and consumers of EPMDs. For instance, some countries offer grants or rebates to individuals who purchase electric scooters or bicycles. These financial incentives reduce the upfront cost, making EPMDs more accessible to a broader audience. Additionally, governments have provided funding for research and development in electric mobility technologies, encouraging innovation and the development of more efficient and affordable devices. These efforts not only boost consumer adoption but also stimulate the growth of the electric personal mobility devices market by encouraging new entrants and fostering competition.

SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCT

The global electric personal mobility devices market by product is segmented into electric wheelchairs, electric scooters & bikes, and others. E-wheelchairs cater to individuals with mobility impairments, providing enhanced independence and ease of movement. E-scooters and bikes are widely adopted for urban commuting, offering a convenient and eco-friendly alternative to traditional transportation. Other electric personal transportation devices include e-skateboards, hoverboards, and self-balancing scooters, which are popular among younger demographics for commuting and recreational purposes. Furthermore, electric wheelchairs dominate the market due to several factors. The growing aging population increases the demand for mobility solutions that allow elderly individuals to maintain their independence. The increasing prevalence of disabilities, whether from congenital conditions, accidents, or diseases, also drives the need for reliable and efficient mobility aids. Technological advancements in e-wheelchairs, such as improved battery life, lightweight materials, and enhanced maneuverability, make them more functional. Additionally, rising healthcare expenditure ensures more people access high-quality e-wheelchairs through insurance and government programs, further boosting their market penetration.

INSIGHTS BY BATTERY TYPE

The global electric personal mobility devices market is segmented by battery type into lithium-ion, lead-acid, and others. Lithium-ion batteries dominate the segment due to their high energy density, longer lifespan, and faster charging capabilities. While less efficient and heavier, lead-acid batteries are still used in some models due to their lower cost. Other battery types, including nickel-metal hydride and solid-state batteries, are also being explored for their potential benefits in enhancing the performance and safety of electric personal mobility devices.

The high energy density of lithium-ion batteries provides longer usage times and extended travel ranges compared to other battery types, making them particularly suitable for electric personal mobility devices. Additionally, Li-ion batteries are lighter in weight, enhancing the portability and ease of handling of these devices. The faster charging times of lithium-ion batteries further contribute to their popularity among users who require quick and efficient power replenishment. As a result, the adoption of lithium-ion batteries in electric personal mobility devices continues to rise, driven by their superior performance and user convenience.

INSIGHTS BY VOLTAGE

The low voltage (24V) segment held the most significant share of the global electric personal mobility devices market in 2023. The low voltage devices (24V) are typically used in smaller, less powerful mobility aids like e-wheelchairs and some e-scooters. Low voltage devices (24V) dominate the market primarily due to their suitability for e-wheelchairs and other essential mobility aids, which are in high demand. These devices prioritize safety, reliability, and energy efficiency, making them ideal for users with mobility impairments. The lower power requirements and longer battery life of 24V systems also contribute to their widespread adoption, as they ensure consistent and dependable performance for daily use. This makes 24V devices a practical choice for a significant portion of the market, particularly in healthcare and assisted living environments. Furthermore, medium voltage (36V) is common in e-bikes and mid-range e-scooters, balancing power and efficiency. High voltage (48V and above) is reserved for more powerful devices, such as high-performance e-bikes and advanced e-scooters, delivering superior speed and range.

INSIGHTS BY END-USER

The global electric personal mobility devices market by end-user is segmented into hospitals & clinics, ASCs, homecare settings, and others. The hospitals & clinics held the most significant segmental market share in 2023. Hospitals & clinics use electric personal mobility devices to facilitate patient transport and mobility within the healthcare facility. They dominate the market due to their high patient turnover and the necessity for efficient and reliable mobility solutions to ensure patient safety and comfort. The constant need to transport patients between various departments, diagnostic areas, and wards makes electric personal mobility devices essential in these settings. Hospitals and clinics often have the budget to invest in advanced mobility aids, driven by the imperative to provide high-quality patient care and adhere to strict healthcare regulations. Furthermore, ASCs adopt these devices for efficient patient movement and postoperative mobility support. Also, homecare settings see significant use of e-wheelchairs and other mobility aids to enhance the quality of life for individuals with limited mobility.

GEOGRAPHICAL ANALYSIS

North America dominates the global electric personal mobility devices market due to high urbanization rates, supportive policies promoting sustainable transportation, and significant consumer adoption, particularly in the U.S. and Canada. In 2023, North America held over 40% share of the global electric personal mobility devices market. The market in North America has witnessed significant growth in recent years, driven by increasing urbanization, the need for sustainable transportation, and advancements in battery technology. This market includes products such as e-bikes, e-scooters, e-skateboards, and hoverboards, each catering to different consumer preferences and usage scenarios.

The European electric personal mobility devices market is expanding rapidly, driven by increasing consumer interest in sustainable and cost-effective transportation solutions. Europe sees significant growth, especially in countries like Germany, France, and the U.K., where cycling culture and eco-friendly initiatives drive the adoption of e-bikes and e-scooters. The APAC electric personal mobility devices market, led by China, Japan, and India, is experiencing rapid expansion due to dense urban populations, increasing environmental concerns, and strong manufacturing capabilities. Furthermore, Latin America and the Middle East & Africa have slower growth, constrained by economic factors and less developed infrastructure, although there is increasing interest in these devices in major urban centers.

COMPETITIVE LANDSCAPE

A mix of established companies and emerging players characterize the competitive landscape of the global electric personal mobility devices market. Key players like Lime and Rad Power Bikes lead the market with extensive product lines and strong brand recognition, focusing on urban mobility solutions like e-scooters and e-bikes. Other significant players include BYD, known for its diverse electric vehicle offerings, and Arjo, specializing in medical mobility devices. Hover-1 is notable for its range of affordable e-scooters and hoverboards. These companies compete on factors such as innovation, battery technology, and user experience, continually driving advancements in the electric personal mobility devices market. Furthermore, the EPMD market is characterized by fierce competition driven by technological innovation, diverse pricing strategies, and stringent regulatory compliance.