Electric Transporters Market Size, Share and Trends 2024 to 2034

Electric Transporters Market Size and Forecast 2024 to 2034

The global electric transporters market size accounted for USD 46.71 billion in 2024 and is anticipated to reach around USD 104.83 billion by 2034, growing at a CAGR of 8.42% from 2024 to 2034. Enhancements in battery technology are the key factor driving the electric transporters market. Also, growing support from government policies coupled with reduced costs can fuel market growth shortly.

Electric Transporters Market Key Takeaways

• Asia Pacific dominated the electric transporters market with the largest market share of 44% in 2023.
• North America is expected to show the fastest growth in the market over the studied period.
• By vehicle, the electric scooter segment contributed the biggest market share of 57% in 2023.
• By vehicle, the electric skateboard segment is expected to grow at the fastest rate in the market over the forecast period.
• By battery, the Li-Ion segment led the market in 2023.
• By battery, the NiMH segment is anticipated to grow at the fastest rate in the market over the forecast period.
• By voltage, the 48V segment held the highest market share of 51% in 2023.
• By voltage, the greater than 24V segment is estimated to grow at the fastest rate in the market over the projected period.

Asia Pacific Electric Transporters Market Size and Growth 2024 to 2034

The Asia Pacific electric transporters market size is estimated at USD 10.24 billion in 2024 and is expected to be worth around USD 23.32 billion by 2034, rising at a CAGR of 8.52% from 2024 to 2034.

Asia Pacific dominated the electric transporters market in 2023. The dominance of the region can be attributed to the region's increasing focus on sustainable transportation, growing urbanization, and the need to address issues like air pollution and traffic congestion. Furthermore, governments in the region are implementing strict regulations regarding emissions and providing incentives to facilitate cleaner transportation options. China dominates the region due to the increasing adoption of EVs in the country.

• In September 2024, Chinese automotive manufacturer BYD launched two new electric commercial vehicles for the European market at the IAA Transportation event in Hannover, Germany. The BYD E-VALI, a pure-electric light commercial vehicle (LCV), and the BYD EYT 2.0, an electric yard tractor, both made their debut at the event.

North America is expected to show the fastest growth in the electric transporters market over the studied period. The growth of the region can be credited to the increasing awareness about environment preservation among regional consumers coupled with the region’s enhanced electric vehicle industry. Moreover, nations like the U.S. and Canada are experiencing major developments in the market. The U.S. led the regional market due to innovations in battery technology and government incentives for EVs.

Market Overview

Electric transport is used to transport passengers and goods for a short distance to reach the desired location. The purpose behind this multi-purpose vehicle is to offer cheaper vehicle transportation with reduced time. An electric transporter has electric motors placed for its propulsion and uses electrical energy, which is then stored in rechargeable batteries. Also, there are several ongoing government initiatives for green transportation for electric vehicles, along with substantial investment in EV infrastructure.

Top electric cars exports by country in 2023.

The Role of AI in Transforming the Electric Transporters Market

The combination of AI with the electric transporters market is creating an advanced transportation landscape that facilitates charging schedules, assists in battery production, and even customizes the overall driving experience. This collaboration enhances efficiency and lengthens driving range. Furthermore, increasing demand for self-driving cars and the utilization of AI in traffic management enhanced automotive solutions. Government initiatives are also boosting global automotive AI solutions.

• In October 2024, Uber announced the launch of an AI chatbot for EV-curious drivers. The company is also upgrading its platform with new sustainability-minded features, such as an “EV preference” that will let consumers opt for fully electric vehicles by default whenever they search for a ride.
• In February 2024, Saudi Arabia unveiled their first AI-powered electric security vehicle at the World Defense Show. The AI-powered vehicle also has the ability to process data and communicate with command-and-control centers, which substantially boosts security levels and traffic safety.

Electric Transporters Market Growth Factors

• The rise in consumer preference toward eco-friendly transportation is expected to fuel electric transporters' market growth soon.
• Innovative product launches by key players in the market can propel the market growth further.
• A rise in awareness of government initiatives for green transportation among consumers will likely help in the market expansion shortly.

Market Scope

Market Dynamics

Driver

Rising population in urban areas

The growing population in urban areas has led to mobility hurdles and congestion problems. The electric transporters market provides a key solution for shorter traveling distances along with strong connectivity from transportation hubs to the latest locations. Additionally, they are efficient and compact, which allows people to navigate through narrow pathways, crowded streets, and traffic congestion. Also, the advancement in lithium-ion battery technology has enhanced the range and performance of electric transporters to a greater extent.

• In February 2024, Maruti Suzuki and Suzuki collaborated to launch electric air copters, transforming transportation. The electric copters known as SkyDrive electric air copters will have a carrying capacity of 3 people, including the pilot, and will be bigger than drones but smaller than traditional helicopters.

Restraint

Low adoption rate

The electric transporters market can be significantly constrained by low adoption rates due to various factors Such as lack of charging infrastructure, High cost, lack of choice, etc. However, Consumers want electric vehicles to be available readily, but sometimes they witness long waiting periods. 

Opportunity

Smart city initiatives

Increasing urbanization and the surge in smart city initiatives are substantially impacting the electric transporters market growth. Urban areas are witnessing pollution, congestion, and an increasing need for enhanced mobility solutions. Electric transporters provide an efficient solution for these urban obstacles. Furthermore, various cities are incorporating electric transport options in their public transit systems, facilitating the utilization of electric buses, scooters, and bikes as alternatives to traditional modes of transport.

• In September 2024, BYD, a global producer of new energy vehicles, showcased its latest pure-electric commercial vans and trucks at IAA Transportation 2024 in Hannover, Germany. These vehicles are created particularly for the European market, incorporating BYD's innovative blade battery and powertrain technologies.

Vehicle Insights

The electric scooter segment dominated the electric transporters market in 2023. The dominance of the region can be attributed to the convenience and ease provided by electric scooters in traveling short distances in urban sectors. Electric scooters have rechargeable batteries and control for acceleration and speed on the handlebars. In addition, they are easy to ride through narrow pathways and busy subways, which makes them an efficient transportation option.

• In October 2024, Indian electric vehicle brand Komaki launched a new model of electric scooter Cat 3.0 NXT that comes with two battery variants, Graphene and LIPO4. This introduction of CAT 3.0 NXT marks another big milestone toward the company's goal, which will empower businesses to be eco-friendly and facilitate last-mile delivery operations.
• In October 2024, the BMW CE 02 electric scooter was launched at Rs 4.5 lakh. The BMW CE 02 is powered by an air-cooled synchronous motor. It has a 3.9kWh battery, which offers a range of 108km (ICAT certified).

The electric skateboard segment is expected to grow at the fastest rate in the electric transporters market over the forecast period. The growth of the segment can be linked to the developments in motor efficiency and battery technology, which has notably enhanced the overall range and performance of these skateboards. Additionally, the rising interest in sustainable living as a lifestyle choice also contributes to their increasing popularity. Also, the impact of social media and a growing trend toward advanced gadgets have propelled their desirability and visibility among the young population.

• In July 2024, Onewheel introduces a premium off-road electric board. Unlike most electric skateboards, which utilize a traditional four-wheel design, Onewheel is true to its name, providing a self-balancing board with just a single wheel.

Battery Insights

The Li-Ion segment led the electric transporters market in 2023. The dominance of the segment can be driven by a rising focus on sustainable transport options, and the demand for reliable and efficient battery technologies is increasing. Lithium-ion batteries are known for their longevity and high energy density, which makes them crucial for numerous electric transport vehicles. Moreover, increasing emphasis on decreasing carbon emissions has led to many incentives offered by the government for EV adoption, further driving the demand for Li-Ion batteries.

• In March 2024, 24M Technologies (24M), a Massachusetts-based battery technology firm, launched 'Liforever,' a direct material recycling process for semi-solid lithium-ion batteries for electric vehicles and energy storage system batteries.

The NiMH segment is anticipated to grow at the fastest rate in the electric transporters market over the forecast period. The growth of the segment can be linked to the developments in NiMH technology, which have led to advancements in charging times and energy storage capacity. Environmental issues and regulatory pressures are also fuelling the demand for NiMH batteries because they are more eco-friendly and less toxic than other batteries.

Voltage Insights

The 48V segment held the largest share of the electric transporters market in 2023. The dominance of the segment is due to the high-voltage batteries and hybridization opportunities provided by this segment. There is an increasing demand from consumers for higher performance output, boosting the need for these batteries. Furthermore, the 48V systems offer enhanced battery life, improved energy efficiency, and high safety features as compared to conventional 12V or 24V systems.

• The greater than 24V segment is estimated to grow at the fastest rate in the electric transporters market over the projected period. The growth of the segment is because of the optimal efficiency and power offered by this system which makes it best suited for an extensive range of applications. In addition, the 24V systems have much lesser energy losses as compared to other r voltage alternatives, improving battery life and overall efficiency of the battery.

Electric Transporters Market Companies

• AllCell Technologies LLC
• BMW Motorrad International
• BOXX Corporation
• Kiwano
• Ninebot Inc.
• Razor USA LLC
• Hama GmbH & Co KG
• Honda Motor Co. Ltd.
• Jiangsu Xinri E-Vehicle Co., Ltd.
• Airwheel Holding Ltd.

Recent Developments

• In June 2023, Mercedes launched the EQT electric transporter in Germany, which includes a range of sector-specific electric mobility solutions.
• In May 2022, Tata Motors introduced e-cargo transport solutions that are the most innovative transporter including zero-emission, four-wheel small commercial vehicles (SCV) to serve a wide variety of intra-city applications.

Latest Announcements by Leaders

• In June 2024, in an exclusive interview with NBC News, General Motors CEO Mary Barra said the storied automaker's plan to turn its fleet 100% electric will now play out over decades. Barra's remarks come amid a softening sales environment for electric vehicles in the U.S.
• In June 2024, Polestar announced plans to introduce new electric vehicles in seven new markets, such as Europe, Asia, and South America. Europe is the focus of most China-owned car brands. The Polestar brand comes from Volvo, which is owned by China-based Geely.

Segments Covered in the Report.

By Vehicle

• Electric scooter
• Retro
• Standing/self-balancing
• Folding
• Electric bike
• Electric skateboards

By Battery

• Sealed lead acid
• NiMH
• Li-Ion

By Voltage

• 24V
• 36V
• 48V
• Greater than 48

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa