Electric scooters are compact, two-wheeled vehicles that are powered by an electric motor and driven by rechargeable batteries. They have gained popularity as a reliable and ecologically beneficial mode of transportation, especially in urban areas. Numerous advantages, including lower emissions, reduced noise pollution, and cost-effective operation, are offered by electric scooters. They provide a useful and ecologically friendly alternative to traditional modes of transportation, and are especially well-suited for local and regional trips. Electric scooters are often manoeuvrable, lightweight, and equipped with features like LED lighting, digital displays, and advanced networking capabilities. They are commonly used for leisure pursuits, last-mile travel, and daily transportation.
According to SPER market research, ‘South Korea Electric Scooter Market Size- By Product, By Battery, By Voltage – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the South Korea Electric Scooter Market is predicted to reach USD XX billion by 2033 with a CAGR of 25.9%.
The South Korean government’s substantial support for electric vehicles, notably electric scooters, gives potential for growth, and is one of the key reasons driving the market’s expansion. Infrastructure improvements, tax breaks, and subsidies are all part of this drive to promote the use of electric scooters. Electric scooters have the potential to be practical last-mile mobility options given South Korea’s dense population. Electric scooters can make the transition easier and less congested between public transport hubs and final destinations.
Although, the absence of infrastructure for charging them continues to be a barrier to the adoption of electric scooters in the South Korean market. To reduce range anxiety and encourage the use of electric scooters, it will be essential to expand the charging network throughout cities, parking lots, and public areas.
The popularity of personal mobility devices has grown, which has raised awareness of electric scooters as a means of reducing social isolation. Government subsidies and incentives for buying electric cars have also been helpful. However, issues have arisen due to supply chain delays, a fall in consumer expenditure, and a decrease in travel and commuting. Governmental actions, consumer behaviour, and economic recovery will all have an impact on the long-term effects, but as things get better, the market is expected to pick up speed.
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The South Korean electric scooter market has been significantly impacted by the COVID-19 outbreak. Due to travel restrictions, lower commuting, and general economic uncertainty, the market saw a decline in demand. Due to the pandemic’s disruption of the supply chain, manufacturing and distribution were delayed. Additionally, consumer spending decreased as consumers prioritised necessities like food and shelter. However, there is a chance for a market recovery as conditions gradually improve and constraints loosen. The government’s assistance for electric vehicles and the increased emphasis on personal mobility can help the market recover, but how quickly it does so will primarily rely on how well the pandemic has been contained overall and how consumer confidence has been restored.
Overall, the domestic market in South Korea itself dominates the South Korea Electric Scooter sector. The majority of the market share is held by Busan, Daegu, Gyeonggi Province, Incheon, Seoul, Other Metropolitan Areas. Additionally, some of the market key players are IU Tech Co. Ltd., Nanowheel, Segway Inc., WEPED, Xiaomi Corporation, including others.
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South Korea Electric Scooter Market Key Players
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