Soaring Gas Prices and Car Shortage Lead to E-Scooter Surge — Will It Last?
In 2020, the global electric scooters market was estimated at $19.4 billion USD, with a compound annual growth rate of 7.6% between 2021 to 2028. The market was already on the rise as social distancing led people to seek alternative means of transportation in cities. Electric scooters were slowly displacing ride-share apps, taxis and public transportation.
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And that was before the war in Ukraine and Russian oil sanctions led to soaring gas prices. Now, e-scooters are enjoying a surge, with sales up 70% year-over-year, according to some manufacturers. Fluidfreeride e-scooter marketplace and manufacturer founder Julian Fernau told The Wall Street Journal that Fluidfreeride’s website traffic is up 30% since early March, when gas prices started to climb.
E-Scooter manufacturer Bird, likewise, told WSJ that sales have increased 60%, while web traffic spiked 30% in the past month.
Electric scooters can range in price from roughly $300 to $5,000, depending on their features, stability and battery life. But even at these prices, the gas savings can add up. A 50-cent scooter charge can take you about as far as two to three gallons of gas, WSJ reported.
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See: More Than Half of Americans Are Driving Less Due to Rising Gas Prices: Here Are 5 More Ways To Save
As the weather warms up in many parts of the country, more people are sure to embrace the convenience and cost-savings of a e-scooter. Especially with new and used car prices still up more than 32% from this time last year, as previously reported by GOBankingRates, an e-scooter could be the eco-friendly and economical solution.
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