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.
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.
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.