Innovation in energy storage will revolutionize both the power grid and electric vehicles, but what will drive the market’s growth in the short term? According to a report out this morning from Lux Research: electric bikes and scooters.
Yep, those two-wheelers that look so fun to ride and are starting to be embraced in China. While car many companies, startups and investors are focused on battery technology for the next-generation of electric cars, Lux Research analyst Jacob Grose, says “e-bikes and scooters will drive the biggest growth for these batteries in the next five years.”
The total market for batteries, supercapacitors and fuel cells for both transportation and the smart grid will grow from $21.4 billion in 2010 to $44.4 billion in 2015, says Lux. During that time electric bikes, or e-bikes, and scooter batteries will grow from being a $6.4 billion market in 2010 to a $10.9 billion market in 2015 (11 percent growth).
In China in the short term lead-acid battery technology will make up 93 percent of scooter and e-bike battery sales, says Lux. But lithium-ion battery technology for e-bikes will actually grow three times faster than lead acid, growing 22 percent through 2015, just from a much smaller base.
Perhaps the growth projections mean life will soon get better for the e-bike and electric scooter startups. Companies like Vectrix have struggled with profitability, but are now getting a helping hand from China’s battery firms.
The co-founder and CEO of electric vehicle maker Mission Motors, Forrest North, told us he thinks the market is now ripe for a higher-performance (and higher price tag) electric scooter technology.
Image courtesy of Mission Motors.