The folding e-scooter market is expected to escalate at a CAGR of 2.6%, from USD 626.8 million in 2022 to USD 806.3 million through 2032.
The COVID-19 pandemic has impacted the broader automotive industry, resulting in a subsequent drop in growth of the folding e-scooter market. However, government agencies’ strict emission rules, like emission standards for greenhouse gas (GHG) emissions, are propelling the folding e-scooter market share.
Increasing monetary and non-monetary incentives are assisting in the adoption of folding e-scooters. The recent folding e-scooter market trend is the demand for sustainable urban mobility and contemporary transportation infrastructure, which is pushing the transition from traditional to electronic forms of transportation. Folding e-scooters are projected to have a positive influence on energy security and air quality.
Cities all over the world are preparing for a new era of urban mobility centered on the concept of using sustainable transportation vehicles across the city to minimize traffic congestion and pollution for a clean and fresh environment, resulting in increased demand for folding e-scooters.
Compared to the number of electric vehicles on the road today, the number of electric charging stations appears to be insufficient. Concerns regarding range are hampering the sales potential of folding e-scooters.
Governments all over the world have devised measures to encourage the adoption of folding e-scooters by providing financial incentives to both riders and chevaliers. Another major growth aspect of the folding e-scooter market is research and development programs.
Key Takeaways:
- The folding e-scooter market is predicted to grow at a CAGR of 2.6% through 2032 due to consumer awareness and environmental concerns.
- In the United States, the folding e-scooter market is estimated to have a CAGR of 10.8% through 2032.
- The folding e-scooter market in China is expected to have a prodigious CAGR of 23.6% through 2032.
- The folding e-scooter market in Japan is expected to have a steady CAGR of 16% through 2032.
- The market for folding e-scooter in Japan is expected to be valued at US$ 806.3 million by 2032.
Competitive Landscape:
Major key players in the folding e-scooter market are Xiaomi Corporation, Pride Mobility Products Corp., Segway, Megawheel, GOTRAX, Shenzhen Iezway Technology, Spacepac Industries Pty Ltd, Turboant, E-Twow, Hiboy, INOKIM, Glion, Razor, Mercane Wheels, XOOTR, and EcoReco.
To extend their influence in the folding e-scooter market trends, these vendors have used a variety of organic and inorganic growth tactics.
Key Segments
By Type:
- Unicycle
- Two Wheels
- Three Wheel
By Load Variation:
- Below 40kg
- 40 to 80kg
- 80 to 100kg
- Above 100kg
By Battery Type:
- Sealed Lead
- Acid Battery
- Lithium Ion Battery
- Others
By Voltage:
- 24V
- 36V
- 48V
- Above 48V
By Distribution Channel:
- OEM
- E-Commerce
- Others
By Age:
- Below 20 Years
- 20 to 30 Years
- Above 30 Years
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
RECENT DEVELOPMENT:
“Partnerships, Collaborations, and Agreements Remain the Key Strategies.”
- NIU introduced two new scooters for the European market in January 2020: the NQi GT and the MQi Plus. The unveiling was done in conjunction with NIU’s Urban Mobility Summit in New York.
- EuroSports Technologies (EST) of Singapore signed an MoU with Strides Transportation in April 2021 to develop, market, and distribute smart electric motorcycles.
- BattRE Electric Mobility has released an IoT e-scooter in 2020 that includes navigation, ride data, remote diagnostics, anti-theft alarm, speedometer call warnings, and ride behaviour tips.