The folding e-scooter market is expected to grow at a CAGR of 2.6%, increasing from USD 626.8 million in 2022 to USD 806.3 million by 2032. While the COVID-19 pandemic initially impacted the broader automotive industry, leading to a slowdown in the folding e-scooter market, strict emission regulations by government agencies, such as greenhouse gas (GHG) emission standards, are now driving market growth.
Monetary and non-monetary incentives are aiding the adoption of folding e-scooters. A recent trend in the market is the demand for sustainable urban mobility and modern transportation infrastructure, which is accelerating the shift from traditional to electronic transportation methods. Folding e-scooters are expected to positively impact energy security and air quality.
Cities worldwide are gearing up for a new era of urban mobility focused on sustainable transportation to reduce traffic congestion and pollution, leading to increased demand for folding e-scooters.
Despite the growing number of electric vehicles, the insufficient number of charging stations remains a concern, hindering the sales potential of folding e-scooters.
Governments globally are implementing measures to promote the adoption of folding e-scooters by offering financial incentives to riders and manufacturers. Additionally, research and development programs are a significant growth factor for the folding e-scooter market.
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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.
RECENT DEVELOPMENT:
- 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.
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Key Segmentations
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
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