The folding e-scooter market is projected to grow at a CAGR of 2.6%, rising from USD 626.8 million in 2022 to USD 806.3 million by 2032. Although the COVID-19 pandemic initially slowed the broader automotive industry, including the folding e-scooter market, stringent government regulations, such as greenhouse gas (GHG) emission standards, are now driving its growth.
Both financial and non-financial incentives are facilitating the adoption of folding e-scooters. A key trend is the increasing demand for sustainable urban mobility and modern transportation infrastructure, accelerating the shift from conventional to electric transportation options. Folding e-scooters are poised to have a positive impact on energy security and air quality.
Cities worldwide are embracing a new era of sustainable transportation aimed at reducing traffic congestion and pollution, which is boosting the demand for folding e-scooters.
However, a challenge to the growth of folding e-scooter sales is the limited availability of charging stations, despite the rise in electric vehicles.
Governments across the globe are encouraging the adoption of folding e-scooters by providing financial incentives to both riders and manufacturers. Additionally, research and development initiatives are contributing significantly to the market’s expansion.
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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.
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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