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.
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 USD 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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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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