London, Feb. 29, 2024 (GLOBE NEWSWIRE) -- The foldable electric scooter market is revving up, fueled by a growing demand for sustainable and convenient urban transportation. With a projected CAGR of 4.8% between 2022 and 2032, this micromobility solution is expected to reach a market size of US$900 million by 2030-end, up from US$600 million attained in 2022. Fairfield Market Research, in its new report, forecasts a promising growth outlook for the global foldable electric scooter market during the period of 2023 – 2030.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$600 Mn | |
| Estimated Market Size in 2030 | US$900 Mn | |
| CAGR | 4.8% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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“These compact wonders can be easily folded and stored, making them ideal for commuting, running errands, or simply exploring the city. Their electric motors eliminate concerns about gas prices and emissions, contributing to a greener footprint. Moreover, with continuously improving battery range and performance, these scooters are becoming increasingly viable substitutes for short-distance car trips,” explains an analyst at Fairfield.
The analyst says further, “Several factors are propelling market growth. Flexible and efficient transportation options are the need of the hour, and foldable electric scooters perfectly address these needs, offering portability, affordability, and eco-friendliness”.
The competition in this space is picking pace, leading to constant advancements in design, technology, and features. Several lighter, more powerful, and even self-balancing models are emerging, catering to diverse user preferences and needs. However, on the other side, challenges remain. Concerns about safety regulations, infrastructure development, and responsible riding practices need to be addressed.
In addition, the relatively high cost compared to traditional bicycles might deter some potential buyers. Despite these hurdles, the future of foldable electric scooters looks bright, suggests the report. As governments are increasingly investing in micromobility infrastructure, and technology continues to evolve, these versatile vehicles are poised to become a staple of urban transportation over the years to come.
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Key Research Insights
- The global foldable electric scooter market is navigating a transformative journey, driven by evolving consumer preferences, and regional dynamics.
- As indicated by the report, while the two-wheel segment currently reigns supreme, the market is witnessing promising growth across three-wheel alternatives, varied weight categories, battery technologies, and voltage ranges.
- The regional frontiers, with Asia Pacific leading in e-mobility, and North America seeking urban convenience, further underscore the diverse dynamics shaping this burgeoning industry.
Insights into Segmentation Analysis
Two-Wheel to Lead, Three-Wheel Competitors Witness Rapid Rise
A closer look at market dynamics reveals that the two-wheel category triumphs while the sales of three-wheel counterparts will soar during the period of projection. In the dynamic landscape of foldable electric scooters, the two-wheel segment emerged as the unrivaled leader in 2022. The rise of electric scooters, with their zero emissions, marked a significant stride toward environmental sustainability. These nimble vehicles not only contribute to cleaner air but also provide a quick and efficient means of transportation, particularly in congested urban areas.
While the two-wheel category currently dominates, market projections suggest a rapid growth trajectory for the three-wheel segment. Electric scooters are hailed as time-saving alternatives, allowing users to navigate through traffic with ease and reach their destinations swiftly. As consumers increasingly seek efficient and eco-friendly urban mobility solutions, the three-wheel category is poised for substantial market expansion.
The 80-100kg Load Segment Takes the Lead
In the weight-wise segment, the 80-100kg load category emerged as the preferred choice in 2022. These electric scooters, designed for robust support, offer versatility by accommodating a wider range of users, including those on the heavier side. Manufacturers emphasize durable construction to ensure the scooter's safety and performance under varying weight loads.
Anticipated to experience substantial growth, the 40-80kg category emphasizes stability through a lower center of gravity, enhancing the riding experience at higher speeds and over uneven terrain. As the market evolves, the weight factor becomes a pivotal element in consumer preferences, reflecting the industry's commitment to enhancing stability and safety.
Dominance of Lithium-ion Battery Prevails
In the realm of power sources, the lithium-ion battery category emerged as the powerhouse in 2022. With high energy density and a compact form factor, lithium-ion batteries prove ideal for electric vehicles (EVs), and portable electronic devices. Their longer cycle life and cost-effectiveness underscore their durability, setting them apart as the preferred choice for electric scooters.
While Li-ion batteries maintain their dominance, the acid battery category is anticipated to witness substantial growth. Thanks to their low self-discharge rate, acid batteries offer prolonged charge retention, making them suitable for gadgets with intermittent use, such as laptops and smartphones.
24V in the Voltage Vanguard
In the voltage spectrum, the 24V segment claimed the throne in 2022. Renowned for their foldable design, these scooters boast portability and simplicity, making them easy to store and transport. The foldable design allows users to navigate tight spaces, utilise public transportation, and stow scooters in car trunks.
As the market evolves, the 36V category is poised for rapid growth, catering to users with limited storage space. Foldable electric scooters with 36V capacity strike a balance between practicality and performance, making them a convenient choice for consumers with spatial constraints.
OEMs Lead the Way in Revenue Generation
In the revenue landscape, OEMs dominated the market in 2022. Renowned for their stringent quality control procedures, OEMs set the standard for foldable electric scooters, ensuring products meet exacting standards. Collaborations with OEMs provide manufacturers with a pathway to deliver high-quality, standardised goods to meet the diverse needs of consumers.
The e-commerce category is poised for the fastest growth in the foldable electric scooter market. This surge is attributed to the adaptability of e-commerce platforms, enabling manufacturers to tailor products to specific design and feature specifications. The collaboration between manufacturers and e-commerce fosters a diverse range of product offerings, catering to a broad spectrum of consumer preferences.
Key Report Highlights
- The growth of the foldable electric scooter market is majorly driven by eco-conscious trends, last kilometer solutions, and the efficiency of two-wheel designs.
- With a robust CAGR, dominance in weight segments, and the pivotal role of OEMs, the market promises exciting developments in the quest for sustainable urban mobility.
- The predicted regional dominance of Asia Pacific, and the expanding footprint in North America further solidify the global appeal and relevance of foldable electric scooters in the evolving landscape of transportation solutions.
Insights into Regional Analysis
Asia Pacific Pioneers e-Mobility amid Urban Expansion
At the forefront of global e-mobility, Asia Pacific maintains its dominant position in the foldable electric scooter market. Rapid urbanisation, coupled with escalating traffic congestion, positions foldable electric scooters as a practical and environmentally friendly solution for daily commuters. As governments actively promote electric mobility to curb pollution, the Asian market witnesses a surge in the adoption of foldable electric scooters.
North America Increasingly Seeks Convenience in Urban Chaos
In North America, especially the US, congestion and parking challenges in cities drive the demand for foldable electric scooters. As an affordable and eco-friendly remedy to last-mile connectivity issues, these scooters offer a practical solution for urban dwellers. Stringent environmental regulations further boost the adoption of electric scooters, aligning with the region's commitment to emissions reduction and sustainability.
Key Companies in Foldable Electric Scooter Market
- Pride Mobility Products Corp
- Razor
- Shenzhen Iezway Technology
- Xiaomi Corporation
- Segway Megawheel
- GOTRAX
- Spacepac Industries Pty Ltd
- Turboant
- Mercane Wheels
- INOKIM
- E-Twow
- Glion
- Hiboy
- EcoReco
- XOOTR
Global Foldable Electric Scooter Market Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Type Coverage, By Load Variation Coverage, By Battery Type Coverage, By Voltage Coverage, By Distribution Channel Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/foldable-electric-scooter-market
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Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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