According to Fairfield Market Research foldable electric scooter market, valued at approximately US$0.6 Bn in 2022, is projected to reach US$0.9 Bn by the end of 2030, experiencing a robust CAGR of 4.8% from 2023 to 2030. This growth is driven by increasing interest in sustainable and eco-friendly transportation solutions, particularly in urban areas facing pollution and traffic congestion.
Key Trends Driving Market Growth
- Sustainable Transportation Solutions
The growing interest in sustainable and eco-friendly transportation solutions is a key trend driving the foldable electric scooter market. With cities grappling with pollution and traffic congestion, electric scooters offer a clean and efficient means of transportation that reduces emissions and dependence on fossil fuels.
- Last Mile Connectivity
Foldable electric scooters play a crucial role in solving the problem of the last mile in urban transport, making them a popular choice for commuters.
- Environmental Benefits
In 2022, the two-wheel category dominated the industry. Compared to gasoline-powered vehicles, electric scooters emit no emissions and help the environment by contributing to cleaner air and fewer carbon emissions.
- Weight Range Dominance
The 80 to 100kg segment is anticipated to dominate the market. Electric scooters in this weight range are designed to support riders weighing between 80kg and 100kg (176-220 pounds).
- Portable Design
The 24V category controlled the market in 2022. Due to their foldable design, these scooters are very portable and simple to carry, making them convenient for storage and transportation.
- OEM Prevalence
OEMs are highly prevalent in the market for foldable electric scooters due to their strict quality control procedures. Manufacturers can take advantage of OEM quality assurance standards by collaborating with them.
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Key Growth Determinants
- Cost-Efficiency
Electric scooters are cost-effective compared to owning a car or regularly using a ride-sharing service. Advances in battery technology, motor efficiency, and materials have improved the performance and range of folding electric scooters.
- Government Initiatives
Many governments have recognized the benefits of electric scooters in reducing traffic congestion and emissions, introducing supportive regulations and infrastructure improvements.
- Micro-Mobility Trend
There has been a cultural shift towards micro-mobility solutions, with electric scooters becoming popular for short-distance travel, especially during the COVID-19 pandemic.
Key Trends and Opportunities
- Traffic Congestion and Urbanization
Foldable electric scooters provide a convenient option for city commuters to navigate traffic quickly and efficiently. They are also a solution to the last-mile urban transportation issue.
- Environmental Awareness
A growing awareness of environmental issues and a desire to reduce carbon emissions have led many consumers to seek environmentally friendly transportation options.
- Government Programs
Governments and municipalities promote sustainable transportation options through incentives, subsidies, and infrastructure investments, aiding electric scooter adoption.
- Technological Advancements
Advancements in battery technology, electric motors, and materials have led to more efficient and powerful electric scooters, making them more attractive to consumers.
Regional Analysis
- Asia Pacific
Asia Pacific maintains a dominant position in the global foldable electric scooter market. Rapid urbanization and traffic congestion make foldable electric scooters an attractive solution for daily commuters. Governments in the region actively promote electric mobility to cut down on pollution.
- North America
In North America, congestion and lack of parking make foldable electric scooters a practical solution for quick urban trips. The last-mile issue is also addressed by electric scooters, offering an affordable and environmentally friendly option.
Market Players
The global foldable electric scooter market is consolidated, with key players introducing new products and enhancing distribution channels. Fairfield Market Research expects more market consolidation in the coming years.
Leaders in the Global Foldable Electric Scooter Market
- Xiaomi Corporation
- Segway Megawheel
- Pride Mobility Products Corp
- GOTRAX
- Shenzhen Iezway Technology
- Turboant
- INOKIM
- Spacepac Industries Pty Ltd
- Mercane Wheels
- E-Twow
- Hiboy
- Glion
- EcoReco
- Razor
- XOOTR
