Overview and Scope
Foldable electric scooters are compact and portable personal transportation scooters equipped with an electric motor for propulsion. These scooters feature a foldable design, allowing them to be easily folded and unfolded for convenient storage and transportation. Foldable electric scooters typically consist of a deck, handlebars, wheels, and an electric motor powered by a rechargeable battery.
Sizing and Forecast
The foldable electric scooter market size has grown strongly in recent years. It will grow from $1.15 billion in 2023 to $1.25 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to consumer lifestyle changes, tourism and leisure activities, innovative marketing and branding, rise of urban delivery services and integration with public transportation.
The foldable electric scooter market size is expected to see strong growth in the next few years. It will grow to $1.75 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to portability and convenience, investment and funding, brand awareness and marketing, affordability, and environmental awareness. Major trends in the forecast period include integration of artificial intelligence AI and IoT, eco-friendly materials and manufacturing, urban infrastructure development, expansion of rental and sharing services, and economic recovery driving sales.
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Segmentation & Regional Insights
The foldable electric scooter market covered in this report is segmented –
1) By Type: Maximum Load Below 200 Pounds, Maximum Load 200-250 Pounds
2) By Battery Type: Sealed Lead Acid Battery, Lithium-Ion Battery
3) By Voltage: 24V, 36V, 48V, Above 48V
4) By End-User: Children, Adult
North America was the largest region in the foldable electric scooter market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the foldable electric scooter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing environmental concerns are expected to propel the growth of the foldable electric scooter market going forward. Environmental problems are growing due to issues such as pollution and climate change. Foldable electric scooters offer a sustainable and eco-friendly transportation mode. These scooters don’t release harmful pollutants or greenhouse gases into the atmosphere, contributing to improved air quality and reduced carbon footprint. This reduces reliance on fossil fuels and promotes using clean and renewable energy for transportation. For instance, in September 2022, according to the World Health Organization, a Switzerland-based Intergovernmental organization, 99% of the global population breathes unclean air, and air pollution causes 7 million premature deaths a year. Additionally, in January 2024, according to the European Environment Agency, a Denmark-based government agency, in Europe, 253,000 deaths occurred in 2021 from chronic exposure to fine particulate matter. Therefore, increasing environmental concerns are driving the growth of the foldable electric scooter market.
<h4 class=reporthtag>Impact of Rising Traffic Congestion on the Foldable Electric Scooter Market</h4>
The rising traffic congestion is expected to propel the growth of the foldable electric scooter market going forward. Traffic congestion refers to the condition on road networks where traffic demand exceeds the available capacity, leading to slower speeds, longer trip times, and increased queuing of vehicles. Traffic congestion is rising due to population growth, urbanization, increased vehicle ownership, inadequate public transportation, and inefficient road infrastructure. Electric scooters can navigate traffic more efficiently than larger vehicles due to their size, reducing road congestion. For instance, in January 2023, according to a report published by the Federal Highway Administration, a US-based government agency, travel on all roads increased by 5.6% compared to January 2022, totaling 247.3 billion vehicle miles. The seasonally adjusted vehicle miles traveled for January 2023 reached 272.5 billion miles, reflecting a 4.5% change over January 2022 and a 3.1% change compared to December 2022. Therefore, rising traffic congestion is driving the growth of the foldable electric scooter market.
Key Industry Players
Major companies operating in the foldable electric scooter market are Xiaomi Corporation, Yadea Group Holdings Ltd., Razor, Niu Technologies, Globber, Segway Inc., Jetson, Mega Wheels, Urban Machine, Swagtron, Unagi Scooters, eMove-Company, EcoSmart, Dualtron X Limited, Spacepac Industries Pty Ltd., Fluidfreeride, Glion Electric Scooter, Hiboy, Inokim Inc., Levy Electric , Minimotors, NanRobot, Shenzhen Iezway Technology, Voro Motors, GOTRAX
The foldable electric scooter market report table of contents includes:
1. Executive Summary
2. Foldable Electric Scooter Market Characteristics
3. Foldable Electric Scooter Market Trends And Strategies
4. Foldable Electric Scooter Market – Macro Economic Scenario
5. Global Foldable Electric Scooter Market Size and Growth
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32. Global Foldable Electric Scooter Market Competitive Benchmarking
33. Global Foldable Electric Scooter Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Foldable Electric Scooter Market
35. Foldable Electric Scooter Market Future Outlook and Potential Analysis
36. Appendix
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