30-Jul-2021 | Facts and Factors
As per the research report by the Facts and Factors market, the global foldable electric scooter market generated sales revenue of USD 1.92 Billion in 2020. Further, the foldable electric scooter sales are expected to generate revenue of USD 3.50 Billion by the end of 2026, increasing at a CAGR of around 10.5% from 2021 to 2026.
As the name suggests, a foldable electric scooter is an e-scooter that can be folded. A traditional electric scooter is kick scooters that require manual effort from the rider to propel forward. But electric scooters are powered by a motor making it an environmentally friendly mode of transport. The batteries feeding these motors do require regular charging, but depending on the capacity, some models possess a range of up to 60 miles. Foldable scooters usually will fold in half, at the point where the handlebar stem meets the deck – although some scooters may utilize less conventional folding methods. Foldable electric scooters are a boon to riders who must use public transport as part of their commute. Taking a bicycle or scooter onto a bus or metro system during the busy rush hour periods inconveniences other passengers and can be quite irritating when space is limited. As a foldable electric scooter is incredibly compact and will not occupy an unreasonable amount of room, it presents a good compromise.
Top Market Players
The key players in the foldable electric scooter market are Xiaomi Corporation, Pride Mobility Products Corp., Segway, Megawheels, GOTRAX, Shenzhen Iezway Technology, Spacepac Industries Pty Ltd, Turboant, E-Twow, Hiboy, INOKIM, Glion, GOTRAX, Razor, Hover-1, Swagtron, Mercane Wheels, URB-E, Minimotors, XOOTR, Jetson, EcoReco among others.
Increased concern about fuel consumption and air pollution is driving the market for foldable electric scooters
Foldable electric scooters are famous for their fuel-efficient application and reduced greenhouse gas emissions. Electric scooters are lightweight and safe for the environment which is expected to surge to the growth of the foldable electric scooter during the forecast period. The Li-ion batteries have a higher density than sealed lead-acid batteries, making them lighter and more efficient. The increasing environmental concerns among consumers across the globe, regarding air pollution which is created by automobiles, influence consumers to use these scooters for commutation. For instance, according to the Portland Bureau of Transportation (PBOT), in 2019, more than 70% of the U.S. citizens who had ridden a foldable electric scooter said they mostly used these scooters for transportation rather than recreation. Consumers ride these foldable electric scooters for convenience, portability, fun, cost, and reliability.
Also, a foldable electric scooter is a bicycle designed to fold into a compact form, facilitating transport and storage. When folded, the scooters can be more easily carried into buildings and houses or on public transportation (facilitating mixed-mode commuting and bicycle commuting), and more easily stored in compact living quarters or aboard a car, boat or plane.
North America Region Dominates the Global Foldable Electric Scooter Market
Based on regional segmentation, the foldable electric scooter market is divided into five major regions namely North America, Europe, Latin America, Asia Pacific, and The Middle East, and Africa.
Presently, North America is estimated to be the largest market for foldable electric scooter and is expected to continue the trend owing to the presence of a high number of electric vehicle manufacturers. Moreover, the countries, such as the U.S. and Canada have a high consumer base for foldable electric scooters. For instance, according to the National Association of City Transportation Officials (NATCO), in the U.S., approximately 84 million trips were taken on micromobility vehicles in 2018, 38.5 million of which were on a shared electric scooter.
Asia-Pacific is expected to be the fastest-growing market for foldable electric scooters owing to the presence of top manufacturers, such as Xiaomi Corporation. The rising pollution and increasing provision of financial incentives by the government are increasing the demand for electric scooters in the region. China is the largest market for electric vehicles. China is the largest producer as well as consumer of electric vehicles in the world. For instance, according to the IEA report on global electric vehicles, the global stock of electric passenger cars was over 5 million in 2018, which increased around 63% compared to 2017. Among these, almost 43% of the electric passenger cars were on the road of China only.
Browse the full report “Foldable Electric Scooter Market By Type (Unicycle and Two-wheel), By Load Variation (Maximum Load Below 200 Pounds and Maximum Load 200-250 pounds), By Battery Type (Sealed Lead Acid Battery, Lithium-ion Battery, and Other), By Voltage (24V, 36V, 48V, and Above 48V), By Distribution Channel (E-Commerce and Retail Store), and By End-user (Children and Adult): Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026” at https://www.fnfresearch.com/foldable-electric-scooter-market
The global foldable electric scooter market is segmented as follows:
By Load Variation:
- Maximum Load Below 200 Pounds
- Maximum Load 200-250 pounds
By Battery Type:
- Sealed Lead Acid Battery
- Lithium-ion Battery
By Distribution Channel:
- North America
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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