Global Folding Electric Scooter Market Seen Soaring 2.56% Growth to Reach USD 796 Million by 2030, Projects Univdatos Market Insights
- Vikas Kumar
- November 17, 2023
- AUTOMOTIVE, NEWS
- Folding Electric Scooter Market Analysis, Folding Electric Scooter Market Forecast, Folding Electric Scooter Market Growth, Folding Electric Scooter Market Outlook, Folding Electric Scooter Market Share, Folding Electric Scooter Market Size, Folding Electric Scooter Market Trends
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According to a new report by Univdatos Market Insights, the Global Folding Electric Scooter Market is expected to reach USD 796 Million in 2030 by growing at a CAGR of 2.56%. Folding electric scooters are a type of personal transportation device that combines the features of a scooter and an electric bike. They typically have a collapsible frame that allows them to be easily stored and transported, making them ideal for commuters who want a portable and convenient mode of transportation. Folding electric scooters are designed for short to medium-distance commuting, such as running errands, going to work, or getting around a city. They are also popular among tourists who want to explore a new area without having to worry about finding parking or storing a large vehicle.
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The report suggests that the growing demand for sustainable micro-mobility options in urban areas is one of the major factors driving the Folding Electric Scooter Market during the forthcoming years. Furthermore, one of the key drivers behind the growth of the folding electric scooter market is the increasing adoption of MaaS models. As more cities adopt MaaS platforms, there is a growing demand for convenient, flexible, and sustainable transportation options that can be accessed through these platforms. Folding electric scooters are well-suited to meet this demand because they offer several advantages over traditional motorized vehicles. They are relatively quiet, clean, and environmentally friendly, making them an attractive option for last-mile connectivity and local transportation needs.
Figure 1: KEY SEGMENT SIZE in USD
Additionally, as MaaS platforms continue to grow in popularity, we can expect to see increased demand for folding electric scooters and other sustainable transportation options that can be seamlessly integrated into these platforms. This could lead to further growth and innovation in the folding electric scooter market, as companies seek to develop new and improved products that can meet the changing needs of consumers. The riding demand scenario can also be seen from the new launches that the companies are undertaking, providing consumers with varied choices.
- In September 2022, the UK government announced a USD 1.07 million funding boost for MaaS providers, supporting the development of innovative solutions that improve air quality and reduce traffic congestion. This initiative aimed to promote the adoption of cleaner, more sustainable transport methods and encourage collaboration between tech companies and local authorities.
Several big companies are seeing a golden opportunity for growth in this field due to these factors and launching their products catering to the increased demand that’s been generated due to increased infrastructure development and growing sustainable practices which can also be seen from the pace at which products are getting launched in this segment. For example, Spin, a startup that focuses on providing an alternative to cars, launched its folding electric scooter, called Spin Fold, in May 2020. The scooter is designed for commuting and daily errands and features a rechargeable battery that provides up to 25 miles of range.
The Two-Cycle Segment of the Folding Electric Scooter is Generating Maximum Traction in the Market
The most widely used, popular, and in-demand folding electric scooter is the two-wheeled segment of this scooter. This is because it offers a balance between stability, speed, and maneuverability, making it suitable for both short and long distances. Additionally, it has a sleek design, which makes it visually appealing and desirable. Two-wheeled folding scooters are more stable, can reach higher speeds, and offer a more comfortable ride than the others. Increasing confidence for the riders and offering a more relaxed riding position and reducing fatigue, adding to their popularity and increasing their demand.
- For instance, in July 2023, Xiaomi launched the electric scooter 4 in Europe, under its personal mobility segment. The Xiaomi 4 Go is equipped with a front hub-mounted electric motor boasting a nominal output of 250 watts and a peak output of 450 watts, enabling the scooter to achieve a maximum speed of 20 kilometers per hour (12.5 miles per hour), and also offers three driving modes – pedestrian, standard, and sport.
Click here to view the Report Description & TOC https://univdatos.com/report/folding-electric-scooter-market/
Conclusion
In conclusion, the future of folding electric scooters looks promising with advancements in technology and increasing environmental concerns. The benefits, such as stability, speed, and maneuverability, making it suitable for both short and long distances, will continue to attract more buyers. As battery technology improves, range anxiety will be alleviated, making longer-duration and heavy-duty operations more feasible. Additionally, growing focus and investments toward achieving carbon neutrality and sustainability will continue to generate secular demand in the market for folding electric scooters in the future.
