Folding Electric Scooter Market: Current Analysis and Forecast (2023-2030)
$3999 – $6999
Emphasis on Type (Unicycle, Two-Cycle, and Three Cycle), Battery Type (Lead-Acid, Lithium-Ion, and Others); Distribution Channel (E-Commerce and Retail Store); and Region/Country
The Folding Electric Scooter Market was valued at 613.25 million in the year 2022 and is expected to grow at a steady rate of around 2.56% during the forecast period (2023-2030), owing to the growing demand for sustainable micro-mobility options in the urban areas. Furthermore, one of the key drivers behind the growth of the folding electric scooter market is the increasing adoption of MaaS (Mobility as a Service) 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. Additionally, they are easy to maneuver and park, making them well-suited to navigating narrow streets and tight spaces. 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. For instance, in April 2023, Yadea Global, a manufacturer of electric two-wheeled vehicles, launched Yadea Elite Prime, a foldable electric scooter with an effortless folding mechanism. The new e-scooter is equipped with a powerful 800W motor with a peak output of 1500W and 40 Nm of torque, allowing it to reach top speeds of up to 18.6 mph (30 kph). It is capable of climbing inclines of up to 30 percent, and its front and rear suspension will provide a comfortable ride even on uneven roads.
Some of the major players operating in the market are Xiaomi Corporation; Segway Megawheel; Pride Mobility Products Corp; GOTRAX; Shenzhen Iezway Technology; Turboant; INOKIM; Spacepac Industries Pty Ltd; Mercane Wheels; and E-Twow. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Types, the two-cycle segment held the significant share of the market in 2022.”
Based on type, the market is segmented into a unicycle, two-cycle, and three-cycle. The most widely used, popular, and in-demand folding electric scooter is the two-wheeled 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, are capable of reaching higher speeds, and offer a more comfortable ride than the others. Increasing confidence for the riders and offering a more relaxed riding position and reduced fatigue.
“Amongst battery type, the lithium-ion battery segment is anticipated to grow at a significant CAGR during the forecast period (2023-2030).”
Based on battery type, the market is bifurcated into lead-acid, lithium-ion, and others. Lithium-ion batteries hold the majority of the market for the batteries that are used in folding electric scooters. The prominent factors responsible for this domination are the high energy densities of lithium-ion batteries, making them an ideal choice for these. Furthermore, the rising production of lithium-ion batteries and technological advancements in this sector has led to decreased cost of these batteries, making them affordable and practical to commercialize. Moreover, ongoing innovations and R&D continuously taking place in this segment have made the batteries safer and increased their operational life and reliability with increased range, further motivating the manufacturers to use lithium-ion batteries for folding electric scooters. This value addition to both consumers as well as manufacturers leads to rising demand for lithium-ion batteries-powered folding electric scooters, and the same can be seen from the product launches by the players operating in this segment. For instance, In May 2023, British brand Zinc Sports launched a new electric folding scooter, called Eco Pro. The Folding Electric Pro is powered by a lithium-ion battery, takes four hours to charge, and is designed to appeal to a younger audience as a “regular commuter” solution from Zinc.
Folding Electric Scooter Market Report Coverage
“Europe is anticipated to witness significant growth in CAGR terms, of the folding electric scooter segment market during the forecast period (2023-2030).”
Europe has emerged as a leader and also one of the fastest growing markets for electric folding scooters globally, driven by factors like stringent environmental regulations, where the governments in these countries are incentivizing the industries to shift towards electric-powered alternatives. Europe has long been at the forefront of innovative transportation technologies, and its strong presence in the micro-mobility sector can be attributed to several factors. Firstly, the continent has seen a rapid increase in urbanization, leading to congested cities and a need for efficient modes of transportation within these areas. Secondly, governments have implemented policies promoting sustainability and reducing carbon emissions, which has encouraged investment in eco-friendly transportation solutions. Finally, the rise of shared mobility services like car-sharing and bike-sharing programs has further fueled the growth of the micro-mobility industry, which in turn is generating huge demand for folding electric scooters, where the use of this for last-mile mobility needs is in the European region. Additionally, several companies operating in the European folding electric scooter market are focusing on developing innovative products and services tailored to meet the specific needs of local customers.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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You can also purchase parts of this report. Do you want to check out a section wise
|Research Process of the Folding Electric Scooter Market
|Research Methodology of the Folding Electric Scooter Market
|IMPACT OF COVID-19 ON THE FOLDING ELECTRIC SCOOTER MARKET
|FOLDING ELECTRIC SCOOTER MARKET REVENUE (USD BN), 2020-2030F
|Rest of North America
|Rest of Europe
|Rest of Asia-Pacific
|Rest of the World
|FOLDING ELECTRIC SCOOTER MARKET OPPORTUNITIES
|FOLDING ELECTRIC SCOOTER MARKET TRENDS
|Demand Side Analysis
|Supply Side Analysis
|VALUE CHAIN ANALYSIS
|Porters Fiver Forces Analysis
|Pride Mobility Products Corp
|Shenzhen Iezway Technology
|Spacepac Industries Pty Ltd
Research Methodology for the Folding Electric Scooter Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global folding electric scooter market were the three major steps undertaken to create and analyze the adoption of folding electric scooters in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global folding electric scooter market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the folding electric scooter market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the folding electric scooter market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, battery type, and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the folding electric scooter market. Further, we conducted factor analysis using dependent and independent variables such as type, battery type, and distribution channel of the folding electric scooter market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the folding electric scooter market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global folding electric scooter market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the folding electric scooter market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global folding electric scooter market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global folding electric scooter market. data was split into several segments & sub-segments after studying various parameters and trends in the areas of type, battery type, and distribution channel in the global folding electric scooter market.
The main objective of the Global Folding Electric Scooter Market Study
The current & future market trends of the global folding electric scooter market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the folding electric scooter market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of type, battery type, and distribution channel.
- Define and analyze the regulatory framework for the folding electric scooter
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the folding electric scooter market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the folding electric scooter market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry