PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1364833
PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1364833
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.
The Folding Electric Scooter Market is expected to grow at a steady CAGR of around 2.56% growing demand for the 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 a number of 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 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.
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.
On the basis of battery type, the market is bifurcated into lead-acid, lithium-ion, and others. The 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.
Based on the distribution channel, the market is bifurcated into e-commerce and retail stores. Among the e-commerce websites and retail stores, online marketplaces such as Amazon, eBay, and AliExpress are generally preferred by consumers for purchasing folding electric scooters. This is because online marketplaces offer a wide variety of options, competitive pricing, and easy returns, which makes it easier for consumers to find the right product at a good price. Additionally, online marketplaces often have customer reviews and ratings, which helps consumers make informed purchasing decisions. However, brick-and-mortar retail stores may still be preferred by some consumers for certain types of folding electric scooters, particularly if they are looking for a hands-on experience before making a purchase. Physical stores also offer the opportunity for customers to see and test ride the scooters before buying, which can be important for some consumers.
For a better understanding of the market adoption of the electric off-highway vehicle market, the market is analyzed based on its worldwide presence in countries such as North America (The U.S., Canada, and the Rest of North America), Europe (Germany, The U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. 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 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. For instance, a US-based company known for its premium electric scooters, Bird has expanded its operations to several European countries, including Germany, France, and Italy, and the number of folding electric scooter startups in Europe has witnessed an increase of 78% between 2019 and 2020.
Some of the major players operating in the market include: Xiaomi Corporation; Segway Megawheel; Pride Mobility Products Corp; GOTRAX; Shenzhen Iezway Technology; Turboant; INOKIM; Spacepac Industries Pty Ltd; Mercane Wheels; and E-Twow