Global Foldable Electric Scooter Market Size Likely to Surpass at a CAGR of 4.5% By 2033

The CMI Team’s most recent market research predicts that from 2024 to 2033, the global market for foldable electric scooters will grow at a CAGR of 4.5%. In 2024, the market size is projected to reach a valuation of USD 658 Million. By 2033, the valuation is anticipated to reach USD 1022 Million.

Foldable Electric Scooter Market: Overview

According to industry experts at CMI, increasing health and fitness trends and growing urbanization are expected to drive the expansion of the foldable electric scooter market during the forecast period. Moreover, increasing pollution levels and traffic congestion in the developing region, especially in India, will drive market growth over the projected period.

Furthermore, the growing government focus and strict environmental emphasis influence the market growth. In addition, the growing investment in R&D by the key market players in battery technology offers an attractive opportunity for the expansion of the foldable electric scooter market. For instance, BYD introduced the Blade Battery, which was developed to mitigate safety concerns regarding batteries.

Foldable Electric Scooter Market: Growth Factors and Dynamics

Favorable government initiatives

Increasing government initiatives worldwide at the local and regional levels acknowledge the benefits of electric scooters for traffic congestion. Some have implemented rules and infrastructural enhancements to assist the safe usage of electric scooters, increasing their acceptance. The rise of the sharing economy has considerably aided the expansion of the folding electric scooter sector. Lime, Bird, and Spin have started scooter-sharing programs in several locations, increasing public access to electric scooters.

Increasing demand for cost-effective solutions

Electric scooters are cheaper than owning a car or using ride-sharing services regularly. Individuals can save money on fuel, transportation, and parking by using an electric scooter, making it an attractive alternative for consumers. Technical advancements in battery manufacturing, motor efficiency, and materials increased the performance and range of folding electric scooters. These technical advancements have made electric scooters appealing and reliable options for everyday transportation.

Safety concerns and infrastructure limitations

Market growth is restricted due to safety concerns like road accidents and infrastructure limitations. Concerns about injuries and regulatory gaps related to helmet use and car sharing aggravate these dangers. Furthermore, inadequate infrastructure, including limited bike lanes and heavy traffic conditions in several areas, can emerge as a major threat to electric scooters. The lack of dedicated scooter lanes forces riders to weave between car traffic or crowded sidewalks, discouraging potential users and raising accident risks.

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Foldable Electric Scooter Market: New Launches and Acquisitions

• In December 2023, Gogoro, a Taiwanese player, presented the Gogoro CrossOver GX250, a domestically built electric scooter in India. The startup provides Indian riders with a customized solution. These were a strategic effort by Komatsu to enter the Indian electric scooter industry.

• In March 2023, Yadea Technology Group Co., Ltd introduced the YADEA Fierider, YADEA VoltGuard Scooter, and YADEA Keeness Electric Motorcycle in Vietnam.