NEWARK, Del, July 13 2022 (GLOBE NEWSWIRE) — The folding electric scooter market is expected to grow at a CAGR of 2.6%, from USD 626.8 million in 2022 to USD 806.3 million through 2032.
The COVID-19 pandemic has impacted the broader automotive industry, resulting in a subsequent decline in the growth of the folding electric scooter market. However, strict emission rules from government agencies such as greenhouse gas (GHG) emission standards are propelling the market share of folding electric scooters.
Increasing monetary and non-monetary incentives are helping the adoption of folding electric scooters. The recent trend in the folding electric scooter market is the demand for sustainable urban mobility and contemporary transportation infrastructure, which is pushing the transition from traditional forms of transportation to electronic forms of transportation. Folding electric scooters are expected to have a positive influence on energy security and air quality.
Cities around the world are gearing up for a new era of urban mobility centered on the concept of using sustainable transport vehicles across the city to minimize traffic congestion and pollution for a clean and fresh environment, driving demand increase in folding electric scooters.
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Compared to the number of electric vehicles in circulation today, the number of electric charging stations seems insufficient. Range concerns are hampering the sales potential of folding electric scooters.
Governments around the world have come up with measures to encourage the adoption of folding electric scooters by offering financial incentives to riders and riders. Research and development programs are another major aspect driving the growth of the folding electric scooter market.
Key points to remember:
- The folding electric scooter market is expected to grow at a CAGR of 2.6% through 2032 due to consumer awareness and environmental concerns.
- In the United States, the folding electric scooter The market is estimated to have a CAGR of 10.8% through 2032.
- The folding electric scooter market in China is expected to have a staggering CAGR of 23.6% through 2032.
- The folding electric scooter market in Japan is expected to have a steady CAGR of 16% through 2032.
- The market of folding electric scooter in Japan is expected to be valued at $806.3 million by 2032.
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The main key players in the folding electric scooter market are Xiaomi Corporation, Pride Mobility Products Corp., Segway, Megawheel, GOTRAX, Shenzhen Iezway Technology, Spacepac Industries Pty Ltd, Turboant, E-Twow, Hiboy, INOKIM, Glion, Razor, Mercane Wheels, XOOTR and EcoReco.
To extend their influence in the Folding Electric Scooter Market Trendsthese vendors have used a variety of organic and inorganic growth tactics.
“Partnerships, collaborations and agreements remain the key strategies.”
- NIU introduced two new scooters for the European market in January 2020: the NQi GT and the MQi Plus. The unveiling was done in conjunction with NIU’s Urban Mobility Summit in New York.
- Singapore’s EuroSports Technologies (EST) signed a memorandum of understanding with Strides Transportation in April 2021 to develop, market and distribute smart electric motorcycles.
- BattRE Electric Mobility launched an IoT e-scooter in 2020 which includes navigation, riding data, remote diagnostics, anti-theft alarm, speedometer call warnings and riding behavior tips.
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- Two wheels
- three wheels
By load variation:
- Less than 40 kg
- 40 to 80kg
- 80 to 100kg
- Above 100kg
By battery type:
- sealed lead
- acid battery
- Lithium ion battery
By distribution channel:
- Under 20
- 20 to 30 years old
- Over 30 years
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East and Africa
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Product Innovation / Development Trends
4. Key success factors
4.1. Product Adoption / Usage Analysis
4.2. USP/Product Features
4.3. Strategic promotional strategies
Check out IMF’s extensive coverage at Automotive Domain
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