The global folding e-scooter market size is projected to reach USD 659.8 million in 2024 and rise at USD 852.9 million by 2034. It will likely surge at a CAGR of 2.6% in the forecast period from 2024 to 2034.
Folding e-scooters are gaining impetus worldwide, especially in developing countries like India and China, where the need for compact mobility solutions is rising steadily. Individuals are demanding urban mobility, last-mile connections, and short-distance transportation solutions.
The ability of these scooters to fold allows for convenient transportation and easy storage. Hence, riders can easily carry these on public modes of transportation, store these in small spaces, and keep these at their workplace or home.
| Attributes | Description |
|---|---|
| Estimated Global Folding E-scooter Market Size (2024E) | USD 659.8 million |
| Projected Global Folding E-scooter Market Value (2034F) | USD 852.9 million |
| Value-based CAGR (2024 to 2034) | 2.6% |
The demand for folding electric scooters is further projected to surge at a fast pace owing to increasing need for environmentally friendly mobility solutions in urban areas. Rising regulatory support for vehicle electrification and high popularity of micro-mobility services are anticipated to accelerate sales.
As per the Department for Energy Security and Net Zero, in 2022, territorial greenhouse gas emissions in the United Kingdom were 406.2 million tons carbon dioxide equivalent.
In the same year, domestic transport was considered the most prominent emitting industry, which released about a quarter of emissions. To curb emissions in the atmosphere, several norms are being implemented by government and private agencies, which are set to drive folding e-scooter demand.
Rising traffic congestion issues in metropolitan cities and the surrounding areas are compelling several individuals to purchase expensive apartments located near their workplaces or invest in premium models of transportation. Those who do not reside near their offices, have to travel long distances. Hence, individuals, especially from the middle-class segment are seeking convenient and quick modes of transportation.
As folding electric scooters are capable of fitting in a vehicle’s trunk, these are gaining traction among daily commuters. Individuals are parking their four-wheelers in the bus or train station which is closest to their workplace. To avoid traffic jams, they are going to work by riding these e-scooters.
The annual growth rates of the business from 2024 to 2034 are illustrated in the table below. Starting with the base year 2023 and going up to the present year 2024, the report examines how the growth trajectory changes from the first half of the year, i.e. January through June (H1) to the second half consisting of July through December (H2).
This gives stakeholders a comprehensive picture of the industry’s performance over time and insights into potential future developments.
In the first half (H1) from 2023 to 2033, the market is predicted to show a CAGR of 2.4%, followed by a slightly higher growth rate of 2.5% in the second half (H2) of 2023 to 2033.
| Particulars | Value CAGR |
|---|---|
| H1 | 2.4% (2023 to 2033) |
| H2 | 2.5% (2023 to 2033) |
| H1 | 2.5% (2024 to 2034) |
| H2 | 2.6% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2024, the CAGR is projected to remain the same at 2.5% in the first half and it will likely increase to 2.6% in the second half.
Smart City Initiatives Necessitate Integration of Traffic Management Systems with Foldable E-scooters
The rising adoption of digital technologies with the global push toward smart cities is estimated to help enhance urban living. It is further projected to create new opportunities for folding e-scooter manufacturers.
Government bodies across the globe are investing huge sums in smart city projects. The integration of these e-scooters in such projects is anticipated to propel sustainable urban mobility, reduce traffic problems, and augment transportation efficiency.
President Moon Jae-in's government, for instance, launched two new pilot smart city projects in Sejong City and Busan. To lower methane emissions by 30% by 2030, South Korea penned the Global Methane Pledge. It also updated the Nationally Determined Contribution (NDC) and planned to reduce greenhouse gases by 40% by 2030 from 2018.
Just like South Korea, several other countries are anticipated to sign agreements to reduce the number of vehicles operating on non-renewable energy resources. It has further boosted the electric vehicle (EV) industry with companies discovering new ideas and technologies to promote decarbonization.
Several smart city projects have come up worldwide that incorporate unique traffic control technologies. Companies are focusing on integrating their in-house foldable e-scooters into these projects to enhance traffic flow, upgrade routes, and boost navigation. They are also promoting data transmission between traffic management solutions and their e-scooters to augment efficiency.
Traffic Congestion Issues Call for Convenient Mobility Solutions
The rising rate of urbanization worldwide has created congestions across cities. Hence, demand for highly compact last-mile mobility solutions is growing steadily. Foldable electric scooters have recently emerged as a solution to address this issue by providing a convenient method of traveling short distances. These often help in connecting commuters to final destinations and transportation hubs.
As per the United Nations (UN), in mid-November 2022, the human population reached 8.0 billion from 2.5 billion in 1950 globally. This shows the addition of 2 billion people since 1998 and 1 billion since 2010. In the next 30 years, it will likely surge by 2 billion humans. With rising population, issues with traffic congestions are set to be inevitable, further accelerating folding e-scooter demand.
Ban on E-scooter Ridesharing Services May Limit Demand
Foldable electric scooter manufacturers are anticipated to face challenges due to the implementation of strict norms imposed by government bodies. Concerns about integrating these scooters into smart transportation networks, pedestrian interactions, and safety are likely to lead to the emergence of new rules.
Several cities across the globe are projected to adopt numerous polices, which can create difficulties with the use of these e-scooters. A few cities, for instance, may allow ridesharing services to operate with dedicated parking spots, while a handful may not allow the use of specific areas or simply ban the use of these scooters in terms of sharing.
Paris, for instance, recently banned the operation of shared e-scooters. Around 15,000 shared e-scooters were deployed in the city during their peak. However, safety concerns, user behavior, and poor parking spaces led to their ban. Similar regulations in various parts of the world are projected to hamper demand.
The global folding e-scooter market witnessed a CAGR of 1.6% in the historical period between 2019 and 2023. It reached USD 643.1 million in 2023 from USD 593.8 million in 2019. A CAGR of 2.6% is anticipated for the industry from 2024 to 2034.
One of the most prominent factors that pushed sales in the historical period was the declining cost of batteries backed by mass manufacturing and scientific enhancements. Batteries were considered the most expensive component of these e-scooters, which had resulted in reduced sales globally.
In 2010, for instance, an EV battery costed around USD 1,100 per kWh. By 2020, the cost declined significantly to USD 137 per kWh. In 2021, it further reduced to USD 120 per kWh. In developing countries like China, these were made available for USD 100 per kWh and hence more customers opted for these scooters to travel short distances.
Reduced production costs, low cost of cathode materials, and high rate of manufacturing of e-scooter batteries further led to surging affordability. It is estimated that by 2030, battery prices will decrease to about USD 60 per kWh, thereby making these more cost-effective than conventional petroleum-based vehicles.
The reduction in the prices of batteries is projected to create a positive influence on sales of foldable e-scooters, augmenting the market.
Tier 1 companies are those industry giants with whom small-scale players conduct business with. These mainly include production partners or contracted manufacturing facilities. Take, for instance, companies like Segway-Ninebot, Xiaomi, Razor, and Gilon.
These possess well-established production facilities spread in various parts of the globe. These are also considered important cost centers as they invest huge sums in research and development activities.
Firms in the Tier 2 segment include Unagi, GoTrax, INOKIM, and Swagtron. These companies provide materials like various components and parts of e-scooters to Tier 1 players for the manufacturing of the final product. These players do not have a vast geographic reach or latest technologies. However, they ensure to comply with changing government norms to distribute their products in the market.
A few companies in Tier 3 are TurboAnt, Fluidfreeride, SoFlow, and EcoReco. These are local companies possessing very limited financial and technological resources. They operate in specific cities and strive to cater to the requirements of local customers. They mainly have small-scale facilities to manufacture raw materials like plastic, steel, aluminum, rubber, and others.
The table below shows the estimated CAGRs of several countries worldwide. This information would enable stakeholders to get a better understanding of the growth trajectory in every country. They can then make significant business decisions to invest in specific countries.
India is projected to remain at the forefront with a CAGR of 3.9%, followed by China at 2.9% from 2024 to 2034. France, Italy, and the United States are likely to remain closely behind with CAGRs of 1.8%, 1.7%, and 1.5%, respectively.
| Countries | CAGR 2024 to 2034 |
|---|---|
| India | 3.9% |
| China | 2.9% |
| United States | 1.5% |
| Italy | 1.7% |
| France | 1.8% |
India is anticipated to witness a CAGR of 3.9% in the evaluation period. Growing population and rising road traffic congestions are projected to augment sales of foldable e-scooters in the country. According to Census 2011, the country’s population was 121.1 crore. By 2036, the total population is anticipated reach 152.2 crore, with about 48.8% females.
The Ministry of Road Transport and Highways mentioned that in 2022, around 4,61,312 road accidents were reported by Police Departments of States and Union Territories (UTs). These claimed about 1,68,491 lives and leading to injuries in 4,43,366 individuals. To reduce the number of road accidents, the government is taking several initiatives, including vehicle electrification.
Numerous start-ups are coming up in India with their novel products like electric scooters with a wide range of features, including foldability. On August 15, 2021, for instance, Ola Scooter was launched in the country. The scooter can run about 150 kilometers on a single charge. The company also added the Ola Hypercharger network, which shortens the total charging time. The company claims that it can be charged up to 50% in just eighteen minutes.
China is estimated to rise at a CAGR of 2.9% in the forecast period. This growth is mainly attributed to rising need to travel quickly across crowded cities and surging consumer demand for inexpensive modes of transportation. In 2019, the country introduced a novel national technical standard, which drastically propelled sales. This transition phase is likely to continue till 2025.
Local manufacturers in China are focusing on developing low-cost and simple e-scooter models with less than 4 kW motor power. These are attracting customers from the middle-class group as these are highly affordable. Industry giants like Aima and Yadea are anticipated to lead in terms of sales in the forecast years.
The United States will likely surge at a CAGR of 1.5% during the assessment period. Increasing trend for ridesharing services in the country is projected to create new opportunities for folding e-scooter companies. Ongoing innovations in battery technology and rising demand for unique fleet management systems are also set to accelerate sales.
A few leading companies are also conducting surveys and PR stunts in the country to attract a large client base. In June 2024, for instance, Uber, based in San Francisco, announced the One Less Car trial.
It aims to select 175 individuals in the United States and Canada who will be then instructed to ditch their four-wheelers in exchange for credits and cash for five weeks. The company will instead encourage them to use app-based bike-sharing services. Such initiatives are anticipated to boost sales and utilization of foldable electric scooters in the country.
The section provides in-depth information about the leading segments in the market. It dissects the battery type and voltage categories to give a clear picture to potential clients of the trends and drivers in each of these categories. It would enable them to invest in the right segment that is more profitable.
| Segment | Sealed Lead Acid Battery (Battery Type) |
|---|---|
| Value Share (2024) | 45% |
By battery type, the sealed lead acid battery segment is anticipated to account for a share of 45% in 2024. Even though lithium-ion batteries are considered ideal for e-scooters, millennials are moving toward lead acid ones due to their high cost-effectiveness. These are also bulkier than their alternatives, and their high mass provides a low energy-to-weight ratio.
The batteries are further considered suitable for starting, lighting, and ignition (SLI) applications backed by their high surge current capacity. The Advanced Lead-acid Battery Consortium (ALABC), for instance, is an international research and development consortium.
The consortium mainly strives to maintain lead acid batteries more sustainably compared to the other available batteries. It states that the complete recycling of these batteries can lead to low emissions and energy consumption.
Li-ion batteries, on the other hand, cannot be recycled. Hence, several manufacturers are producing innovative technologies to boost the recycling rate of li-ion batteries. Such initiatives are anticipated to attract modern customers toward sealed lead acid batteries, further augmenting demand.
| Segment | 36V (Voltage) |
|---|---|
| Value Share (2024) | 35% |
In terms of voltage, the 36V segment is estimated to hold a share of about 35% in 2024. The demand for 36V lithium batteries is anticipated to rise globally, especially in portable vehicles like foldable e-scooters. These provide long-lasting and reliable power, which makes these immensely popular among customers.
The batteries have a high energy density, which enables the e-scooters to operate for a long period between charges. These also possess low self-discharging rates, thereby bolstering sales. Enthusiasts and commuters alike are projected to seek reduced environmental impact and enhanced performance of folding e-scooters operating on 36V lithium batteries.
The global folding e-scooter market is consolidated with the presence of several leading companies. These companies are engaging in acquisitions and mergers, mainly with those firms possessing good technologies. These acquisitions are anticipated to enable the companies to reach a wide customer base and extent their geographic footprint.
A few other companies are focusing on joining hands with start-ups to co-develop unique products and gain more profits. They are integrating artificial intelligence (AI) and machine learning (ML) in their e-scooters to offer new features, such as real-time traffic information, music player, Bluetooth, facial recognition, fingerprint authentication, and multilingual voice interface.
Industry Updates
Based on battery type, Lithium-Ion Batteries, Nickel-Metal Hydride Batteries, Sealed Lead-Acid Batteries and Others.
Up to 250 W, 250 W - 500 W, 500 W - 750 W, and Above 750 W
Up to 15km/hr, 15-25 Km/hr, 25-35 Km/hr, Above 35 Km/hr
Based on application the industry is segmented into Personal and Commercial (Ride sharing, Last Mile Delivery, Rentals)
Based on sales channel, the industry is segmented into Online (E- Commerce Platform, Company Website) and Offline (Retail Stores, Supermarkets)
Information is given about key countries of North America, Latin America, Western Europe, Eastern Europe, South Asia, East Asia, and the Middle East and Africa.
The market is set to reach USD 659.8 million in 2024.
The market is likely to rise at a 2.6% CAGR from 2024 to 2034.
Yes, several e-scooters have come up with high portability features like foldability.
Foldable scooters are worth it as these are easy to control in busy streets.
The Arma scooter, officially certified by TFCO is the most compact scooter.
The company’s Electric Scooter 3 Lite is foldable.
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