Global Foldable Electric Vehicle Market to Grow at 11.4% During 2024-2032, Impelled by Rising Environmental Concerns

December 09, 2021 | Automotive Industry

According to the latest report by IMARC Group, titled "Foldable Electric Vehicle Market Report by Vehicle Type (E-Bike, E-Scooters, Hoverboards), Battery Type (Sealed Lead Acid (SLA), Nickel Cadmium Battery (NiCad), Nickle-Metal Hydride (NiMH), Lithium-ion Polymer (Li-ion), Lithium Polymer Battery (Li-Po)), Distribution Channel (Offline, Online), User Age Group (Children, Adults), and Region 2024-2032," the global foldable electric vehicle market size reached US$ 6.8 Billion in 2023. Foldable electric vehicle refers to portable and light-weighted automotive variants. It generally includes rechargeable vehicles that are compact in size and easily foldable, which can be widely utilized for short trips or commutes. It usually occupies minimum space in a standard parking spot. Apart from this, it is an eco-friendly automobile as it operates on electric power, due to which it produces relatively lesser carbon emissions and requires minimum maintenance. There has been a considerable increase in the adoption of foldable electric vehicles among the masses since they are affordable and convenient to use.

Global Foldable Electric Vehicle Market Trends:

The global market is primarily driven by significant growth in the automotive sector. Moreover, there has been a considerable increase in traffic congestion across the globe, especially in the developing economies, which has created the rising need for compact automobiles. Furthermore, the growing environmental concerns among individuals have significantly propelled the market growth. The global market is further driven by continual technological advancements in the automotive industry. Additionally, increasing investments by leading players in order to enhance the overall efficiency of foldable electric vehicles while reducing vehicular emissions are also providing an impetus to the market growth. Some of the other factors contributing to the market growth include the inflating disposable income levels of the masses and extensive research and development (R&D) activities conducted by key players to introduce improved variants. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 11.4% during the forecast period (2024-2032).

Market Summary:

  • On the basis of the vehicle type, the market has been segmented into e-bike, e-scooters and hoverboards.
  • Based on the battery type, the market has been categorized into sealed lead acid (SLA), nickel cadmium battery (NiCAD), nickle-metal hydride (NiMH), lithium-ion polymer (Li-ion) and lithium polymer battery (Li-Po).
  • On the basis of the distribution channel, the market has been bifurcated into offline and online.
  • Based on the user age group, the market has been segregated into children and adults.
  • On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa (Turkey, Saudi Arabia and others).
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Airwheel Holding Limited, Benelli Biciclette, GiGi Nederland B.V., Jetson Electric Bikes, Zhengzhou F-wheel Industrial Co., Ltd., Segway Inc., Jiangsu Xinri E-Vehicle Co., Ltd, TravelScoot, Trikelet, and URB-E. 

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Vehicle Type, Battery Type, Distribution Channel, User Age Group, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Turkey, Saudi Arabia
Companies Covered Airwheel Holding Limited, Benelli Biciclette, GiGi Nederland B.V., Jetson Electric Bikes, Zhengzhou F-wheel Industrial Co., Ltd., Segway Inc., Jiangsu Xinri E-Vehicle Co., Ltd, TravelScoot, Trikelet and URB-E
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Global Foldable Electric Vehicle Market to Grow at 11.4% During 2024-2032, Impelled by Rising Environmental Concerns
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