According to the latest report by IMARC Group, titled "Global Foldable Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global foldable electric vehicle market exhibited strong growth during 2015-2020. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 15% during the forecast period (2021-2026).
- 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.
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