Rising environmental concerns coupled with the growing number of automobiles leading to crowded cities battling traffic woes are driving the market growth
The global foldable electric vehicle market grew at a CAGR of around 17 per cent during 2014-2019. However, the same got negatively impacted by the Covid-19 pandemic in 2020. Now, a report by Research and Markets notes that the market is expected to recover and continue its strong growth post 2021.
“The growing demand for foldable electric vehicles can be attributed to the increasing consumer inclination towards more compact and lighter vehicles with high mobility and durability. With fully occupied parking spaces and lesser number of residential projects with independent garages, these foldable vehicles occupy a significantly lower space in any standard parking spot,” read the report.
Foldable electric vehicles primarily stand for lightweight and portable bikes, hoverboards and scooters that can be folded down to a compact size. Generally, these vehicles are integrated with battery-based electric motors.
Rising consumer disposable income levels
Rising consumer disposable income levels coupled with the high prevalence of social media trends promoting the advantages of foldable electric vehicles, have also bolstered the product demand. Apart from this, various technological advancements along with the rapid integration of artificial intelligence have led to the launch of several innovative products in the market. For instance, Hyundai Motor Group launched a new-on board electric scooter that can be folded to the size of a backpack, enabling 20km range with 10.5 Ah lithium battery.
Apart from this, rising environmental concerns coupled with the growing number of automobiles leading to crowded cities battling traffic woes further drives the market growth. Additionally, rapid modernization such as increasing charging stations across commercial infrastructures, such as shopping malls, urban centers, metro rail, etc., has propelled the utilization of foldable e-bikes for providing conveyance to cover short distances.
Furthermore, e-scooters or bikes can also be folded and stored under the rear seats of a sedan or in the boot of a compact car, thereby being a convenient mode of transportation. Moreover, the growing awareness among e-bike enthusiasts towards high compatibility and affordability of these vehicles has further catalyzed the product demand.