Folding Bikes Market Size to Reach USD 1.61 Billion by 2028
Pune, India, May 02, 2022 (GLOBE NEWSWIRE) — The world folding bike market size is expected to reach USD 1.61 billion by 2028 and grow at a CAGR of 10% during the forecast period. Factors such as high portability, growing urbanization, and development of lightweight product offerings are expected to amplify the market growth in the coming years. Fortune Business Insights presented this information in its report titled “Folding Bike Market, 2021-2028”. The market size stood at USD 1.06 billion in 2020 and USD 0.82 billion in 2021.
Local displacement during the pandemic to stimulate market development
The adoption of strict social distancing practices, strict lockdown and curfew has positively influenced the growth of the market during the pandemic. Demand for bicycles increased during the pandemic as people feared contracting the virus via public transport. Additionally, the increase in health and fitness regimens adopted by people to improve their health during the pandemic has boosted the demand for e-bikes and conventional bicycles. The market is expected to grow in the coming years.
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|Forecast Period 2021 to 2028 CAGR||ten%|
|2028 value projection||$1.61 billion|
|Market size in 2021||$0.82 billion|
|Historical data for||2017-2019|
|Number of pages||200|
|Segments Covered||Conventional, E-Bike, Fitness/Sport, Commercial|
|Growth engines||Increase in local travel needs to increase market growth|
|High preference for cycling to drive growth in Europe|
Trends, drivers and constraints of folding bikes:
Increase in local travel needs to increase market growth
Rising population, increasing industrialization and increasing urbanization are expected to drive the growth of the global folding bike market. Rising local travel needs and the growing inclination towards technological mobility solutions are propelling the demand for products to promote green mobility and avoid long and exhausting traffic jams. Additionally, rising health concerns among a growing population are expected to drive demand for the products.
The development of lightweight and portable folding cycles to meet urban transportation needs is also expected to drive the market growth. Rising sales of e-bikes and one-wheel scooters following the micro-mobility concept are expected to amplify the market growth in the coming years.
Moreover, the high portability of these bikes is expected to be a key driver for market growth in the coming years.
However, the lack of security compared to other mobility solutions may hamper the market growth.
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Folding Bike Market Segmentation:
The type of propulsion, the type of application and the region are studied for the market
On the basis of propulsion type, the market is divided into electric bicycles and conventional bicycles. On the basis of application type, the market is segmented into commercial and fitness/sports. Geographically, the market is categorized into North America, Asia-Pacific, Europe, and Rest of the World.
High preference for cycling to drive growth in Europe
Europe is expected to hold the largest folding bike market share. The strong preference for bicycles as a means of transportation in European countries such as Italy, France, Germany, and the UK is expected to drive the market growth. Additionally, favorable government initiatives in the Netherlands and France for the use of environment-friendly vehicles are expected to create lucrative growth opportunities for the market.
Asia-Pacific is expected to rank second in the global market. Increasing purchasing power of middle-income groups is expected to be a key driver for regional market growth. The advent of several micro-mobility startups and the growing popularity of mountain biking and cycling are expected to drive the growth of the region’s market.
North America is expected to experience substantial growth in the coming years. Presence of several folding bicycle producers in the United States and increased demand for bicycles during the pandemic is expected to boost the market growth of the region.
The rest of the world will show significant growth during the forecast period. The increasing adoption of clean energy in the micro-mobility industry is expected to drive the region’s market growth.
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- May 2021: Dahon, a folding bike pioneer, unveiled its latest products at China Cycle 2021 in Shanghai.
List of main market players:
- Dahon (Los Angeles, California, USA)
- A-bike (London, UK)
- Giant Bicycle (Taichung City, Taiwan)
- Helix (Toronto, Canada)
- Bike Friday (Oregon, USA)
- Montague Bikes (Massachusetts, USA)
- Brompton Bike (London, UK)
- Gogobike (Tuen Mun, Hong Kong)
- Birdy Bike (Germany)
- Forever Bicycle (Shanghai, China)
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- Impact of COVID-19 on the Electric Bus Market
- Global Electric Bus Market Analysis, Outlook and Forecast, 2017-2028
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Folding Bike Market Trends