The global folding bikes market size is likely to attain over USD 1,360.9 million by the year 2028. Besides, it is likely to project a CAGR of nearly 7.7% during the forecast years 2021-2028. A folding bike enables the user to fold a bicycle into a compact form for proper transportation and storage. The first advantage offered by folding bicycles is intermodality. Unlike conventional bicycles, folding can be combined much more easily with other means of transport. Besides, folding bikes have small wheels, low frame, and adjustable handlebars. Most models are designed primarily for urban use. Also, these folding bikes can be conveniently transported through passenger car vehicles.
The present and future folding bikes market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the folding bikes market opportunities during the forecast years. Factors such as the increasing awareness about health and growing concerns about global pollution. is the key factor driving the market growth for folding bikes.
Also, the folding bikes can be taken anywhere as they are light in weight and the folding nature of these bikes helps to lower the space of the bikes while traveling to the farther places as the space needed to carry is very less is another factor driving market growth. However high cost of e-bikes is the only factor hampering the market growth. Furthermore, improvement in bicycling infrastructure & battery technology is likely to provide lucrative development opportunities for the car subscription market in the forthcoming years.
The report also emphasizes several distinctiveness of the global folding bikes industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the folding bikes industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The folding bikes market has tough competition among the new emerging and pre-established market vendors. Besides, the folding bikes industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the Distribution Channel, the market is segmented into offline and online. The online segment is predicted to achieve the largest growth during the forecast years 2021-2028. On the other hand, the same segment seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. It is due to the the attractive discounts on every product, which attract consumers to purchase from this channel.
The Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the folding bikes market in this region is mostly ascribed to the countries such as China and Japan utilizing latest technologies and offering innovative bikes for fitness and commercial applications. However, the North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the increased traffic congestion on the roads across the region.
The major players of the global folding bike market are Bickerton Portables, Bobbin Bicycles Ltd., Brompton Bicycle Ltd., Montague Corporation, Pacific Cycles, Vilano Bikes, Giant Bicycles, Dahon, Gocycle, and Ming Cycle. Moreover, the additional prospective market players in the folding bike market are Raleigh UK Ltd. and Hummingbird Bike. Renowned companies are offering new and modern folding bikes software solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Folding Bikes Market
Product Type Overview, 2019-2028 (USD Million)
- Vertical Fold
- Triangle Hinge
Drive Type Overview, 2019-2028 (USD Million)
Application Overview, 2019-2028 (USD Million)
Price Range Overview, 2019-2028 (USD Million)
Distribution Channel Overview, 2019-2028 (USD Million)
Regional Overview, 2019-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America