BANGALORE, India, Sept. 24, 2021 /PRNewswire/ -- The Folding Bike Market is Segmented by Product Type (Mid-fold, Vertical Fold, and Triangle Hinge), Drive Type (Conventional and Electric), Application (Sports, Fitness, Commercial, and Others), Price Range (Low, Economy, and Premium), and Distribution Channel (Offline and Online). The report covers global opportunity analysis and industry forecasts from 2020 to 2027. It is published in Valuates Reports under Autos & Vehicles Category.
The global folding bikes market size was valued at USD 790.90 Million in 2019 and is projected to reach USD 1,260.98 Million by 2027, registering a Compound Annual Growth Rate (CAGR) of 8.7% from 2020 to 2027.
Major factors driving the growth of the global folding bikes market are:
Folding bikes offer more mobility and comfort than traditional bicycles since they come with a variety of features such as mixed compute flexibility, reduced theft risk, easy carrying and storage, and electric propulsion, among others. Such features are expected to increase its adoption thereby driving the growth of the folding bikes market.
Factors such as government legislation encouraging the usage of electric bikes, consumer preference for e-bikes as an environmentally friendly and efficient mode of transportation, and rising fuel prices are augmenting the folding bikes market growth.
TRENDS INFLUENCING THE GROWTH OF THE FOLDING BIKES MARKET:
Folding bicycles can work as conventional bicycles with lightweight, enhanced flexibility, compactness, and additional merit of traveling through metros and subways. Consumers can keep these cycles inside their homes as they take up very little space. These advantages are in turn expected to increase the adoption of folding bikes thereby, driving the growth of the Folding Bikes Market. Furthermore, In the coming years, consumer awareness of environmental pollution, exercise, and personal health are predicted to boost the utility of the foldable bicycle.
Increased urbanization and consumer preference to avoid driving cars due to increased traffic congestion are expected to provide attractive prospects for the foldable bike market to grow.
Consumer inclination toward the use of e-bikes as an eco-friendly & efficient solution for commuting is expected to further fuel the growth of the folding bikes market. Electric bicycles and bicycles, in general, are becoming increasingly popular on every continent, thanks to improvements in design and performance, as well as economic and environmental considerations. The Folding Bikes Market is expected to develop due to a shift in preference for electric folding bikes as a more convenient and faster form of transportation through traffic for everyday commutes.
The only issue limiting the folding bike market's growth is the high cost of e-bikes. Improvements in bicycle infrastructure and battery technology, on the other hand, are presenting lucrative opportunities for market growth.
North America would exhibit the highest CAGR of 10.0% during 2020-2027. Asia-Pacific dominates the market in terms of revenue. China dominated the global folding bikes market share in 2019 and is expected to grow at a significant rate during the forecast period, due to an increase in demand for folding bikes to avoid traffic congestion on roads.
By product type, the vertical fold segment dominated the global folding bikes market in 2019, in terms of revenue, and is expected to lead the market throughout the forecast period.
By drive type, the conventional segment incurs a higher share. Based on the application, the others segment leads the market in 2019.
Based on the price range, the economy segment holds a major market share in 2019. Also, the offline distribution channel holds a major market share in 2019 due to the availability of numerous offline distribution stores.
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