Folding Bikes Market Set to Reach a Valuation of USD 1410.16 Million by 2028, Propelled by Affordability and Convenience, States Extrapolate

DUBAI, UAE, May 17, 2023 /PRNewswire/ -- The global Folding Bikes Market is projected to grow from USD 928.51 million in 2021 to USD 1410.16 Million by 2028, expanding at a CAGR of 8.7% during the forecast period, according to a new report published by Extrapolate. New battery technology and bicycle infrastructure developments present lucrative opportunities to boost the market's growth.

Folding bikes are more versatile and comfortable than traditional bicycles because they include features like mixed compute flexibility, reduced theft risk, easy carrying and storage, and electric propulsion. Furthermore, due to the long walking distances between offices, stations, and residences, people have been encouraged to use bicycles as a regular mode of transportation. As a result of increased bicycle adoption, demand for folding bicycles is expected to rise faster during the forecast period.

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Competitive Landscape

To expand their reach on a global scale, businesses are investing heavily in new product development. In addition, major market players anticipate that millennials, who are increasing their spending on cycling as a recreational activity to improve their physical health, will utilize e-commerce platforms as a means of selling.

Players in the market include:

• Bickerton Portables (Subsidiary of Mobility Holdings, Ltd.)
• Bobbin Bicycles Ltd.
• Brompton Bicycle Ltd
• Dahon Bike
• Gocycle (Subsidiary of Karbon Kinetics Ltd.)
• Ming Cycle Industrial Co.
• Montague Corporation.
• Pacific Cycles
• Raleigh UK Ltd.
• Vilano Bikes

Trending Now: Youon Technology Co Ltd Launches Hydrogen-powered Bicycle

On February 17, 2023, a prototype of an innovative folding hydrogen-powered bicycle was officially rolled off the Youon Technology Co., Ltd. production line in Changzhou, East China's Jiangsu Province.

The revolutionary hydrogen-powered bike delivers power through the pedaling speed of its rider. According to its creator, Changzhou-based bike manufacturer Youon Technology Co., Ltd., it stops supplying extra power at a speed of 24 kph.

The company announced that the initial batch of these new bicycles went into mass production by the end of March, with a projected annual production capacity of 200,000 units by 2025.

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Foldable Bikes Continue to Gain Popularity as Conventional Transportation Supported by Multiple Benefits

In addition to several advantages, such as being lightweight, more flexible, and smaller, folding bicycles offer the benefit of going in subways and metros. With their compact size, consumers can conveniently store these bicycles indoors. Moreover, consumer awareness regarding environmental pollution, physical fitness, and personal health is anticipated to increase, further enhancing the practicality and value of foldable bicycles.

Offline Distribution Channel to Gain Traction Owing to the Availability of Test-drive Option

In terms of distribution channels, the offline segment dominated the folding bikes market share in 2022 and is likely to continue its dominance throughout the projection period. As a result of the options available such as test drives, the majority of the customers choose to buy through this channel. Additionally, these showrooms allow customers to customize their purchases by choosing styles and colors of their preference. The demand for this channel will likely increase as branded products become available in nearby supermarkets and other businesses.

High Convenience of Foldable Bikes for Travelling to Propel Product Demand

One of the key factors propelling the growth of the folding bicycle market is the rise in the number of cycling pathways worldwide. Furthermore, the folding bikes market growth is attributable to the increasing popularity of folding bicycles, which have a number of benefits, including ease of storage and transportation, reduced theft risk, and versatility for mixed commuting.

The popularity of folding bicycles is rising due to their added travel convenience, lightweight construction, compact size, and enhanced versatility. Furthermore, the market for folding bicycles is experiencing a positive impact due to the prevalence of high e-commerce sales channels, a rise in health-related concerns, practical strategic marketing efforts by manufacturers, and increased consumer purchasing power.

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Promoting Environmental-friendly Transportation to Boost Product Sales in North America

North America is expected to dominate the folding bikes market share in the upcoming years. The regional market's growth is mainly attributable to favorable government programs on the use of eco-friendly vehicles in the region. The regional market is primarily led by the United States, which houses the majority of manufacturers of foldable bicycles. The Associated Press reported that there were no bicycles in the Walmart and Target aisles in June. As a result, many American mobility firms quickly attained unicorn status, and leading manufacturers invested millions of dollars into the sector until COVID-19 hampered market growth.

Growing Popularity of Sports Events in Asia Pacific to Augment Product Demand

Asia Pacific is projected to grow at a rapid CAGR during the forecast period. The folding bikes market is expected to continue experiencing significant impact from the increasing adult interest in sports such as cycling and mountain biking, particularly in major countries such as China, Japan, India, and Indonesia. Moreover, rising residential property costs in urban areas encourage customers to buy foldable bikes, practical alternatives they can store at home.

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Key Points from TOC:

Chapter 1. Executive Summary

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Scope, definition, and Assumptions

2.3. Data sources

2.3.1. Secondary Sources

2.3.1.1. Preliminary data mining

2.3.2. Primary Sources

2.3.2.1. Statistical Model

2.3.2.2. Data Triangulation

2.3.2.3. Research Objective

Chapter 3. Market Outlook

3.1. Introduction

3.2. Key trends

3.2.1. Development of Portable and Lightweight Folding Bicycles

3.3. Market drivers

3.3.1. Better Portability as Opposed to Alternative Personal Vehicles to Promote Folding Bike Adoption

3.3.2. Growing Urbanization Need for Local Commute to Drive Market Growth

3.4. Market restraints

3.4.1. High cost of e-bikes

3.5. Market opportunities

3.5.1. Improvement in bicycling infrastructure & battery technology

3.6. Market Challenges

3.6.1. Lower Safety of Folding Bikes than Alternative Solutions to Affect their Adoption Slightly

3.7. Porter's Five Forces Analysis

3.7.1. Bargaining Power of Suppliers

3.7.2. Bargaining Power of Buyers

3.7.3. Threat of New Entrant

3.7.4. Threat of Substitutes

3.7.5. High Competitive Rivalry

3.8. Value chain analysis

Chapter 4. COVID-19 Impact On Folding Bikes Market

Chapter 5. Global Folding Bikes Market Overview, By Product Type, 2015 - 2028(USD Million)

5.1. Global Folding Bikes Market Share, By Product Type, 2015 - 2028 (USD Million)

5.1.1. Mid-Fold

5.1.1.1. Market Size and Projections,2015 - 2028 (USD Million)

5.1.1.2. Market Size and Projections, by Region, 2015 - 2028 (USD Million)

5.1.2. Vertical Fold

5.1.2.1. Market Size and Projections,2015 - 2028 (USD Million)

5.1.2.2. Market Size and Projections, by Region, 2015 - 2028 (USD Million)

5.1.3. Triangle Hinge

5.1.3.1. Market Size and Projections,2015 - 2028 (USD Million)

5.1.3.2. Market Size and Projections, by Region, 2015 - 2028 (USD Million)

Chapter 6. Global Folding Bikes Market Overview, By Drive Type, 2015 - 2028(USD Million)

6.1. Global Folding Bikes Market Share, By Drive Type, 2015 - 2028 (USD Million)

6.1.1. Conventional

6.1.1.1. Market Size and Projections,2015 - 2028 (USD Million)

6.1.1.2. Market Size and Projections, by Region, 2015 - 2028 (USD Million)

6.1.2. Electric

6.1.2.1. Market Size and Projections, 2015 - 2028 (USD Million)

6.1.2.2. Market Size and Projections, by Region, 2015 - 2028 (USD Million)

Chapter 7. Global Folding Bikes Market Overview, By Application, 2015 - 2028(USD Million)

7.1. Global Folding Bikes Market Share, By Application, 2015 - 2028 (USD Million)

7.1.1. Sports

7.1.1.1. Market Size and Projections,2015 - 2028 (USD Million)

7.1.1.2. Market Size and Projections, by Region, 2015 - 2028 (USD Million)

7.1.2. Fitness

7.1.2.1. Market Size and Projections, 2015 - 2028 (USD Million)

7.1.2.2. Market Size and Projections, by Region, 2015 - 2028 (USD Million)

7.1.3. Commercial

7.1.3.1. Market Size and Projections, 2015 - 2028 (USD Million)

7.1.3.2. Market Size and Projections, by Region, 2015 - 2028 (USD Million)

7.1.4. Others

7.1.4.1. Market Size and Projections, 2015 - 2028 (USD Million)

7.1.5. Market Size and Projections, by Region, 2015 - 2028 (USD Million)

Chapter 8. Global Folding Bikes Market Overview, By Distribution Channel, 2015 - 2028(USD Million)

8.1. Global Folding Bikes Market Share, By Distribution Channel, 2015 - 2028 (USD Million)

8.1.1. Offline

8.1.1.1. Market Size and Projections,2015 - 2028 (USD Million)

8.1.1.2. Market Size and Projections, by Region, 2015 - 2028 (USD Million)

8.1.2. Online

8.1.2.1. Market Size and Projections, 2015 - 2028 (USD Million)

8.1.2.2. Market Size and Projections, by Region, 2015 - 2028 (USD Million)

Chapter 9. Global Folding Bikes Market Overview, By Geography, 2015 - 2028(USD Million)

Continued…..

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