Folding Bikes Market

Folding Bikes Market Statistics 2020-2027:

The global folding bikes market was valued at $790.90 million in 2019, and is projected to reach $1,260.98 million by 2027, registering a CAGR of 8.7% from 2020 to 2027. 

The automotive industry players are facing issues such as complete halt of production activities, mandated plant closures by the government, unavailability of essential components, and others. The unavailability of raw material for the production has created a negative impact on the growth of the market. The folding bikes market regained its growth trend sooner due to the factor that public transports were being neglected so as to avoid direct contact with other individual.

Folding bikes are two-wheeled vehicles, which are designed in such a way that they fold into a compact and portable size so as to ensure easy transportation as well as ensures that they occupy less space. Folding bikes provide better mobility and comfort as compared to conventional bicycles as they are packed with multiple features such as flexibility for mixed compute, less possibility of theft, easy carrying or storing, electric propelled, and others. Furthermore, long walking distance between workplaces, station, and homes has encouraged people to adopt bicycle as a daily mode of transportation. Therefore, increase in trend to adopt bicycles is expected to boost the folding bikes market growth during the forecast period.

Factors such as implementation of government regulations to encourage the use of electric bikes, consumer inclination toward use of e-bikes as an eco-friendly & efficient solution for commute, and increase in fuel cost are driving the growth of the global folding bikes market. Moreover, high cost of e-bikes is the only factor which is affecting the growth of the global folding bikes market. However, improvement in bicycling infrastructure & battery technology is the factor which is creating a lucrative opportunity and is supplementing the growth of the global folding bikes market.

The global folding bikes market has been segmented on the basis of product type, drive type, application, price range, distribution channel, and region. Based on the product type, the market has been categorized into mid-fold, vertical fold, and triangle hinge. Based on the drive type, the market has been categorized into conventional and electric which determines the propulsion of the bikes. Based on the application, the market has been categorized into sports, fitness, commercial, and others. Based on the price range, the global folding bikes market has been categorized into low, economy, and premium. Based on distribution channel, the global folding bikes has been categorized into offline and online. Based on region, the market has been studied across North America, Europe, Asia-Pacific, and LAMEA. 

Key players operating in the global folding bikes market include Bickerton Portables, Bobbin Bicycles Ltd., Brompton Bicycle Ltd., Montague Corporation, Pacific Cycles, Vilano Bikes, Giant Bicycles, Dahon, Gocycle, Raleigh UK Ltd., and Ming Cycle. 

Implementation of government regulations to encourage the use of electric bikes

Governments of various countries are taking initiatives to reduce the carbon footprints by encouraging the use of electric bikes, electric vehicles, and bicycles, owing to increase in awareness toward the hazardous effects of using vehicles running on fossil fuels. Moreover, governments are constructing bicycle-friendly streets, which are encouraging individuals to opt for bicycle as a key mode of commute. Electric bicycles, scooters, and motorcycles have gained significant attention from various governments, as reliable and efficient types of light motor vehicles (LMVs), reducing the carbon footprint. Furthermore, to encourage the use of these environment-friendly vehicles, certain benefits have been offered by governments of various countries such as reduced registration tax and other liabilities. Infrastructure facilities such as guarded bicycle parking facilities, construction of more bicycle (express) routes, and establishment of battery charging stations in many countries by the governments significantly boost the adoption of electric bikes by users; thereby, propelling the growth of the market.

Consumer inclination toward use of e-bikes as an eco-friendly & efficient solution for commute

Increase in global carbon emission by fuel combustion has been one of the major concerns for governments and environmentalists from the past few decades. This in turn fuels the demand for electric vehicles across the globe; thereby, supplementing the growth of the folding bikes market. In addition, popularity of electric bicycles has increased rapidly across every continent, in response to design & performance gains and economic or environmental concerns.

Moreover, shift in preference for electric bike as an easier and quicker mode of transportation through the traffic for daily commute boost the market growth. According to GenZE (By Mahindra), most daily trips are less than seven miles from home. Hence, e-bikes serve as an efficient solution, which reduces traffic congestion and curb emissions. 

High cost of e-bikes

High cost of e-bikes is a major factor that restrains the growth of the e-bikes market. The cost of the battery and technology makes e-bikes costlier as compared to traditional bicycles or conventional scooters or motorcycles. Hence, consumers find conventional scooters or motorcycles superior in performance with same or less price. Moreover, use of lithium-ion batteries or drive mechanism of motor incurs maximum cost; thereby, restraining the growth of the market. Hence, upsurge in adoption of e-bikes in countries other than China is limited by high costs. However, the e-bike market is growing at a rapid rate globally, which may reduce the impact of this restraint in the near future.

Improvement in bicycling infrastructure & battery technology

Growth in urbanization and rise in preference of consumers to avoid the use of cars due to increased traffic congestion are anticipated to offer lucrative opportunities for folding bikes market expansion. E-bikes are less expensive than cars, do not require license, and can be used on existing bicycling infrastructure. Governments of various countries focus on the development of infrastructure for e-bikes, including bicycle tracks, public charging stations, and others with the inclination of the consumers toward e-bikes. For instance, Sanyo (Japan) opened two solar parking lots in Tokyo where around 100 electric bicycles can be recharged from solar panels. 

Key Benefits For Stakeholders

• This study presents the analytical depiction of the global folding bikes market analysis along with the current trends and future estimations to depict imminent investment pockets.
• The overall folding bikes market opportunity is determined by understanding profitable trends to gain a stronger foothold.
• The report presents information related to the key drivers, restraints, and opportunities of the global folding bikes market with a detailed impact analysis.
• The current folding bikes market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Covid-19 Impact Analysis

• The COVID-19 outbreak impacted the automotive industry significantly, which resulted in substantial decline in automobile sales, shortage of raw material, and others.
• The automotive industry players are facing issues such as complete halt of production activities, mandated plant closures by the government, unavailability of essential components, and others.
• The unavailability of raw material for the production has created a negative impact on the growth of the market.
• This unavailability is due to the demand and supply gap created due to the halted transportation of raw material.
• The folding bikes market regained its growth trend sooner due to the factor that public transports were being neglected so as to avoid direct contact with other individual.

 Folding Bikes Market Report Highlights