Folding Bikes Market Size To Reach USD 1,260.98 Million By 2027 At A CAGR Of 8.7%
BANGALORE from India, September 24, 2021 / PRNewswire / – The Folding bike market is segmented by product type (Median fold, Vertical fold and Triangular hinge), Reader type (Conventional and Electric), Application (Sports, Fitness, Commercial and others), Price scale (Low, Economy and Premium), and Distribution channel (Offline and online). The report covers the analysis of global opportunities and industry forecast from 2020 to 2027. It is published in Evaluate reports under Cars and vehicles Category.
The size of the global folding bicycle market was estimated at $ 790.90 million in 2019 and should reach $ 1,260.98 million by 2027, recording a compound annual growth rate (CAGR) of 8.7% from 2020 to 2027.
The major factors driving the growth of the Global Folding Bikes Market are:
Folding bikes offer more mobility and comfort than traditional bikes as they come with a variety of features such as mixed computing flexibility, reduced risk of theft, easy transport and storage, and electric propulsion, among others. Such features are expected to increase its adoption thereby leading to the growth of the folding bicycle market.
Factors such as government legislation encouraging the use of electric bicycles, consumer preference for electric bicycles as an environmentally friendly and efficient mode of transportation, and rising fuel prices are increasing the growth of the folding bicycle market.
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TRENDS AFFECTING THE GROWTH OF THE FOLDING BIKE MARKET:
Folding bikes can perform like conventional bikes with lightness, improved flexibility, compactness, and the added merit of traveling on subways and subways. Consumers can keep these cycles inside their home because they take up very little space. These advantages in turn are expected to increase the adoption of folding bicycles thereby boosting the growth of the folding bicycle market. In addition, in the coming years, consumer awareness of environmental pollution, exercise and personal health is expected to increase the utility of the folding bicycle.
Increased urbanization and consumer preference to avoid driving cars due to increasing traffic jams are expected to offer attractive prospects for the growth of the folding bicycle market.
The trend of consumers to use e-bikes as an environmentally friendly and efficient solution for commuting to work is expected to further fuel the growth of the folding bicycle market. Electric bikes and bicycles, in general, are becoming increasingly popular on all continents, thanks to improved design and performance, as well as economic and environmental considerations. The folding bicycle market is expected to grow due to a shift in preference to electric folding bicycles as a more convenient and faster means of transportation in traffic for commuting.
The only problem limiting the growth of the folding bicycle market is the high cost of e-bikes. On the other hand, improvements in cycling infrastructure and battery technology present lucrative opportunities for market growth.
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FOLDING BIKE MARKET SHARE ANALYSIS
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 bicycles market share in 2019 and is expected to grow at a significant rate during the forecast period, owing to increased demand for folding bicycles to avoid traffic jams on the roads.
By product type, vertical folding segment dominated the global folding bicycle market in 2019, in terms of revenue, and is expected to dominate the market throughout the forecast period.
By type of drive, the conventional segment incurs a higher share. Based on the app, the Others segment dominates the market in 2019.
On the basis of the price range, the economy segment holds a large market share in 2019. In addition, the offline distribution channel holds a large market share in 2019 due to the availability of many offline distribution stores. .
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Major players in the folding bicycle market
Bickerton Portables (a subsidiary of Mobility Holdings, Ltd.)
Bobbin Bicycles Ltd
Brompton Bicycle Ltd
Gocycle (Subsidiary of Karbon Kinetics)
Raleigh UK Ltd
Vilano Bikes (subsidiary of Venditio Group LLC)
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