Folding Bikes Market Size, Global Industry Trends, Growth,
The global folding bicycle market was valued at $ 790.90 million in 2019 and is expected to reach $ 1,260.98 million by 2027, registering a CAGR of 8.7% from 2020 to 2027.
Actors in the automotive industry are faced with issues such as complete shutdown of production activities, mandatory factory closures by government, unavailability of essential components, etc. The unavailability of the raw material for production has created a negative impact on the growth of the market. The folding bicycle market returned to its growth trend earlier due to the fact that public transport was neglected in order to avoid direct contact with other people.
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Folding bikes are two-wheeled vehicles, which are designed to fold into a compact and portable size to provide easy transportation and ensure they take up less space. Folding bikes offer better mobility and comfort compared to conventional bikes as they come with multiple features such as flexibility for mixed calculation, less possibility of theft, easy transport or storage, electric propulsion and others . In addition, the long walking distance between workplaces, train station and homes has prompted people to adopt cycling as a mode of daily transportation. Hence, the increasing trend of adopting the bicycles is expected to drive the growth of the folding bicycles market during the forecast period.
Factors such as the implementation of government regulations to encourage the use of e-bikes, the tendency of consumers to use e-bikes as an environmentally friendly and efficient solution for commuting and the rising cost of fuel are stimulating the growth of the global folding bicycle market. Moreover, the high cost of electric bicycles is the sole factor affecting the growth of the global folding bicycles market. However, improvement in cycling infrastructure and battery technology is the factor that creates lucrative opportunity and complements the growth of the global folding bicycle market.
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The global folding bicycle market has been segmented on the basis of product type, drive type, application, price range, distribution channel and region. Based on the type of product, the market has been categorized into mid-fold, vertical-fold and triangular-fold hinges. Based on the type of drive, the market has been classified into conventional and electric, which determines the propulsion of bicycles. Based on the application, the market has been categorized into sports, fitness, commercial, and others. On the basis of the price range, the global folding bike market has been classified as low, economical and high end. Based on the distribution channel, the global folding bikes have been classified into offline and online. Depending on the region, the market was studied in North America, Europe, Asia-Pacific and LAMEA.
The major players operating in the global folding bicycle market are Bickerton Portables, Bobbin Bicycles Ltd., Brompton Bicycle Ltd., Montague Corporation, Pacific Cycles, Vilano Bikes, Giant Bicycles, Dahon, Gocycle, Raleigh UK Ltd. and Ming Cycle.
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Covid-19 impact assessment
The COVID-19 outbreak has had a huge impact on the auto industry, resulting in a substantial drop in auto sales, a shortage of raw materials, etc.
Actors in the automotive industry are faced with issues such as complete shutdown of production activities, mandatory factory closures by government, unavailability of essential components, etc.
The unavailability of the raw material for production has created a negative impact on the growth of the market.
This unavailability is due to the gap between demand and supply created due to the stopping of transport of the raw material.
The folding bicycle market returned to its growth trend earlier due to the fact that public transport was neglected in order to avoid direct contact with other people.
By product type
o MEDIUM BEND
o VERTICAL BENDING
o TRIANGLE HINGE
By type of reader
By price range
By distribution channel
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