Folding Bicycles Market By Product (Conventional, Electric) By Size (20”, 24”, 26”, Others) By Distribution Channel (Online, Offline) - Growth, Future Prospects, and Competitive Landscape, 2016 - 2028

What is the Global Consumption of Folding Bicycles Market?

The global consumption of Folding Bicycles increased to more than 1 million in 2021 and is projected to witness substantial growth in the near future. The Asia Pacific dominated worldwide market consumption in 2021, with China leading the charge. Government policies supporting the use of electric bikes, consumer desire for e-bikes as an environmentally responsible and efficient method of transportation, and growing fuel prices are all driving the global folding bike industry ahead.

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What is the Market Size of Folding Bicycles in term of value?

Global Folding Bicycles Market is projected to increase at a significant CAGR of 8.5% in the coming years. In 2021, the global folding bicycles market was valued at USD 682.9 Million and is projected to reach at the value of USD 1114.1 million by 2028. The demand for folding bicycles is projected to increase substantially in the coming years and is presumed to generate revenue opportunities for the key industry players worth USD 431.2 million during the forecast period between 2022 and 2028.

What are the Government Initiatives that Lead to Rise in Demand for Folding Bicycles?

As people become more aware of the dangers of driving cars that operate on fossil fuels, governments worldwide are taking steps to minimize carbon emissions by encouraging the use of electric bikes, electric automobiles, and bicycles. In addition, governments are creating bicycle-friendly streets to encourage people to utilize bicycles as their major mode of transportation. Electric bicycles, scooters, and motorcycles have received a lot of attention from governments as reliable and efficient light motor vehicles (LMVs) that help cut carbon emissions.

Furthermore, governments in several countries have offered incentives such as lower registration taxes and other penalties to encourage the usage of these environmentally friendly automobiles. Infrastructure improvements such as guarded bicycle parking, creating more bicycle (express) routes, and establishing battery charging stations by governments in various countries greatly increase user adoption of electric bikes, moving the market forward.

Interesting Facts about Folding Bicycles Industry

  • The top 5 countries for folding bicycles exports are China, Cambodia, Taiwan, Germany, and the Netherlands.
  • The top 5 importers of folding bicycles are the United States, Japan, Germany, Netherlands, and United Kingdom.
  • The market for foldable bikes is expected to grow in response to rising urbanization and customer desire to avoid driving vehicles due to increased traffic congestion.
  • In terms of performance and speed, folding bicycles face stiff competition from conventional bicycles, which is expected to be a major stumbling block to the folding bicycle market's expansion over the forecast period.
  • In 2021, the Asia Pacific region dominated the global folding bicycles market in terms of volume and value, which is expected to continue during the forecast period.
  • From 2022 to 2028, electric foldable bicycles are predicted to grow at the fastest rate of 10.0 percent. Because of their superior convenience and ease of travel, consumers are more motivated to purchase these bicycles.

Who are the Top 10 players/companies in folding bicycles market in term of value and volume?

The key players in the global folding bicycles market in terms of value and volume include Dahon, FOREVER Bicycle, Brompton Bicycle, Bike Friday, Birdy Bike, Giant Bicycles, Helix, Montague Bike, Gogobike, and A-bike. These major players are focusing on new product development and technological innovation in order to improve their folding bicycle production and achieve a competitive market share on a global scale. Furthermore, some regional and country-level players are heavily spending to diversify their product portfolios and increase sales. For instance, in May 2021, in Shanghai's China Cycle 2021, Dahon, a folding bicycle pioneer, revealed its latest offerings.

Who are the Top 10 Countries in the Folding Bicycles Market?

The major countries in the global folding bicycles market are China, India, the U.S., Canada, the U.K., Germany, France, Russia, Italy, Netherlands, and Norway. Due to changes in consumer tastes, China is expected to stay dominating in terms of sales and demand for folding bicycles over the projection period. About 25 percent to 30 percent of the bicycles produced by the Chinese bicycle company are folding bicycles, while 70 percent to 75 percent are regular bicycles. Due to increased tourism activities and rising health concerns among consumers in the region, North America is expected to rise at a significant CAGR over the forecast period.

Which is the Key Distribution Channel in the Folding Bicycles Market?

With a revenue of USD 412.6 million in 2021, the offline distribution channel was the most profitable. Due to the availability of test-drive opportunities, a huge proportion of consumers choose to buy from this channel. These stores also provide customizable purchasing options, allowing customers to select their own designs and colors. Furthermore, the availability of many branded products at local supermarkets or other outlets will drive demand for this channel in the near future.

From 2022 to 2028, the online segment is expected to develop at the quickest rate, with a CAGR of 11.8 percent. These channels offer excellent discounts on all products, which entices customers to buy from them. Ali Express, Amazon, and Flipkart are some of the most important online retailers. Furthermore, increased smartphone penetration in developing economies such as China, India, Brazil, and Mexico will increase consumer participation in online retailers.

What are the Major Driving Factors for Folding Bicycles Market?

The global foldable bicycle market is expected to increase in response to rising population, industrialization, and urbanization. Increasing local commute requirements and a growing preference for technologically advanced mobility solutions are driving product demand for green mobility and the avoidance of long, grueling traffic bottlenecks. Furthermore, increased health concerns among the world's growing population are likely to drive up product demand. Market growth is also expected to be aided by the development of lightweight and foldable folding bikes to meet urban transportation needs. In addition, the micro-mobility concept's increased sales of electric bicycles and one-wheeler scooters are expected to boost the market growth in the future.

What are the Major Restraints for Folding Bicycles Market?

In terms of performance and speed, folding bicycles face stiff competition from conventional bicycles, which is expected to be a major stumbling block to the folding bicycle market's expansion over the forecast period. Furthermore, the cost of a folding bicycle is often out of reach for the average person, which is projected to limit the market's growth in the next years.

Which Region Dominated the World Folding Bicycles Market?

From 2022 to 2028, Asia Pacific is expected to be the fastest-growing market, with a CAGR of 10.3%. Adults' growing interest in cycling and mountain biking activities in nations such as China, Japan, India, and Indonesia is projected to continue to drive the sector forward. Furthermore, growing residential property costs in urban areas are driving consumers to purchase foldable, practical alternatives such as folding bicycles that can be stored at home. Over the projection period, China is predicted to maintain its dominance in terms of foldable bicycle sales and demand due to changes in consumer tastes. As a result, folding bicycles account for about 25% to 30% of the bicycles produced by the Chinese bicycle firm, while standard bicycles account for 70% to 75%.

Europe is expected to grow faster than the rest of the world. It has been shown that the European populace prefers to ride a bicycle as a mode of transportation on a daily basis. The urban population prefers foldable products in developed economies such as Germany, the United Kingdom, France, and Italy since they take up less room. Furthermore, in countries such as France and the Netherlands, supportive government initiatives on the use of ecologically friendly vehicles are projected to offer new channels for foldable bicycles in the coming years. Additionally, North America is expected to increase significantly in the next years. The existence of multiple foldable bike manufacturers in the United States and increased demand for bicycles during the epidemic are projected to drive market expansion in the region.

Segmentation of Global Folding Bicycles Market-

Global Folding Bicycles Market – By Product

  • Conventional
  • Electric

Global Folding Bicycles Market – By Size

  • 20”
  • 24”
  • 26”
  • Others

Global Folding Bicycles Market – By Distribution Channel

  • Online
  • Offline 

Frequently asked questions about global Folding Bicycles industry

The COVID-19 epidemic had a huge influence on the automotive industry, resulting in a considerable drop in vehicle sales, a scarcity of raw materials, and other issues. Industry players are dealing with difficulties such as a complete halt in production, government-mandated facility closures, and a lack of crucial components, among others. The scarcity of raw materials for manufacturing has had a negative impact on the market's growth. Due to the fact that public transportation was abandoned in

In terms of both value and volume, Asia Pacific had the largest share of the worldwide folding bicycles 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 propelling the worldwide folding bikes market forward.

In 2021, the conventional segment accounted for the majority of the market. Furthermore, electric is expected to grow at the highest rate.

In 2021, the offline segment dominated the global market, and this dominance is expected to continue during the forecast period.

Folding Bicycles Market Scope

Report Attribute Details
Market Value in 2021 USD 682.9 Million
Market Value in 2028 USD 1114.1 million
CAGR 8.5%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Published Date:  Jul 2022
Category:  Automotive & Transportation
Report ID:   58961
Report Format:   PDF
Pages:   210
Rating:    4.7 (55)
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