IMARC Group, a leading market research company, has recently releases report titled “Folding Bike Market Report by Product Type (Vertical Fold, Mid-Fold, Triangle Hinge), Drive Type (Conventional, Electric), Size (20”, 24”, 26”, and Others), Price Range (Low, Economy, Premium), Distribution Channel (Offline, Online), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the folding bike market share.
How Big is the Folding Bike Market?
The global folding bike market size reached US$ 838.1 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,468.6 Million by 2032, exhibiting a growth rate (CAGR) of 6.3% during 2024-2032.
Factors Affecting the Growth of the Folding Bike Industry:
- Rapid Urbanization:
The rising demand for folding bikes due to rapid urbanization is propelling the market growth. In addition, traffic congestion and limited parking space are making traditional commuting options less attractive. Moreover, folding bikes offer a practical solution for urban people, as they are compact, lightweight, and easy to maneuver through city streets. Furthermore, the increasing construction of bike lanes and cycling infrastructure makes bike riding safer and more convenient for daily commuting, is supporting the growth of the market. In line with this, there is a rise in the demand for eco-friendly transportation alternatives that reduce the reliance on fossil fuels.
- Rising Environmental Concerns:
The growing demand for folding bikes on account of rising environmental concerns among people is offering a positive market outlook. Apart from this, people are seeking ways to reduce their carbon footprint. Folding bikes are a green alternative to cars and public transportation, as they emit zero emissions and require no fuel. In addition, folding bikes not only offer a mode of transportation but also contribute to cleaner air and a greener environment. Furthermore, air pollution causes numerous health issues for individuals. People are increasingly recognizing the importance of maintaining a greener environment.
- Space Constraints:
In densely populated urban areas, living spaces are often limited, and storage can be a challenge. In addition, folding bikes are compact and have a collapsible design that allows users to easily store them in small apartments and offices. Moreover, these bikes eliminate the need for dedicated storage spaces or bike racks, making them a suitable choice for those with limited space. Apart from this, the rising demand for space-efficient transportation solutions among the masses worldwide is supporting the market growth.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/folding-bike-market/requestsample
Leading Companies Operating in the Global Folding Bike Industry:
- Bickerton Portables
- Bike Friday (Green Gear Cycling)
- Bobbin Bicycles
- Brompton Bicycle Ltd.
- DAHON North America Inc.
- Giant Bicycles
- Gocycle (Karbon Kinetics Limited)
- Ming Cycle Industrial Co. Ltd.
- Montague Corporation
- Pacific Cycles
- Raleigh UK Ltd. (Accell Group N.V.)
- Vilano Bikes
Folding Bike Market Report Segmentation:
By Product Type:
- Vertical Fold
- Mid-Fold
- Triangle Hinge
Vertical fold represented the largest segment as it can be folded and unfolded multiple times in a day.
By Drive Type:
- Conventional
- Electric
Conventional accounted for the largest market share due to their versatile designs, which makes them suitable for various riding styles.
By Size:
- 20”
- 24”
- 26”
- Others
26’’ holds the biggest market share on account of the rising demand for enhanced performance and comfort.
By Price Range:
- Low
- Economy
- Premium
Economy accounts for the majority of the market share as it offers enhanced reliability and functionality.
By Distribution Channel:
- Offline
- Online
Offline exhibits a clear dominance in the market due to the increasing focus on taking a test ride at a physical store among individuals.
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys the leading position in the folding bike market on account of the rising awareness among individuals about reducing carbon emissions.
Global Folding Bike Market Trends:
The increasing focus on maintaining a healthy lifestyle among people is bolstering the market growth. Cycling is considered as a suitable exercise to maintain a healthy body. Folding bikes are not only used for commuting but also for recreational and fitness purposes as their portability allows users to combine exercise with leisure activities.
Innovations in designs and technologies in folding, such as improved performance, are supporting the market growth. Advancements in materials, such as lightweight alloys and carbon fiber, are making folding bikes more durable and efficient. Additionally, features like improved gearing systems, responsive braking, and comfortable seating assist in enhancing their overall appeal.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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