The folding bicycle market size was valued at USD 1.19 Billion in 2022 and is expected to reach USD 2.81 Billion by 2031, expanding at a CAGR of around 10% during the forecast period, 2023 – 2031. The growth of the market is attributed to benefits such as intramodality and space retrenching.
A folding bicycle is a bike that can be folded into a small package for storage and transport. They are intended to be a space-saving alternative for urban riders and commuters who are limited by space.
Although folding bicycles are ideal for city living, their distinctive design features make them ideal for a variety of riding activities. Folding bicycles can function as regular bicycles but are lighter, flexible, and compact, with the added benefit of being able to go through subways and metros. Consumers have been encouraged by governments and private organizations to use foldable bicycles as their basic form of transportation in order to reduce pollution. Furthermore, national governments have been funding in separate cycling route creation and incorporating rules to ensure rider safety.
Folding Bicycle Market Trends, Drivers, Restraints, and Opportunities
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Increasing spending on leisure activities among working-class professionals rises to keep the mind sharp and improve physical condition, this is projected to drive the market.
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Growing number of cycling routes in industrialized economies such as the UK, Germany, and the US is estimated to create immense opportunities for the market players.
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Rising awareness among consumers about the personal health, environmental pollution, and fitness is expected to boost the market during the forecast period.
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Long car lines and hours spent stuck in traffic are anticipated to drive customers to buy foldable bicycles during the projected period.
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High cost of the bikes is projected to hinder the market growth during the forecast period
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Manufacturers are spending in R&D to design unique bicycles, which is expected to create immense opportunities for the market players.
Scope of Folding Bicycle Market Report
The report on the global folding bicycle market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Folding Bicycle Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023 – 2031
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Segmentation
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Size (26-inch, 24-inch, 20-inche, and Others), Products (Electric and Convectional), Distribution Channels (Offline and Online)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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FOREVER Bicycle; Birdy Bike; GOGOBIKE; Brompton Bicycle; Montague Bike; Bike Friday; Helix; Giant Bicycles; A-bike; and Dahon
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Folding Bicycle Market Segment Insights
The 20-inche segment is projected to expand at a high CAGR during the forecast period
Based on types, the market is segregated into 26-inch, 24-inch, 20-inche, and others. The 20-inche segment is projected to expand at a CAGR of around 9.9% during the forecast period. Customers prefer 20-inch folding bicycles because they are easy to carry anywhere, including elevators, offices, and houses. These size models are being designed with high-speed features by manufacturers. Consumers can also accelerate their bicycle speed with minimal effort, which appeals to the millennial generation.
The 26-inch segment held major market share in 2021. These goods are best for people who are between the height range of 5.5 and 6. Mountain biking is becoming increasingly popular due to the health benefits it provides such as improved balance, improved mood, reduced stress, increased brain power, reduced stress on the joints, and enhanced blood circulation. These items are projected to gain popularity among consumers, particularly mountain bikers, in the next few years.
The electric segment is expected to grow at a rapid pace during the forecast period
On the basis of products, the market is bifurcated into electric and convectional. The electric segment is expected to grow at a rapid pace during the forecast period owing to its ease of travel and convenience. The model is equipped with lithium batteries that can keep it running for up to 60 kilometers. Furthermore, as compared to traditional bicycles, this product allows a rider to travel at a faster speed, making it popular among adventurers.
The convectional segment held major market share in 2021. These bicycles are popular among consumers because of their ease of use and low cost. Furthermore, to attract customers, market players offer a wide range of products in variety of styles and colors.
The offline segment dominated the market in 2021
In terms of distribution channels, the market is fragmented into offline and online. The offline segment dominated the market in 2021 owing to availability of test-drive options. The offline stores also provide customizable purchasing options, allowing customers to select their own designs and colors. Furthermore, the availability of many branded products in local markets or other outlets is projected to boost the segment.
The online segment is anticipated to expand at a high CAGR during the forecast period. Consumers are attracted to these channels as they provide significant discounts on every good. Moreover, increasing adoption of smartphones in emerging nations such as Mexico, Brazil, India, and China are anticipated to drive the market.
Europe accounted for a major market share in 2021
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe accounted for a major market share in 2021. Bicycles are preferred by the Europe population as a mode of daily transportation. Foldable products are preferred by the urban population in developed nations such as Germany, the United Kingdom, France, and Italy, as they occupy less space. Furthermore, government attempts to encourage the use of eco - friendly and sustainable vehicles in countries such as France and the Netherlands are projected to boost the market for foldable bicycles during the forecast period.
Asia Pacific is anticipated to expand at a high CAGR during the forecast period. Increasing interest of the population in sports events such as mountain biking and cycling in countries such as Indonesia, China, Japan, and India is estimated to fuel the market.
Segments
The global folding bicycle market has been segmented on the basis of
Size
- 26 inches
- 24 inches
- 20 inches
- Others
Products
Distribution Channels
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the folding bicycle market include FOREVER Bicycle; Birdy Bike; GOGOBIKE; Brompton Bicycle; Montague Bike; Bike Friday; Helix; Giant Bicycles; A-bike; and Dahon. Some of these players are using several market strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares, generate revenue, and raise their production line of the business in the coming years.
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