Pune, India, Feb. 14, 2022 (GLOBE NEWSWIRE) — The global folding bicycle market size is anticipated to hit USD 1.61 billion by 2028 with stunning a CAGR of 10% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled, “Folding Bicycle Market, 2021-2028”. The market size stood at USD 1.06 billion in 2020 and USD 0.82 billion in 2021.
Factors such as high portability, growing urbanization, and the development of lightweight product offerings are estimated to amplify the market growth in the coming years. Additionally, increasing local commute needs have propelled the demand for folding bicycle to promote green mobility and avoid long, exhausting traffic jams.
- May 2021: Dahon, a folding bicycle pioneer, unveiled its latest products in Shanghai’s China Cycle 2021.
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Report Scope & Segmentation
|Forecast Period||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR||10%|
|2028 Value Projection||USD 1.61 Billion|
|Market Size in 2020||USD 0.82 Billion|
|Historical Data for||2017 to 2019|
|No. of Pages||200|
|Segments covered||Propulsion Types, Application type and Geography|
|Growth Drivers||Collaboration of Brompton Cycles with Freitag to put a spin on backpacks|
|The fitness segment is expected to be the leading segment in this market during the forecast period|
|The conventional segment dominates the market|
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Market Growth Factors:
The adoption of stringent social distancing practices, strict lockdown, and curfew has positively influenced the market growth during the pandemic. The demand for bicycles rose during the pandemic as people feared contracting the virus via public transportation. Additionally, increasing health and fitness regimes adopted by people to augment their health during the pandemic boosted the demand for e-bikes and conventional bikes. The Folding Bicycle Market is expected to expand in the forthcoming years.
Governments of various countries are taking initiatives to reduce the carbon footprints by encouraging the use of electric bikes, electric vehicles, and bicycles, owing to increase in awareness toward the hazardous effects of using vehicles running on fossil fuels.
Majority of the urban population is facing traffic related problems in their daily lifestyle. Long vehicle queue and hours spent in jams are expected to force the consumers to purchase foldable bicycle in order to travel timely and safely within the city limits.
The development of lightweight and portable folding cycles to suffice urban transportation needs is also projected to favor market growth. The rising sales of electric bicycles and one-wheeler scooters following the micro-mobility concept are anticipated to amplify the market growth in the coming years.
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Europe to hold the largest market share
Europe is projected to hold the largest folding bicycle market share. The high preference for bicycles as a commuting medium in European countries such as Italy, France, Germany, and the U.K. is predicted to favor the market growth. Additionally, favorable government initiatives in the Netherlands and France for using environment=friendly vehicles are expected to create lucrative growth opportunities for the market.
Key Players Showcase New Product Offerings to Attract Folding Bicycle Market Growth
The market comprises various market players that emphasize product development and innovation to deliver advanced products. They adopt several growth strategies, including partnerships, collaborations, mergers, and acquisitions to boost their market presence and revenues.
For instance, Dahon launched the “HIT bike” in January 2021. The bike weighs around 26.6 pounds and runs on a nine-speed drivetrain.
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List of Key Players in Folding Bicycle Market:
- Dahon (Los Angeles, California, U.S.)
- A-bike (London, U.K.)
- Giant Bicycle (Taichung City, Taiwan)
- Helix (Toronto, Canada)
- Bike Friday (Oregon, U.S.)
- Montague Bikes (Massachusetts, U.S.)
- Brompton Bicycle (London, U.K.)
- Gogobike (Tuen Mun, Hong Kong)
- Birdy Bike (Germany)
- Forever Bicycle (Shanghai, China)
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