PORTLAND, Ore., June 14, 2021 /PRNewswire/ — Allied Market Research published a report, titled, “Folding Bike Market by Product Type (Mid-fold, Vertical Fold, and Triangle Hinge), Drive Type (Conventional and Electric), Application (Sports, Fitness, Commercial, and Others), Price Range (Low, Economy, and Premium), and Distribution Channel (Offline and Online): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global folding bike market generated $790.90 million in 2019, and is expected to reach $1.26 billion by 2027, manifesting a CAGR of 8.7% from 2020 to 2027.
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Drivers, restraints, and opportunities
Implementation of different regulations by governments for promotion of usage of electric bikes, adoption of e-bikes as efficient & eco-friendly solution, and increase in fuel costs fuel the growth of the global folding bike market. However, expensive nature of e-bikes hinders the market growth. On the other hand, enhanced bicycling infrastructure and battery technologies along with adoption of cycling as fitness & recreational activity create new opportunities in the next few years.
- Manufacturing activities of folding bikes have been stopped completely due to lockdown imposed by governments. Moreover, issues such as unavailability of raw materials and lack of workforce have been occurred.
- However, the folding bikes demand rose during the post-lockdown as people started opting for them by cutting off public transport to prevent cross-contamination. In addition, people began opting folding bikes to exercise and maintain fitness as gyms and fitness centers were closed down.
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The vertical fold segment to maintain its lead position during the forecast period
Based on product type, the vertical fold segment held the highest market share in 2019, accounting for more than two-fifths of the global folding bike market, and is estimated to maintain its lead position during the forecast period. Moreover, this segment is projected to portray the highest CAGR of 9.5% from 2020 to 2027. This is attributed to advanced features such as compact design, low space consumption, and security. The research also discusses segments such as mid-fold and triangle hinge.
The commercial segment to maintain its lead position during the forecast period
Based on application, the commercial segment accounted for the highest market share in 2019, contributing to more than one-fourth of the global folding bike market, and is expected to maintain its lead position during the forecast period. This is due to reduction of the traffic congestion on roads, mobility cost, and parking cost along with increase in the productivity of the individual. However, the fitness segment is expected to manifest the highest CAGR of 10.0% from 2020 to 2027, owing to the need to stay fit to reduce the risk of a heart attack along with maintaining body weight and low blood cholesterol levels.
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North America to maintain the highest CAGR by 2027
Based on region, North America is projected to maintain the highest CAGR of 10.0% during the forecast period, due to the increased traffic congestion on the roads across the region. However, Asia-Pacific contributed to the highest share in 2019, accounting for nearly two-fifths of the global folding bike market, and is projected to maintain its leadership status by 2027. This is due to countries such as China and Japan utilizing latest technologies and offering innovative bikes for fitness and commercial applications.
Leading market players
- Bickerton Laptops
- Brompton Bicycle Ltd.
- Bobbin Bicycles Ltd.
- Pacific Cycles
- Montague Corporation
- Giant Bicycles
- Vilano Bikes
- Raleigh UK Ltd.
- Ming Cycle
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