The global folding bikes market was valued at $790.90 million in 2019, and is projected to reach $1,260.98 million by 2027, registering a CAGR of 8.7% from 2020 to 2027.
The automotive industry players are facing issues such as complete halt of production activities, mandated plant closures by the government, unavailability of essential components, and others. The unavailability of raw material for the production has created a negative impact on the growth of the market. The folding bikes market regained its growth trend sooner due to the factor that public transports were being neglected so as to avoid direct contact with other individual.
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Folding bikes are two-wheeled vehicles, which are designed in such a way that they fold into a compact and portable size so as to ensure easy transportation as well as ensures that they occupy less space. Folding bikes provide better mobility and comfort as compared to conventional bicycles as they are packed with multiple features such as flexibility for mixed compute, less possibility of theft, easy carrying or storing, electric propelled, and others. Furthermore, long walking distance between workplaces, station, and homes has encouraged people to adopt bicycle as a daily mode of transportation. Therefore, increase in trend to adopt bicycles is expected to boost the folding bikes market growth during the forecast period.
Factors such as implementation of government regulations to encourage the use of electric bikes, consumer inclination toward use of e-bikes as an eco-friendly & efficient solution for commute, and increase in fuel cost are driving the growth of the global folding bikes market. Moreover, high cost of e-bikes is the only factor which is affecting the growth of the global folding bikes market. However, improvement in bicycling infrastructure & battery technology is the factor which is creating a lucrative opportunity and is supplementing the growth of the global folding bikes market.
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The global folding bikes market has been segmented on the basis of product type, drive type, application, price range, distribution channel, and region. Based on the product type, the market has been categorized into mid-fold, vertical fold, and triangle hinge. Based on the drive type, the market has been categorized into conventional and electric which determines the propulsion of the bikes. Based on the application, the market has been categorized into sports, fitness, commercial, and others. Based on the price range, the global folding bikes market has been categorized into low, economy, and premium. Based on distribution channel, the global folding bikes has been categorized into offline and online. Based on region, the market has been studied across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the global folding bikes market include Bickerton Portables, Bobbin Bicycles Ltd., Brompton Bicycle Ltd., Montague Corporation, Pacific Cycles, Vilano Bikes, Giant Bicycles, Dahon, Gocycle, Raleigh UK Ltd., and Ming Cycle.
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Covid-19 Impact Analysis
The COVID-19 outbreak impacted the automotive industry significantly, which resulted in substantial decline in automobile sales, shortage of raw material, and others.
The automotive industry players are facing issues such as complete halt of production activities, mandated plant closures by the government, unavailability of essential components, and others.
The unavailability of raw material for the production has created a negative impact on the growth of the market.
This unavailability is due to the demand and supply gap created due to the halted transportation of raw material.
The folding bikes market regained its growth trend sooner due to the factor that public transports were being neglected so as to avoid direct contact with other individual.
By Product Type
o VERTICAL FOLD
o TRIANGLE HINGE
By Drive Type
By Price Range
By Distribution Channel
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