Global Folding Bikes Market Size, Share, and COVID-19 Impact Analysis, by Product Type (Mid-Fold, Vertical Fold, and Triangle Hinge), by Drive Type (Conventional, and Electric), by Application (Sports, Fitness, Commercial, and Others), by Distribution Channel (Offline, and Online), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2022-2028

KEY MARKET INSIGHTS

The global Folding Bikes Market is projected to grow from USD 928.51 million in 2021 to USD 1410.16 million by 2028 at a CAGR of 8.7% during the forecast period.  

Folding bikes have been increasingly popular among those who are moving towards healthier and environment-friendly options in recent years. A folding bike is a bicycle that can be folded into a compact form for storage and transportation. The primary benefit that folding bicycles provide is intermodality. Unlike traditional bicycles, folding bicycles can be easily coupled with other modes of transportation. Folding bicycles also have a low frame, compact wheels, and adjustable handlebars. The majority of models are designed for urban area use. Additionally, these folding bikes may be easily transported in passenger cars. Moreover, a number of factors, including government regulations supporting the development of electric bicycles, consumer preferences for e-bikes as an efficient and environmentally friendly means of transportation, and rising fuel prices, is driving the global folding bike market. Bicycling infrastructure and battery technology advancements are providing a profitable opportunity to augment the market's growth. 

COVID-19 ANALYSIS    

The COVID-19 epidemic impacted negatively on supply networks in a variety of businesses. Furthermore, the various governments' stringent containment measures to restrict the spread of the coronavirus hampered market growth to some extent. However, as a result, public transportation usage has decreased dramatically, while sales of personal mobility devices, such as bicycles, have increased in many areas.     

LATEST TREND

Development of Portable and Lightweight Folding Bicycles

The global market is predicted to be driven by factors such as increasing urbanization and local commuting requirements, increasing green mobility, increased portability compared to other personal electric vehicles, and changing the view of short travels. With cities growing increasingly congested, a new service is known as "micro-mobility" has been established in recent years to help ease traffic congestion. Micro-mobility is the use of urban transportation alternatives other than vehicles and mass public transportation to get from one place to another. The growing popularity of electric one-wheeler scooters, folding bikes, and e-bikes indicates the micro-mobility sector's expansion. Furthermore, the global folding bicycle market is expected to be supplemented by ongoing product development, and a robust dealer and supplier network.     

DRIVING FACTORS

Better Portability as Opposed to Alternative Personal Vehicles to Promote Folding Bike Adoption

Smarter computing solutions are required as cities grow in order to combat increased traffic congestion. In many areas, these bikes are proving to be a viable option, offering greater portability than traditional modes of personal transportation. These bikes are light enough to be carried by hand, making storage and handling a breeze. They are also more cost-effective than public transportation and help to lessen environmental impact. Because they are simple to keep and secure, the risk of theft is reduced, thus encouraging their use.   

Growing Urbanization Need for Local Commute to Drive Market Growth

With the rising industrialization and increased job prospects in metropolitan regions, the majority of the population has been migrating to cities in recent years. Furthermore, city dwellers are increasingly opting for more efficient and technologically advanced commute options. Folding bikes are favored alternatives for a more time-efficient and smoother journey due to their relatively compact designs.   

RESTRAINTS

Lower Safety of Folding Bikes than Alternative Solutions to Affect their Adoption Slightly

Personal commutes are becoming increasingly popular around the world, resulting in a demand for smarter, more sustainable alternatives. Despite the fact that these bikes are becoming more popular, various safety issues about their use are limiting their adoption. For example, Bicyclists are far more likely than car passengers to be involved in serious or deadly accidents, according to the law company Mahoney Law. Such factors may have an impact on market growth in the future.  

SEGMENTATION

The global Folding Bikes Market is segmented by Product Type, Drive Type, Application, Distribution Channel, and Region. Based on the Product Type, the market is categorized into Mid-Fold, Vertical Fold, and Triangle Hinge. Based on Drive Type, the market is categorized into Conventional, and Electric. Based on Applications, the market is categorized into Sports, Fitness, Commercial, and Others. Based on the Distribution Channel, the market is categorized into Offline, and Online. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.     

REGIONAL INSIGHTS

The global Folding Bikes Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.    

North America held the dominant market share, owing to the growing popularity of foldable bikes for personal transportation. Due to the presence of the majority of foldable bicycle producers, the United States ranks first in this geographical market. The bicycle aisles at Walmart and Target were barren in June, according to the Associated Press. As a result, several U.S.-based mobility startups swiftly achieved unicorn status, with major investors pouring millions of dollars into the industry until COVID-19 hindered market expansion.       

Europe holds the second-largest revenue share of the global Folding Bikes Market, and this trend is expected to continue during the forecast period. The European Union (EU) is also working on a project called "BIKE INTERMODAL," which aims to encourage the use of bikes in conjunction with other modes of transportation. Favorable policies and a high level of consumer awareness are likely to fuel market expansion in the region through 2028.

The Asia Pacific is predicted to be the fastest-growing market during the forecast period, due to the growing interest in activities such as cycling and mountain biking in nations such as China, India, Japan, and Indonesia is projected to continue to drive the sector forward. Furthermore, rising residential property costs in urban areas are encouraging people to buy foldable, practical alternatives like folding bicycles, which they can store at home.    

LIST OF KEY COMPANIES PROFILED:

• Bickerton Portables (Subsidiary of Mobility Holdings, Ltd.) 
• Bobbin Bicycles Ltd.
• Brompton Bicycle Ltd
• Dahon Bike
• Gocycle (Subsidiary of Karbon Kinetics Ltd.)
• Ming Cycle Industrial Co.
• Montague Corporation.
• Pacific Cycles
• Raleigh UK Ltd.
• Vilano Bikes

KEY INDUSTRY DEVELOPMENTS:

July 2021- Dahon debuted an electric model, the Unio E9, to its folding bike series. It used a 36V/200W motor and a 36V/8.7 A battery to power it.

March 2021- Brompton and Freitag teamed up to produce an innovative new bag for urban cyclists. 

July 2020- Gocycle presented its 2020 improvement to its fast-folding GX model. Because it is 300 grams lighter than its predecessor, the new model provides an even more thrilling ride and increased rider comfort.   

SEGMENTATION

By Product Type

• Mid-Fold
• Vertical Fold
• Triangle Hinge

By Drive Type

• Conventional
• Electric

By Application

• Sports
• Fitness
• Commercial
• Others

Distribution Channel

• Offline
• Online

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa