USD 934.49 million
Report ID: SQSG25J2004 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 169 | Figures: 79
Global Folding Bicycle Market size was valued at USD 934.49 million in 2021 and is poised to grow from USD 1015.66 million in 2022 to USD 2012.29 million by 2030, growing at a CAGR of 8.9% in the forecast period (2023-2030).
A folding bike is exactly what it sounds like—a bike that can be folded. They are made to be a space-saving option for urban commuters and riders when available space is a concern. The bicycle's back wheel, together with the rear triangle and derailleur, may be folded beneath the main frame. The front wheel swings around to sandwich the rear wheel opposite the derailleur as the "top tube" component of the frame pivots at the hinge (this helps protect the rider from all the moving parts when being carried). The majority of urban residents deal with traffic-related issues on a regular basis. In order to travel inside the city boundaries promptly and safely, customers will likely be forced to buy foldable bicycles due to long car lines and hours spent in traffic jams. In order to minimize pollution, governments and private organizations have been urging people to use these foldable bicycles as their main form of transportation. Additionally, the national government has been spending money on developing distinct riding routes and putting legislation into effect that can ensure rider safety.
For example, in Australia, for greater cycling and walking infrastructure for Western Australians over the next four years, the McGowan Labor Government's 2022–23 State Budget allots $347 million. The McGowan Government has continued its dedication to planning and constructing a safe, comprehensive, and accessible cycling and walking network in the wake of the completion of a number of significant projects, including crucial links in the shared paths along the Kwinana Freeway and Fremantle train line. The Western Australian Bicycle Network (WABN) Grants Program and associated projects will get $47 million in funding from the 2022–23 State Budget, while the Principal Shared Path (PSP) Expansion Program will receive $62 million.
The COVID-19 pandemic had a huge influence on the automotive sector, leading to a sharp decrease in vehicle sales, a lack of raw materials, among other things. Players in the automobile sector are dealing with problems such a total shutdown of production, government-mandated plant closures, a lack of crucial components, and others. The lack of raw materials for production has had a detrimental effect on the market's expansion. This lack of availability is the result of a mismatch between supply and demand brought on by the suspension of raw material transportation. Due to the fact that people were ignoring public transportation in order to avoid coming into close touch with other people, the market for foldable bikes was able to resume its development trend earlier.
US Folding Bicycle Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 934.49 million
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Global folding bicycle market is segmented based on the size, drive type, distribution channel, folding type, price range, and region. Based on the size, the global folding bicycle market is segmented into 20 inches, 24 inches, 26 inches. By distribution channel, the market is segmented into online and offline. By folding type, the market is segmented into vertical type and horizontal type. By material, the market is segmented into aluminum, steel, carbon fiber, titanium. By price range, the market is segmented into low range, medium range, premium range. Based on drive type, global folding bicycle market is segmented into conventional and electric. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Folding Bicycle Market Analysis by Size
The global folding bicycles market was dominated by models measuring 26 inches. They are segmented into 20 inches, 24 inches, and 26 inches. The majority of persons who should use these goods are between 5.5 and 6 feet tall. Mountain biking has gained popularity in recent years due to its numerous health advantages, including greater cognitive function, less risk of injury to the joints, reduced stress, improved mood, and better balance and coordination for a full-body workout. Over the next several years, it is anticipated that consumers would favor these items, particularly mountain bikers.
The 20-inch foldable bicycle segment is anticipated to have the highest growth. Customers choose to buy 20-inch foldable bicycles since they are easy to transport everywhere, including elevators, businesses, and residences. These size variations are being built with high-speed features by the manufacturers. Customers also have the option to boost the bicycle's speed with minimal effort, which appeals to the millennial generation.
Folding Bicycle Market Analysis by Drive Type
In 2021, the largest share in the global folding bicycle market by drive type was held by the electric segment. Governments and environmentalists have been very concerned about rising global carbon emissions as a result of fuel burning for the past few decades. This in turn increases demand for electric cars throughout the world, supporting the market expansion for foldable bikes. Additionally, due to improvements in design and performance as well as economic or environmental considerations, the popularity of electric bicycles has grown quickly on every continent. Deloitte predicted that 130 million e-bikes will be marketed globally between 2020 and 2023. E-bikes appear to be the world's most popular electric vehicle (EV) right now, not automobiles.
For example, at Eurobike, one of the most significant events on the calendar for the cycling industry, renowned folding bike pioneer and manufacturer DAHON successfully showcased its newest models in its 40th year of business. It recently took a break from participating in European events owing to the global pandemic, but it is making a successful return this year at booth Hall 9, A27 in Messe Frankfurt. The grand launch of the electric bike CURL Ei4 and the newest developments of its four decades of ground-breaking, approachable, green mobility solutions have been among the highlights of this week's DAHON booth's thrilling visitors. The CURL Ei4 electric development of the well-known CURL model from DAHON was unveiled for the first time at Eurobike. It is powered by a 36V/250W motor and 36V/7AH battery, and it is made with robust Fat Wheels and CURL's winning mix of quick 3-point folding, a roller rack, and 4 internal hub gears. This electric bike is the smallest of those produced by DAHON so far. With the new products, DAHON continues to energize its electric lineup with the quick-folding e-scooter ES-2 and electrified versions of fan favorites like the GB-2 Electric, K ONE Mid Motor, and Ciao E7. The foldable e-bike lineup is completed with the wildly popular Unio E20.
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In 2021, Europe had the greatest share of the global folding bicycle market. It has been noted that the majority of people in Europe choose to utilize bicycles as a form of everyday transportation. Urban residents of industrialized nations like Germany, the United Kingdom, France, and Italy prefer to utilize foldable items since they take up less room. Furthermore, during the coming few years, new opportunities for foldable bicycles are anticipated as a result of encouraging government initiatives on the use of ecologically friendly automobiles in nations like France and the Netherlands. In Denmark, bicycles are used for 16% of all journeys and 25% of trips under three kilometers. Only 263,000 vehicles and 800,000 bicycles are present in Amsterdam. There are more bikes than humans in this city of 779,808 inhabitants.
Approximately 63 percent of Dutch people ride bicycles every day, accounting for roughly 48 percent of total metropolitan traffic (compared to only 22 percent for vehicles). Some of the world's most well-known bicycle villages are found in Denmark and the Netherlands, and they don't only consist of 20-somethings cycling to and from college. Men, women, and people of all ages frequently commute by bicycle all year long, and cycling is popular across all demographics. They ride bicycles to work, school, daycare, grocery stores, and events.
According to estimates, the global folding bicycle market's fastest-growing region is Asia Pacific. The business is anticipated to continue to be significantly influenced by the growing adult interest in sports like cycling and mountain riding in nations like China, Japan, India, and Indonesia. Additionally, rising residential property costs in metropolitan areas are pushing customers to buy foldable, practical alternatives they can store at home, such as folding bicycles. In the months leading up to the event, Ipsos conducted a global poll titled Cycling Across the World among 20,504 individuals in 28 countries to understand and gather opinions on cycling, how it is regarded, and its usefulness. The survey reveals fascinating aspects of cycling and its applicability to markets. India is the country with the highest percentage of weekly bicycle riders. The majority of urban Indians (67%) claim to ride a bicycle at least once a week, which is the highest rate in the world. China (66%) and the Netherlands were next (65 percent). The markets with the lowest prevalence of riding, however, were Canada (16%) and the UK (19 percent).
Additionally, for a short distance of 2 km, at least 21% of urban Indians stated that their preferred means of transportation was a bicycle. The countries with the greatest percentages were the Netherlands (45%) and China (33%), where a disproportionately high number of residents reported to cycle for short distances. Canada (4%) and the US were markets where bicycles were least favored as the major form of transportation (6 percent). This increased usage is expected to boost the growth of the global folding bicycle market during the forecast period.
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The global folding bicycle market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Top Players in the Global Folding Bicycle Market
Folding Bicycle Market Recent Developments
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According to our global folding bicycle market analysis, in terms of size, the 26 inches segment held the largest share in the global folding bicycle market due to its increasing usage while mountain biking. On the basis of type, the largest share was held by the electric segment because governments and environmentalists have been very concerned about rising global carbon emissions as a result of fuel burning for the past few decades. This in turn increases demand for electric cars throughout the world, supporting the market expansion for foldable bikes. And by region, the largest share was held by the European region. It has been noted that the majority of people in Europe choose to utilize bicycles as a form of everyday transportation. Urban residents of industrialized nations like Germany, the United Kingdom, France, and Italy prefer to utilize foldable items since they take up less room.
|Market size value in 2021||USD 934.49 million|
|Market size value in 2030||USD 1015.66 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Folding Bicycle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Folding Bicycle Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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