Folding Bicycle Market Size to Hit USD 1.61 Billion by 2028 | Industry Trends, Growth, Share and Forecast Analysis
Fortune Business Insights
5 min read
According to Fortune Business Insights, the global folding bicycle market size is projected to grow from USD 0.82 billion in 2021 to USD 1.61 billion by 2028, at CAGR of 10% during forecast period; High portability and increasing urbanization to stimulate market growth.
Folding Bicycle Market Trends
Folding Bicycle Market Trends
Pune, India, May 02, 2022 (GLOBE NEWSWIRE) -- The global folding bicycle market size is projected to hit USD 1.61 billion by 2028 and exhibit a CAGR of 10% during the forecast period. 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. Fortune Business Insights 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.
Local Commute During Pandemic to Boost Market Development
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 market is expected to expand in the forthcoming years.
Increasing Local Commute Needs to Augment Market Growth
High Preference for Bicycle to Boost Growth in Europe
Folding Bicycle Trends, Drivers & Restraints:
Increasing Local Commute Needs to Augment Market Growth
Increasing population, rising industrialization, and growing urbanization are projected to bolster the global folding bicycle market growth. Increasing local commute needs and rising inclination towards technologically mobility solutions propel the product demand to promote green mobility and avoid long, exhausting traffic jams. Additionally, rising health concerns across the growing population are expected to boost the product demand.
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.
Additionally, high portability of these bicycles is anticipated to be a key factor driving the market growth in the forthcoming years.
However, lack of safety over other mobility solutions may hinder the market growth.
Propulsion Type, Application Type, and Region are studied for the Market
On the basis of propulsion type, the market is bifurcated into e-bikes and conventional bikes. On the basis of application type, the market is segmented into commercial and fitness/sports. Geographically, the market is classified into North America, Asia Pacific, Europe, and the Rest of the World.
Regional Insights:
High Preference for Bicycle to Boost Growth in Europe
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.
Asia Pacific is predicted to rank second in the global market. The increasing purchasing power of middle-income groups is anticipated to be a key factor driving the regional market growth. The advent of several micro-mobility startups and the rising popularity of mountain biking and cycling are projected to foster the region’s market growth.
North America is likely to experience substantial growth in the coming years. The presence of several folding bike producers in the U.S. and the increased demand for bicycles during the pandemic are expected to boost the region’s market growth.
The rest of the world will exhibit significant growth during the forecast period. The rising clean energy adoption across the micro-mobility industry is anticipated to favor the market growth of the region.
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