Folding Bikes Market Overview
Folding
Bikes market is anticipated to reach $1.2 billion by 2026 at a CAGR of 8.5%
during the forecast period 2021-2026. Folding bikes are a type of bicycles
intended to fold them in such a manner that their space is reduced, their
weight is lower and they can be simply transported from one area to a different
place. Rising traffic in vehicles and unpredictable fuel prices are fuelling bicycle
demand throughout the world. The change to healthy living and fitness in consumer trends further boost the market growth. The global increase in spending on
leisure activities among working-class professionals in order to keep the mind
sharp and enhance bodily fitness is expected to raise the demand for foldable
bicycles. In addition, the market demand among potential consumers is fostered
by benefits such as lightweight, portable, higher speed, smaller sized area and
less accommodation. Furthermore, the rise in deployment of different product types of folding bikes
including Magnet Folding, Mid-fold, Suspension System, Triangle Hinge, Vertical
Fold and others for various applications enhance the market growth. Hence, these
factors will drive Folding Bikes market size in the forecast period 2021-2026.
Report Coverage
The
report: “Folding Bikes Market – Forecast
(2021-2026)”, by IndustryARC covers an in-depth analysis of the following
segments of the Folding Bikes market.
By Product Type: Magnet Folding, Mid-fold, Suspension System,
Triangle Hinge, Vertical Fold
By Drive
type: Conventional, Electric
By Frame
material: Aluminum, Carbon Fiber, Steel, Titanium,
others
By Distribution
Channel: Online, Offline
By
Application: Sports, Fitness, Commercial, and Others
By Geography: North America (U.S, Canada, Mexico),
Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan
India, SK, Aus and Others), South America(Brazil, Argentina and others) and RoW
(Middle east and Africa)
Key Takeaways
- Environmental concerns as well government regulations is anticipated to boost the market growth.
- Technological advancements and trend towards connected e-bikes propels the market growth.
- The increased trend for fitness among individuals has also supplemented the folding bikes market growth.
- Improvement in bicycling infrastructure & battery technology is the factor creating lucrative opportunity and is supplementing the growth of the global folding bikes market.
Folding Bikes Market share in %, by Geography, 2020
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Folding Bikes Market Segment Analysis- By Drive Type
This
market is segmented into conventional
and electric on the basis of drive type. Electric segment is anticipated to witness
significant amount of growth with a CAGR of 10% in the forecast period 2021-2026.
Fast urbanization and transport congestion in urban areas are among the reasons
that are likely to increase e-bike demand throughout the projection period. Due
to the COVID-19 Pandemic, it is unlikely that shared mobility is preferable for
transit. Most nations are striving for the promotion of e-bikes through
subsidies and regulatory modifications in order to minimize burden on public
transport networks. Furthermore, trend towards connected E-Bikes also benefits
the market growth. For instance, Smartphone Hub by Bosch can connect e-bikes to
a smartphone and support the riders before and after their journey. The Lock
premium function by Bosch also transforms the Kiox connected onboard computer
into the key for greater security. In 2019, Zadd Automotive introduced two
electric bikes Utility Mini, and Zadd X1, with the option of converting them
into smart bikes. Hence, such product launches further is analyzed to boost the
market growth in 2021-2026.
Folding Bikes Market Segment Analysis- By Distribution Channel
By Distribution
channel, Folding Bikes market is segmented into online and offline. Online channel is estimated to hold
the highest market share with a CAGR 11.8% during the forecast period 2021-2026. These
channels provide significant discounts for all products that entice people to
buy through the channel. Ali Express, Amazon and Flipkart are some of the main
online providers. Moreover, rising penetration in the developing economies of
smartphone users, including China, India, Brazil and Mexico would further
strengthen customer participation in online shops. For instance, in August
2020, British folding bike maker Brompton planned to launch a subscription
service during September as part of an effort to get more people using its
bikes. In December 2018, the Netherlands has stated that it would invest 390
million dollars on creating biking infrastructure that will enable 200,000
bikers to travel in the next three years. Some of the main participants in
supporting the notion of "Bike to Work" amongst their workers to
achieve physical and mental wellness include Salesforce, SunPower Corporation,
ViaSat, Garmin international, Inc., Patagonia, Kimberley-Clark, and REI. The
ideas for these bicycle folding markets are expected to generate new opportunities
for market growth. Thus, above mentioned factors are analyzed to drive the
market in the forecast period 2021-2026.
Folding Bikes
Market Segment Analysis- By Geography
APAC region is anticipated to witness a significant amount of growth with a CAGR of 10.3% in the forecast period 2021-2026. The attributing factors for the market growth in this region include growing demand for eco-friendly transportation, increase in electric bike sales, support by government initiatives and others. Countries such as China and India have a significant impact on APAC's market growth. According to new regulation in China, the government is planning to ban the production and sales of fossil fuel vehicles. Similarly, China is creating an opportunity for folding bikes market with the increased sales of electric bikes and electric scooters. For instance, according to China Bicycle Association (CBA), China is the world’s largest manufacturer of bicycles and electric vehicles, with sales of up to 80,000,000 units, accounting for 80% of global turnover. Similarly, China has sold 15.05 million unit electric bikes in 2018 and is anticipated to grow up to 15.85 million unit in 2020. The increased demand for electric bikes will create an opportunity for folding bikes. India also has excellent potential for Electric vehicles growth in the forecast period 2020 to 2025. EV sales in India crossed the 7, 50,000-units mark and reached a total of 7, 59,600 units in 2019. Furthermore, factors including increasing government incentive schemes, growing distributor & dealership network, rising online sales, and increasing affordability of electric two wheelers benefit the market growth. Additionally, rising demand for electric two wheelers in APAC region are also creating opportunity for market growth.
Folding Bikes
Market Drivers
Government Initiatives and regulations encourage the use of electric bikes which in turn drives the market growth for folding bikes
Increased
worldwide carbon emissions from fuel combustion have been a major source of
worry for governments and environmentalists during the last few decades. This,
in turn, stimulates global demand for electric vehicles, therefore supporting
the expansion of the foldable bike market. According to weforum, Bicycle sales
in the US were up 65% between 2019 and 2020, with pandemic lockdowns a key
driver of that surge. Electric bike sales grew by 145% in the same period. In
Europe, it’s predicted that twice as many bikes as cars will be bought each
year by 2030. Furthermore, the growing traffic congestion on highways, as well
as the necessity for individuals to keep fitness, fueled the demand for
foldable bikes. This increasing traffic congestion prompted working
professionals to waste more time, reducing their production time. As a result,
several governments throughout the world have authorized the use of foldable
bikes in order to alleviate traffic congestion on road.
Bicycle
infrastructure and advancements in battery technology
tends to boost the market growth during the forecast period
Governments
in different nations focus on developing e-bike infrastructure, including
bicycle routes, public charging stations and others with e-bike consumer
inclinations. For instance, two solar car parks have been constructed in Tokyo
by Sanyo (Japan) to recharge about 100 electric bikes using solar panels. According
to report from Deloitte, between 2020 and 2023, more than 130 million e-bikes
(using all battery technologies) are expected to be sold and in 2023, e-bike
sales are expected to top 40 million units worldwide, generating about US$20
billion in revenue. Such strategic measures by government bodies are augmenting
the growing adoption of Folding Bikes technology globally and set to propel the
market growth during 2021-2026.
Folding Bikes Market Challenges
High Costs of Electric Bikes act as a hindering factor for market growth
High cost of
e-bikes is a major factor that restrains the growth of the e-bikes market. E-bikes
are getting more costly than conventional motorcycles due to costs associated
with design, wiring, motor or small engine, and battery power. The price of an
e-bike is mostly determined by its grade and quality. The high costs of
new e-bike batteries and replacement of the same are also hindering the growth
of the market. While the cheapest folding e-bikes go for $50, the typical e-bikes are priced at $300-$400. This price can even go up to $1000 for high end bikes.
Folding Bikes Market Landscape
Technology launches, acquisitions,
Partnerships and R&D activities are key strategies adopted by players in the Folding Bikes market. In 2020, the market of Folding
Bikes industry outlook has been fragmented by several companies. Folding
Bikes top 10 companies include
- Bickerton Portables
- Bobbin Bicycles Ltd.
- Brompton Bicycle Ltd.
- Montague Corporation
- Pacific Cycles
- Vilano Bikes
- Giant Bicycles
- Dahon
- Gocycle
- Raleigh UK Ltd.
- Ming Cycle, among others.
Acquisitions/Technology Launches
- In May 2020, Vello launched three of its folding bicycles at Virtual Design Festival's products fair, including Vello Bike+, which is the first bike to combine electric, self-charging and folding features. Such product launches contributes towards the expansion of the market growth.
- In November 2020, World leader in folding bikes, DAHON, has unveiled plans to formally offer their technical expertise through folding components and licensing to valued partners. The components include: hinges, handle posts, cranksets, pedals and PostPumps. DAHON’s innovative technologies can optimize the performance of both regular bikes and folding bikes in unique ways.
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LIST OF TABLES
LIST OF FIGURES
1.US Folding Bikes Market Revenue, 2023-2030 ($M)2.Canada Folding Bikes Market Revenue, 2023-2030 ($M)
3.Mexico Folding Bikes Market Revenue, 2023-2030 ($M)
4.Brazil Folding Bikes Market Revenue, 2023-2030 ($M)
5.Argentina Folding Bikes Market Revenue, 2023-2030 ($M)
6.Peru Folding Bikes Market Revenue, 2023-2030 ($M)
7.Colombia Folding Bikes Market Revenue, 2023-2030 ($M)
8.Chile Folding Bikes Market Revenue, 2023-2030 ($M)
9.Rest of South America Folding Bikes Market Revenue, 2023-2030 ($M)
10.UK Folding Bikes Market Revenue, 2023-2030 ($M)
11.Germany Folding Bikes Market Revenue, 2023-2030 ($M)
12.France Folding Bikes Market Revenue, 2023-2030 ($M)
13.Italy Folding Bikes Market Revenue, 2023-2030 ($M)
14.Spain Folding Bikes Market Revenue, 2023-2030 ($M)
15.Rest of Europe Folding Bikes Market Revenue, 2023-2030 ($M)
16.China Folding Bikes Market Revenue, 2023-2030 ($M)
17.India Folding Bikes Market Revenue, 2023-2030 ($M)
18.Japan Folding Bikes Market Revenue, 2023-2030 ($M)
19.South Korea Folding Bikes Market Revenue, 2023-2030 ($M)
20.South Africa Folding Bikes Market Revenue, 2023-2030 ($M)
21.North America Folding Bikes By Application
22.South America Folding Bikes By Application
23.Europe Folding Bikes By Application
24.APAC Folding Bikes By Application
25.MENA Folding Bikes By Application
26.Competition Landscape, Sales /Revenue, 2015-2018 ($Mn/$Bn)