The global folding bikes market size was valued at USD 934.49 million in 2021. It is expected to reach USD 2,012.92 million by 2030, growing at a CAGR of 8.9% during the forecast period (2022–2030). Bicycles with two wheels that can fold into a portable and small size are known as folding bikes. This makes it possible to transport folding bikes more efficiently while reducing the space they take when not in use. Folding bikes offer more mobility and comfort than conventional bicycles because they are packed with multiple features. These features include the flexibility for mixed terrain, reduced theft risk, the convenience of being easily carried or stored, and electric propulsion, amongst others.
In addition, lengthy walking distances between places of employment, stations, and homes have inspired people to start using bicycles as a primary mode of transportation for their daily commutes. As a result, an increase in the trend to adopt bicycles is anticipated to boost the growth of the folding bikes market during the period covered by the forecast.
Folding bikes are a type of bicycle that can be folded to reduce the amount of space they take up and, at the same time, reduce the amount of weight they have to make it easier to transport them from one location to another. When the bikes are folded, they can be carried more easily into buildings and on public transportation. When folded, these can also be stored more easily in small living quarters or aboard a car, boat, or airplane. The structure of the folding mechanism varies from model to model, and this helps in folding the bikes so that they take up less space when folded up. The folding mechanism is determined by the design of the bikes.
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Implementation of Government Regulations Encouraging the use of Bikes to Impede the Market Growth
Governments worldwide are taking steps to alleviate the traffic congestion caused by vehicles. They are also leaning more toward using renewable energy sources in transportation. This factor has helped the global market for folding bikes. Additionally, manufacturers of folding bikes such as Brompton Bicycle Ltd., Raleigh UK Ltd., Montague Corporation, Pacific Cycles, Vilano Bikes, and Giant Bicycles have introduced various concepts related to folding bikes, which has also contributed to the expansion of the global market for bicycles. Raleigh UK Ltd. reached a partnership agreement with Cycleplan, the most well-known cycle insurance provider in the UK, to begin selling bike insurance. As a result of a strategic partnership, Raleigh UK Ltd. can provide its customers with four weeks of free insurance when they purchase a new bike.
Additionally, Raleigh UK Ltd. is positioned to provide the additional insurance value to their product buyer as part of the access to electric bikes. Further, more government-sponsored initiatives have supported the construction of bicycle infrastructure, which has helped the market for folding bikes grow. The "National Public Bicycle Scheme" was established by the Indian government to encourage and facilitate the development of bicycle infrastructure throughout the nation. During the period covered by this forecast, the expansion of the global market for folding bikes will be bolstered by the implementation of various government regulations and schemes.
Consumer Inclination toward the Use of e-Bikes as an Eco-Friendly and Efficient Solution to Aid Growth
Since the beginning of the last few decades, one of the primary concerns of governments and environmentalists has been the steady rise in the amount of carbon dioxide released into the atmosphere because of fuel combustion. As a result, there is a rising global demand for electric vehicles, which fuels the growth of the market for folding bicycles. In addition, manufacturers have developed folding bikes powered by electric motors to assist with developing the infrastructure. Customers worldwide have expressed a preference for Canyon, Greg LeMond, Blix Packa Electric Cargo Bike, and Tern's New GSD, some of the most popular brands of electric-propelled folding bikes currently on the market. Additionally, the most significant benefit of electric folding bikes is that the electric system is integrated into the frame of the bicycle, which eliminates the need for a separate area specifically designated for its use. As a result, the preference of consumers toward the use of electric bicycles as a solution for commuting that is both environmentally friendly and effective lends support to the infrastructure of folding bikes over the longer term.
High Cost of Electric Folding Bikes to Restrict Market Growth
One of the main things preventing the market for folding bicycles from growing faster is the cost of an electric bicycle. According to the current scenario, the battery's price and the technology make electric folding bikes more expensive than traditional bicycles. This is the case because traditional bicycles do not fold. As a result, consumers prefer traditional bicycles over electric folding bikes due to the former's more versatile nature. In addition, traditional folding bicycles are becoming increasingly popular worldwide because of the numerous benefits they offer, including the fact that they are more cost-effective and can be folded up and moved from one location to another with little to no additional effort required. The use of lithium-ion batteries or the incorporation of motor mechanisms in electric folding bikes both contributes to an increase in the price of these types of bicycles, which inhibits the expansion of the global market for these types of bicycles.
Furthermore, the growth of electric propelled bikes is high in China due to the available infrastructure, which supports the concept. However, the development of electric-propelled bikes is limited in other countries due to the lack of availability of appropriate infrastructure. Because there is insufficient infrastructure available, the price of the product, the cost of maintaining an existing product, and the cost of replacing or installing new developments go up when it comes to electric folding bikes. This is why the global market for folding bikes is not growing as quickly as possible due to the abovementioned factors.
Rising Interest in Cycling as Fitness and Recreational Activity amongst the Consumers
Consumer health and welfare are becoming increasingly essential concerns in the modern world. Consequently, they are more likely to ride bicycles as their mode of transportation when going from one location to another. To maintain a healthy, active lifestyle throughout their lives, the vast majority of people today devote a sizeable portion of their free time to engaging in various physical activities, including running, yoga, swimming, and cycling. Cycling, considered healthy and low-impact activity, has many benefits for a person's physical and mental health, including the development of endurance, the alleviation of stress, increased muscle strength, and improved cardiovascular fitness. In addition, because there is a shortage of parking spaces, folding bikes have been developed. These bikes can be folded up to be stored anywhere, supporting the market's effort to create opportunities for manufacturers and producers. As a result, the expansion of the need for folding bikes worldwide is supported by the increasing popularity of cycling as a form of physical exercise and leisure activity.
The global market for folding bikes has been divided into submarkets based on the product type, type of drive, application, price range, and distribution channel.
Based on the product type, the global folding bikes market has been categorized into mid-fold, vertical, and triangle hinges. These are the different types in which a bicycle can be folded and transported from one place to another.
The vertical fold segment was the highest contributor to the market, growing at a CAGR of 9.8% during the forecast period.
Based on the drive type, the global folding bikes market has been categorized into conventional and electric.
The conventional segment was the highest contributor to the market and is expected to reach USD 1,387.79 million by 2030, at a CAGR of 8.4% during the forecast period. The electric part is estimated to grow at a CAGR of 10.9%.
Conventional folding bikes have gained immense traction in the global folding bikes market. This is because conventional biking involves human effort, and individuals prefer to remain fit and healthy. In addition, increased inclination toward environmental safety supplements the growth of conventional biking.
Based on the application, the global folding bikes market has been categorized into sports, fitness, commercial, and others.
The commercial segment was the highest contributor to the market and is estimated to reach USD 622.01 million by 2030, growing at a CAGR of 9.8% during the forecast period. The fitness segment is estimated to grow at a CAGR of 10.5% by 2030. Folding bikes have increased in sports activity due to using cycles. Several sports activities such as indoor cycle racing, mud biking, and others have increased the market's growth.
Based on the price range, the global folding bikes market has been categorized into low, economy, and premium.
The economy segment was the highest contributor to the market and is estimated to reach USD 758.49 million by 2030, at a CAGR of 8.8% during the forecast period. The low segment is estimated to grow at a CAGR of 9.6%. Low-cost folding bikes have gained traction in the global market because they are cheap to buy and readily available in all stores. In addition, the customer’s inclination to purchase low-cost bikes supplements the segment’s growth.
Based on the distribution channel, the global folding bikes market has been categorized into offline and online. These are the different channels through which the customer purchases the folding bikes.
The offline segment was the highest contributor to the market and is estimated to reach USD 1188.10 million by 2030, at a CAGR of 8.3% during the forecast period. The online segment is estimated to grow at a CAGR of 10.3%. Offline distribution channel has gained immense traction in the global folding bikes market because they offer a variety of products to their customers. At the same time, customers can purchase folding bikes and can use them instantly. In addition, the offline distribution channel is leading due to the fact that manufacturers have started their distribution shops, and local customers have taken franchises to distribute the product.
The global folding bikes market has been studied across North America, Europe, Asia-Pacific, and LAMEA.
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Asia-Pacific is the highest revenue contributor and is estimated to reach USD 672.35 million by 2030, growing at a CAGR of 7.9% during the forecast period. North America will grow at a significant CAGR of 10.4% by 2030. Numerous companies such as Montague Corporation, Pacific Cycles, Vilano Bikes, Dahon, and others are offering innumerable products to their customers across the globe, which has led to the growth of the global folding bikes market.
The primary factor that drives the growth of folding bikes in North America is the support offered by the Government in the form of subsidies and tax benefits such as tax rebates. The Canadian Government plans to increase the number of zero-emission vehicles (ZEVs). It is developing a national strategy as a step toward the reduction of greenhouse gas emission effects. In North America, infrastructure has been developed for the public by their requirements for riding an e-bike, which further propels the market growth. Moreover, less availability of natural resources and fuel has shifted people's preference from conventional vehicles to electric bicycles. Furthermore, the rise in consumer awareness toward health and environmental issues has significantly boosted the growth of the folding bikes market in this region.