• Stacy Lawlor

Global Folding Bikes Market Size to grow USD 1410.16 million by 2028

The Global Folding Bikes Market Size 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.


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In the bike manufacturing industry, an increased focus on research and development continues to explore new potential opportunities. Manufacturers are coming up with fresh designs that satisfy modern consumer expectations. Furthermore, manufacturers are able to improve bike capabilities and add new rider-friendly features because of the availability of more complex components. One of the most appealing features of folding bikes is their compactness, which allows users to transport them across vast distances. A folding bike is simple to store and travel. When compared to traditional bikes, these bikes take up less storage space. The bike may be readily taken inside buildings or onto public transportation when folded, allowing for mixed-mode commuting. People who live in cramped quarters and have limited room love these motorcycles. Folding bikes can also be taken on an aircraft, vehicle, or boat without any difficulty. In recent years, a large choice of folding bikes in all shapes and sizes has appeared. These bikes are appealing and functional thanks to their unique fold techniques and craftsmanship.


The COVID-19 epidemic impacted negatively 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.

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Consumer preference for e-bikes as an environmentally clean and efficient mode of transportation


Global carbon emissions from fuel burning have been a major source of concern for governments and environmentalists in recent decades. As a result, demand for electric cars grows around the world, augmenting the rise of the folding bike business. Furthermore, the popularity of electric bicycles has risen significantly on every continent, owing to improvements in design and performance as well as economic and environmental considerations. Furthermore, a movement in consumer demand for electric bikes as a more convenient and faster form of transportation through traffic for everyday commuting is fueling market expansion. Most everyday trips are less than seven kilometers from home, according to GenZE (by Mahindra). As a result, e-bikes are an effective alternative for reducing traffic congestion and lowering pollution.


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


Europe holds the 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.

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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.


KEY INDUSTRY DEVELOPMENTS:


In 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.


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


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https://extrapolate.com/Automotive/folding-bikes-market/25701

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