The global folding bike market reached a value of US$ 724.2 Million in 2021. A foldable bike refers to a two-wheeled vehicle that is generally compact in size, easily foldable and can be utilized for transportation. It is widely available in multiple varieties that differ on the basis of folding ease, speed, durability, weight, size and price. It is used as a preferred alternative for conventional bikes since it offers a range of adjustments for handlebar stems and seat posts for accommodating riders.
As per the analysis by IMARC Group, the top trends in the folding bike industry include the increasing preference for cost-effective personal commute solutions among the masses and continual technological advancements resulting in product innovations. Furthermore, the rising investments by leading players to enhance the overall efficiency of foldable bikes are favorably impacting the market growth. Along with this, continual improvements in the e-distribution channels and the advent of convenient online delivery models are providing a boost to the sales of foldable bikes across the globe. Some of the other factors contributing to the market include rapid urbanization, inflating per capita income levels and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 1,136.6 Million by 2027, growing at a CAGR of 7.30% during 2022-2027.
Growing Health Consciousness Among the Masses
The rising preference for leading a healthy lifestyle among individuals is majorly driving the sales of foldable bikes across the globe. Additionally, the widespread prevalence of chronic diseases due to the sedentary lifestyles led by working professionals and the increasing awareness regarding the importance of fitness and personal health are creating a positive market outlook. Since foldable bikes generally comprise smaller wheels as compared to conventional bikes, it is an efficient and effective medium to burn calories and body fat while strengthening the heart muscles and lungs as it requires more effort and energy while pedaling.
Enhanced Focus on Sustainable Development
The increasing environmental concern among the masses is acting as one of the key factors that is catalyzing the growth of the market. Fuel-operated vehicles produce carbon emissions that are harmful to the environment, thereby eventually leading to global warming, a disturbance in natural habitats, melting of the polar ice caps and extreme weather events. The growing awareness regarding the adverse effects of these vehicles has encouraged a shift towards the adoption of foldable bikes among individuals. In line with this, the manufacturing process of foldable bikes is significantly less harmful to the environment as compared to the other forms of automobiles, which is creating a positive outlook for the market. In addition to this, numerous initiatives undertaken by the governments of several countries in order to prevent further environmental damages is favorably impacting the overall sales of these bikes.
Increasing Traffic Congestion Globally
Due to the rising population levels worldwide, there has been a considerable increase in traffic-related issues that leads to long road jams and vehicle queues. This has impelled individuals to purchase foldable bikes in order to travel safely and timely within the city limits. Apart from this, they are easy to carry as they fit comfortably in trains, cars and buses, thereby providing a thrust to the market growth. In addition to this, numerous leading manufacturers and sellers are also heavily investing in the launching of lightweight and affordable foldable bikes, which, in turn, is expected to bolster the growth of the market on the global level. Along with this, the rising funding by governing agencies for the development of separate cycling routes is positively affecting the market.
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects in the foldable bike industry, which has enabled clients to set up and expand their businesses successfully. Some of the company’s offerings include:
- Market Research
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- Marketing and sales
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- Innovation and Product Development