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According to the latest report by IMARC Group, titled "Folding Bike Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global folding bike market reached a value of US$ 724.2 Million in 2021. A folding bike is a two-wheeled vehicle that is easily foldable due to its compact size and is generally utilized for small commutes. It mainly comprises a handlebar, grips, brake lever and cantilever, revo-shifter, rim, spokes, front hub, tire, forks and valves. Its design and components are similar to ordinary or sports bikes. However, folding bikes are flexible, lighter and offer a range of adjustments for seat posts and handlebar stems for accommodating riders. The demand for folding bikes is gradually increasing across the globe due to their additional benefits, such as easy carrying and storage and decreased theft risk.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Folding Bike Market Trends:
The global market is primarily driven by the rising preference for a cost-effective personal commute solution among individuals. This is supported by the increasing traffic congestion as a consequence of rapid urbanization. With an enhanced focus on sustainable development and the growing health consciousness among the masses, there has also been a considerable rise in the demand for folding bikes. Moreover, continual technological advancements and electric folding bikes are gaining widespread prominence among individuals. Additionally, the easy product availability via organized retail channels and the advent of the convenient online delivery models are providing a boost to the sales of foldable bikes across the globe. Other factors, including the inflating disposable income levels of the masses, the growing popularity of adventurous sports, continuous improvements in the tourism industry and extensive research and development (R&D) activities conducted by key players, are further favorably impacting the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 1,136.6 Million by 2027, exhibiting a CAGR of 7.30% during 2022-2027.
Market Summary:
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