The global folding bicycle market size is projected to reach USD 926.9 million by 2025, according to a new report published by Million Insights, with a CAGR of 8.8% over the forecast duration. The increasing importance of cycling as a way to attain fitness among the millennials is predicted to be the key factor for these products. Moreover, government initiatives in countries like Spain, U.K., and Germany to spread awareness in order to encourage the use of bicycles as a mode of transport with the city limits are expected to expand the scope for these products over the years.
Electric folding bicycles are predicted to grow at a CAGR of 10.0% for the period of 2019 to 2025. The products are energy efficient, environment friendly, and convenient. Moreover, the rising cost of energy resources like diesel and petrol is anticipated to encourage consumers to buy electric bicycles in the future.
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By size, the 26-inch products accounted for revenue of USD 203.5 million in 2018. These products are mainly used for sports activities and daily transportation in regions like North America and Europe. These are increasingly popular among mountain bikers as they provide a perfect balance in the hill and are easy to carry. The rising popularity of sports events like Cross Country and Short Track, E-MTB World Championships, and Downhill World Cup is predicted to increase the scope for these variants in the future.
The online channel is expected to register a CAGR of 11.8% over the forecast period. The e-commerce retailers provide additional services like cash-on-delivery, coupon benefits, and discounts to attract customers. The key players in this channel include Amazon, Aliexpress, and Walmart.
Europe held the largest market with revenue of USD 176.3 million in 2018. The increasing popularity of using cycle as a mode of transport among the population of countries like France, Italy, U.K., and Germany has further contributed to the demand for these products in the region. However, hike in real estate prices has encouraged people to purchase foldable alternatives including foldable bicycles which are easy to keep inside corporate building and houses.
The key players in the folding bicycles market are Dahon, Helix, A-bike, Bike Friday, Giant Bicycles, Montague Bike, GOGOBIKE, Brompton Bicycle, FOREVER Bicycle, and Birdy Bike. Innovation and product development are predicted to remain the driving force for the industry players in the upcoming years.
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Further key findings from the report suggest:
• Conventional products accounted for revenue of USD 373.3 million in 2018. These products are economically affordable and are available in online and offline stores.
• Based on size, the 20-inch division is predicted to grow at a CAGR of 9.8% over the forecast period. The high speed feature inbuilt in these products make them popular among millennials.
• The offline channel held the largest share for the year 2018 due to the try and buy options provided by it. The online segment is predicted to register a CAGR of 11.8% for the period of 2019 to 2025 due to the availability of huge varieties and home delivery services.
• Asia Pacific is expected to register a CAGR of 10.3% over the forecast period owing to the rising popularity of bicycles as a mode of transport in countries like Japan, South Korea, and China.
Million Insights has segmented the global folding bicycle market on the basis of product, size, distribution channel, and region:
Folding Bicycle Product Outlook (Revenue, USD Million, 2015 – 2025)
Folding Bicycle Size Outlook (Revenue, USD Million, 2015 – 2025)
Folding Bicycle Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
Folding Bicycle Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
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