Implementation of government regulations for encouraging usage of electric bikes and increase in fuel costs fuel the global folding bikes market growth. Asia-Pacific held the largest share in 2019, and is projected to maintain its leadership position by 2027. There has been stoppage of production activities of folding bikes due to lockdown by governments. Issues such as scarcity of workforce and insufficient raw materials have been occurred.
Portland, OR, March 02, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global folding bikes market generated $790.90 million in 2019, and is expected to reach $1.26 billion by 2027, manifesting a CAGR of 8.7% from 2020 to 2027. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, value chain, competitive landscape, and regional scenario.
Implementation of various government regulations to promote the usage of electric bikes, consumer inclination toward e-bikes as an eco-friendly & efficient solution, and rise in fuel costs drive the growth of the global folding bikes market. However, high cost of e-bikes restrains the market growth. Contrarily, improvement in bicycling infrastructure & battery technology along with preference for cycling as a fitness & recreational activity present new opportunities in the coming years.
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There has been a complete stoppage of manufacturing activities of folding bikes due to lockdown imposed by governments. In addition, there have been issues such as lack of workforce and unavailability of raw materials.
However, the demand for folding bikes increased during the post-lockdown as people began avoiding public transport to avoid possibility of cross-contamination. In addition, owing to closure of gyms and fitness centers, people preferred folding bikes for exercising and maintaining fitness.
The report offers detailed segmentation of the global folding bikes market based on product type, drive type, application, price range, distribution channel, and region.
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By product type, the vertical fold segment accounted for the largest market share in 2019, contributing to more than two-fifths of the total market, and is projected to maintain its dominance in terms of revenue during the forecast period. Furthermore, this segment is estimated to witness the fastest CAGR of 9.5% from 2020 to 2027. The research also analyzes segments including mid-fold and triangle hinge.
By application, the commercial segment held the highest market share, accounting for more than one-fourth of the global folding bikes market in 2019, and is expected to continue its leadership status throughout the forecast period. However, the fitness segment is estimated to witness the highest CAGR of 10.0% from 2020 to 2027.
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By region, Asia-Pacific accounted for the highest share in 2019, holding nearly two-fifths of the total share, and is estimated to maintain its lead position by 2027. However, North America is estimated to maintain the fastest CAGR of 10.0% during the forecast period.
Leading players of the global folding bikes market analyzed in the research include Bickerton Portables, Brompton Bicycle Ltd., Bobbin Bicycles Ltd., Pacific Cycles, Montague Corporation, Giant Bicycles, Vilano Bikes, Gocycle, Dahon, Raleigh UK Ltd., and Ming Cycle.
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