The global folding bicycle market size is expected to reach USD 926.9 million by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.8% over the forecast period. Rising importance of cycling as a recreational activity among the millennials in order to improve body fitness is expected to have a strong impact on the market growth. Furthermore, governments of various countries including U.S., Germany, U.K., and Spain are propelling corporate institutions to spread awareness among their employees regarding using bicycle for daily transportation. This, in turn, is expected to promote the scope for folding bicycle over the next few years.
Electric folding bicycles are expected to expand at the fastest CAGR of 10.0% from 2019 to 2025. These products are considered to be convenient and energy efficient, which do not harm the environment. Growing cost of conventional energy resources such as petrol and diesel is expected to drive the consumers to purchase these electric bicycles in the upcoming years.
26 inch products generated a revenue of USD 203.5 million in 2018. These products are mostly used for daily transportation and sports activities among the consumers in developed economies of Europe and North America. Mountain bikers prefer to use these size variants as they are easy to carry and provide the perfect balance in hill roads. Growing popularity of sports events including Downhill World Cup, Cross Country and Short Track, and E-MTB World Championships is expected to expand the scope for these size variants among the buyers over the next few years.
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Online channel is the fastest growing distribution channel with a CAGR of 11.8% from 2019 to 2025. These retailers provide various add-on services including discounted prices, cash-on-delivery, and coupon benefits in e-commerce portals, which is expected to prompt the buyers to use this channel. Amazon, Walmart, and Aliexpress are some of the key e-commerce portals that offer foldable bicycles.
Europe was the largest market with a revenue of USD 176.3 million in 2018. The trend of using cycle as a medium of daily transportation is prominent among the population of many countries across the region including Germany, U.K., France, and Italy. However, growing real estate as well as parking space cost is driving consumers to purchase foldable bicycles, which are convenient to keep inside the house or corporate buildings.
Some of the key players operating in the folding bicycle market are Dahon, A-bike, Giant Bicycles, Helix, Bike Friday, Montague Bike, Brompton Bicycle, GOGOBIKE, Birdy Bike, and FOREVER Bicycle. Product innovation is expected to remain a key competitive strategy among the industry participants over the next few years.
Further key findings from the report suggest:
• Conventional products generated a revenue of USD 373.3 million in 2018. These products are easily available in offline as well as online stores at economical prices
• By size, the 20 inch segment is expected to expand at the fastest CAGR of 9.8% from 2019 to 2025. These products are popular among the millennial population as they are capable of offering high speed features
• The offline segment held the largest share in 2018 as a result of its try and buy options. Online channel is expected to expand at the fastest CAGR of 11.8% from 2019 to 2025 owing to availability of a wide range of products and doorstep delivery services
• Asia Pacific is the fastest growing region with a CAGR of 10.3% from 2019 to 2025 as a result of increasing popularity of bicycle as a medium of daily transportation to save conventional energy in countries including China, Japan, and South Korea.
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Grand View Research 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
o South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.