Transparency Market Research (TMR)’s latest report reveals that the global folding bikes market is estimated to surpass a market valuation of US$ 213,200 Mn by 2026, expanding at a CAGR of 5.2% during the forecast period (2017-2026). Increasing focus on innovation continues to create new growth avenues in the bike manufacturing industry. Manufacturers are coming up with new designs that meet the expectation of a modern consumer. Moreover, availability of more sophisticated components is allowing manufacturers to enhance bike capabilities and add new rider-friendly features. One of the greatest advantages of folding bikes is their compactness that allows riders to carry them on long distance travelling. Folding bike can be easily packed and transported. These bikes take up lesser storing space as compared to the conventional bikes. When folded, the bike can be easily carried into buildings or on public transport facilitating mixed-mode commutation. These bikes are preferred by people who live in compact quarters and have limited space. Also folding bikes can be aboard on a plane, car or boat without facing much of a hassle. In recent years, a wide range of folding bikes have emerged with varying shapes and sizes. The standout fold techniques and craftsmanship make these bike attractive and practical.
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Europe Will Continue to be a Leading Market for Folding Bikes Over 2026
Among regions, the market in Europe is expected to remain highly lucrative in 2017 and beyond. In terms of revenue, the region currently accounts for the highest share of the global market and the trend is likely to continue throughout the assessment period. Europe’s folding bikes market is projected to exhibit a CAGR of 5.1% between 2017 and 2026. The European Union (EU) is also baking an initiative “BIKE INTERMODAL” focused to stimulate intermodal transportation system that involves use of bikes with other modes of commutation. Favorable policies and high consumer awareness is expected to support the growth of the market in the region over 2026.
Mid-Fold Folding Bikes a Leading Product Types Segment
Demand for mid-fold folding bikes is expected to remain high over the next couple years. Global sales of mid-fold folding bikes currently commands for close to one-fourth revenue share of the global market. Towards the end of 2026, more than US$ 45,700 Mn worth mid-fold folding bikes are expected to be sold worldwide.
Strong Preference for Folding Bikes with 20 Inch Wheel Size
It is observed that most riders opt for folding bikes with 20 inch wheel size. This is primarily attributed to the compactness of these wheels. Owing a smaller diameter, 20 Inch wheels are more adjustable to the folds and carry lesser weight as compared to other large size wheels. By 2017-end, over US$ 39,690 Mn worth folding bikes with 20 inch wheel size is likely to sold globally.
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Fitness Remains a Primary Application of Folding Bikes
A large number of people buy folding bikes to rides them for maintaining fitness and staying healthy. Bikes are increasingly viewed as an exercise tool all across the global, characterizing its use even by affluent and deep pocketed consumers. Hence, global sales of folding bikes is partly driving by the increasing level of health awareness among people.
Brompton, Bobbin, Montague Crosstown, Raleigh Evo-2, Bickerton Junction 1707 City, Dawes Diamond, Tern Verge X20, Dahon, Pacific Cycles, STRiDA EVO, Tern Link, Vilano, Schwinn, SwissBike, Strida LT, Tern Joe, Independent Fabrication, LightSpeed, Gocycle, and Di Blasi. A majority of these players are actively focusing on development of more efficient bike design and style that offers a unique riding experience with higher level of comfort.
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