According to Precision Business Insights (PBI), the latest report folding bikes market size was valued at 0.9 billion in 2021 and growing at a CAGR of 11.3% over the forecast period 2022-2028.
The Folding Bikes Market Overview:
Bikes with two wheels that fold down into a small package make for simple transporting. Small wheels help them take up speed faster, accelerate faster, and store more easily. In order to fit into crowded spaces, they serve as a space-saving solution for travelers and urban riders. Their weight, great performance, and durability make them more mobile and comfortable than traditional cycles. Folding bikes are now widely used in the business, fitness, and sporting industries all over the world.
The Folding Bikes Market Growth Factors:
One of the main elements driving the market’s growth is the increase in traffic and the lengthening of journey times in metropolitan regions. Additionally, the industry is benefiting from growing consumer awareness of personal health issues and the prevalence of chronic diseases. Furthermore, the ubiquitous accessibility of folding bikes through both online and physical retailers is promoting market expansion. Leading manufacturers are also making significant investments in research and development (R&D) operations to offer higher-quality product versions. Overcrowding in public transportation and rising fuel prices are further growth-promoting elements. Furthermore, a significant barrier to the growth of the folding bikes market is anticipated to be the intense competition that conventional bikes face in terms of speed and performance.
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The Folding Bikes Market Segmentation:
1) By Product Type: Mid-fold, Vertical Fold, and Triangle Hinge
2) Drive Type: Conventional and Electric
3) Application: Sports, Fitness, Commercial, and Others)
4) Price Range: Low, Economy, and Premium
5) Distribution Channel: Offline and Online
The Folding Bikes Market Regional Analysis:
China, India, the United States, Canada, the United Kingdom, Germany, France, Russia, Italy, the Netherlands, and Norway are the top exporters of folding bikes worldwide. Over the projection period, China is anticipated to continue to dominate in terms of revenue and demand for foldable bikes due to shifts in consumer preferences. North America is anticipated to grow at a substantial CAGR over the projected period due to rising tourism activities and rising health concerns amongst consumers in the area.
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