According to a new market research report published by Acute Market Reports “Global Folding Bicycles Market (By Folding Mechanism: Split Fold Mechanism, Triangular Hinge Mechanism, and Break-away Mechanism; By Frame Material: Aluminum, Steel, Carbon Fiber and Titanium; By Wheel Size: 16’’ to 19’’, 20’’ to 24’’ and 25’’ and Above; By Number of Gears: Single Speed and Multi-speed) - Growth, Future Prospects, and Competitive Landscape, 2020-2028”, the folding bicycles market is expected to grow with a CAGR of 7.1% during the forecast period from 2020 to 2028.

The complete report is available at https://www.acutemarketreports.com/report/folding-bicycles-market

Market Insights

At present, traffic congestion is one of the biggest issues faced by millions of urban residents while conducting their daily commute. On account of the ongoing COVID-19 lockdowns and restrictions, major cities across the world have reduced various public transport services such as metros and subways. In addition, rising health concerns and the need to maintain social distance have resulted in the need for more affordable and effective mode of personal transport. Bicycling has been considered a reliable mode of transportation for a very long time. However, issues such as limited flexibility, the requirement of safe parking space, and less scope of using mixed modes of commutation have confined the growth of bicycles as a viable option for city transportation. In order to tackle issues associated with conventional bicycles, bike manufacturers have introduced the concept of folding bicycles. These folding bicycles have been incorporated with the functionality of conventional bicycles with enhanced flexibility, lightweight, compactness, and additional merit of traveling through subways and metros. 

Several governments across the world have been trying to encourage people in order to adopt cycle as their prime mode of transportation. Dedicated cycling routes, allocation of funds for developing infrastructure, and framing laws to ensure safety for cyclists are few steps implemented by governments in the Europe and North America regions. In addition, factors such as public awareness of environmental pollution, personal health, and fitness have further promoted the idea of using cycles for a daily commute. Furthermore, features offered by folding bicycles provide potential prevention of theft, convenient carriage of bicycles up the stairs and minimum storage space have boosted the popularity of folding cycles in urban commute. Thereby, the overall market for folding bicycles is all set to demonstrate significant growth in the following years.

Competitive Insights

The present-day folding bicycles market is consolidated and is characterized by a limited number of international players. However, several traditional bicycle manufacturers are expected to introduce their variants of folding bicycles in order to claim their share of market value in the following years. The market is projected to remain highly competitive with new entrants and growing demand for folding bicycles. The use of advanced composite materials for frame manufacturing and process automation has been adopted as key business strategies by bicycle manufacturers in order to maintain supremacy in the market.

Major players in the folding bicycles market include Brompton Bicycle Ltd., Bobbin Bicycles Ltd., Cyclecentric Ltd., Citizen Bike Inc., DAHON North America, Inc., Decathlon S.A., Dawes Cycles Limited, Hummingbird Bike Company Ltd, Montague Corporation, Mobility Holdings, Ltd., Ming Cycle Industrial Co., Ltd. and Raleigh America.

Key Trends

• Commuters opting for an affordable personal mode of transportation in order to maintain social distancing and general fitness
• The growing trend of a mixed mode of commutation among urban commuters
• Use of modern composite materials for lighter and sturdy bicycle frames