Folding Bikes Market 2024: Key Trends, Growth Drivers, and Future Outlook

The Business Research Company recently released a comprehensive report on the Global Folding Bikes Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The folding bikes market size has grown rapidly in recent years. It will grow from $0.81 billion in 2023 to $0.89 billion in 2024 at a compound annual growth rate (CAGR) of 10%. The growth in the historic period can be attributed to increased urbanization, growing environmental concerns, a growing development of bike-friendly infrastructure, a growing shift in consumer lifestyles, and increased traffic congestion in urban centers.

The folding bikes market size is expected to see rapid growth in the next few years. It will grow to $1.31 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to growing economic stability and disposable income levels, rising supportive government policies, a rise in the aging population, an increasing number of urban dwellers, stricter environmental regulations and emissions standards, and growing awareness of health and wellness benefits. Major trends in the forecast period include technological advancements, product innovation, e-mobility integration, sustainable materials and manufacturing practices, integration with urban mobility solutions, and integration of digital technologies.

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Market Drivers and Trends:

The rising interest in cycling as a fitness and recreational activity is expected to propel the growth of the folding bike market going forward. Cycling, as a fitness and recreational activity, involves riding bicycles for exercise, enjoyment, and leisure. The interest in cycling is due to growing awareness of the health benefits associated with regular exercise, concerns about environmental sustainability and carbon emissions, and a desire for alternative modes of transportation to reduce commuting costs. The increasing interest in cycling as a fitness and recreational activity has increased demand for convenient transportation solutions, such as folding bikes, which offer portability and versatility for urban commuters and enthusiasts alike. For instance, in December 2023, according to a report published by Transport For London, a UK-based local government body responsible for the transport network, the number of daily cycle journeys in London increased in 2023 to an estimated 1.26 million per day, up by 6.3% from 1.19 million in 2022. Additionally, 24% of people based in London reported having cycled in the last year, up from 21% in 2019 and 2020. Therefore, rising interest in cycling as a fitness and recreational activity drives the folding bike market.

Major companies operating in the foldable bikes market are developing compact motorcycles to expand their product offerings and cater to a broader range of customers. Compact motorcycles are portable, lightweight personal mobility devices designed for urban commuting, featuring a foldable design for easy storage and convenience. For instance, in September 2023, Honda Motors Co. Ltd., a Japan-based automobile company, launched the Moto Compacto, a foldable electric scooter designed for customizable and fun urban mobility solutions. It features a 490-watt electric motor, a top speed of around 15 mph, and a range of up to 12 miles. It is also designed to be highly customizable, with Honda offering a range of accessories and parts for personalization, and it is intended to complement Honda's upcoming electric vehicles, such as the Prologue and Acura ZDX, providing a last-mile transportation solution.

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Major Key Players of the Market:

Decathlon S.A., Brompton Bicycle Ltd, Pacific Cycles Inc., Riese And Müller GmbH, Ming Cycle Industrial Co. Ltd., Tern Bicycles Inc., Romet Sp. z o.o., Bike Friday, Montague Corporation, Raleigh UK Ltd, Ningbo Bestar Co. Ltd, Gocycle, Wattbike Ltd, Allen Sports LLC, Dahon North America Inc., Airnimal Bikes Ltd., Mobility Holdings Ltd., Bobbin Bicycles Ltd, Hummingbird Bike Company Ltd., Zizzo Bike LLC, Moulton Bicycle Company Ltd., Citizen Bike, Strida Ltd., Tyrell Corporation, Helix Labs Inc

Folding Bikes Market 2024 Key Insights:

• The folding bikes market size is expected to see rapid growth in the next few years. It will grow to $1.31 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
• Folding Bike Market Growth Driven By Rising Interest In Cycling For Fitness And Recreation
• Innovative Products in the Foldable Electric Scooter Market
• Asia-Pacific was the largest region in the folding bikes market in 2023

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