A folding bicycle is a two-wheeled vehicle, with pedals, which can be folded into a compact form, facilitating transport and easily park. From past few years, the bicycle with additional features i.e. folding has been witnessing a surge in demand. Long walking distance between workplaces, station, and homes have encouraged people to adopt bicycle as a daily mode of transportation. Different materials used for the folding bicycle are carbon fiber, steel, aluminum, etc. Selection of material depends upon the cost, weight, stress, rigidity, etc. The folding bicycle is generally compact and can be used as a mode of transportation in an industrial and educational sector.
Folding Bicycle Market: Market Dynamics
As compared to the conventional bicycle, folding bicycle provides the better comfort of traveling during daily commute. This is also anticipated to drive the growth of the folding bicycle market over the forecast period. Moreover, busy schedules and modern lifestyle force people to work without exercise and merely intake junk food which in turn result in overweight or obesity. Thus, increasing health concerns among consumers upsurge the demand for folding bicycle in the coming years. That apart, several features of folding bicycles such as less possibility of bicycle theft, easy storage, flexibility for mixed commute, etc. will also give traction to the growth of the folding bicycle market over the forecast period.
Concerning performance and speed, folding bicycle have to face stringent competition from the conventional bicycle which is anticipated to act as a key factor hampering the growth of the folding bicycle market over the forecast period. Moreover, the cost of a folding bicycle is generally not affordable to the common man which is also expected to hamper the growth of the folding bicycle market in the coming years.
A significant trend predicted five years down the line includes both OEM and dedicated manufacturer of the folding bicycle are focused on providing bicycles that are light in weight which increases the efficiency of the rider and also it will be more comfortable for the rider. Moreover, the manufacturers are investing in research and development activities to develop innovative bicycle which helps them to escalate competition.
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Folding Bicycle Market: Segmentation
The global folding bicycle market can be segmented on the basis of folding type, max rider weight, frame material, mode of operation and price range.
On the basis of folding type, the global folding bicycle market can be segmented as:
- Vertical Type
- Horizontal Type
On the basis of max rider weight, the global folding bicycle market can be segmented as:
- Up to 105 Kg
- 105 Kg – 130Kg
- More than 130 Kg
On the basis of frame material, the global folding bicycle market can be segmented as:
- Carbon Fiber
On the basis of mode of operation, the global folding bicycle market can be segmented as:
On the basis of price range, the global folding bicycle market can be segmented as:
- Low Range
- Medium Range
- Premium Range
Folding Bicycle Market: Regional Outlook
Over the forecast period, China is predictable to dominant in terms of sales and is estimated to remain dominant in terms of the demand for folding bicycle owing to change in consumer preferences. The Chinese bicycle manufacturer produces approx. 25%-30% folding bicycle and 70%-75% standard bicycle. North America is anticipated to grow with substantial CAGR during the forecast period owing to increasing tourism activities and rising health concerns among consumers in the region. The Middle East & Africa (MEA) is expected to grow at a significant pace over the coming decade owing to the high demand for folding bicycle from bicycle users.
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Folding Bicycle Market: Market Participants
Example of some of the key players identified across the value chain of global folding bicycle market includes Brompton Bicycle Ltd., DAHON North America, Inc., Bobbin Bicycles Ltd., Cyclecentric Ltd., Dawes Cycles Limited, Decathlon S.A., Citizen Bike Inc., Montague Corporation, Hummingbird Bike Company, Ltd., Mobility Holdings, Ltd., Biketec AG, among others.
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