Folding Bikes Market Worth $1.2 Billion by 2027 At A Growth Rate of 8.5%
The Growing Traffic Congestion On Highways, as Well as The Necessity For Individuals to Keep Fitness, Fueled the Demand for Folding Bikes Market.
HYDERABAD, TELANGANA, INDIA, September 22, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that The Folding Bikes Market is anticipated to reach $1.2 billion by 2026 at a CAGR of 8.5% during the forecast period 2021-2026. Folding bikes are a type of bicycles intended to fold them in such a manner that their space is reduced, their weight is lower and they can be simply transported from one area to a different place. Rising traffic in vehicles and unpredictable fuel prices are fueling bicycle demand throughout the world. The change to healthy living and fitness in consumer trends further boost the market growth. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key takeaways :
1. Environmental concerns as well government regulations is anticipated to boost the market growth.
2. Technological advancements and trend towards connected e-bikes propels the market growth.
3. The increased trend for fitness among individuals has also supplemented the folding bikes market growth.
Improvement in bicycling infrastructure & battery technology is the factor creating lucrative opportunity and is supplementing the growth of the global folding bikes market.
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Segmental Analysis :
1. This market is segmented into conventional and electric on the basis of drive type. Electric segment is anticipated to witness significant amount of growth with a CAGR of 10% in the forecast period 2021-2026. Fast urbanization and transport congestion in urban areas are among the reasons that are likely to increase e-bike demand throughout the projection period.
2. By Distribution channel, Folding Bikes market is segmented into online and offline. Online channel is estimated to hold the highest market share with a CAGR 11.8% during the forecast period 2021-2026. These channels provide significant discounts for all products that entice people to buy through the channel.
3. APAC region is anticipated to witness a significant amount of growth with a CAGR of 10.3% in the forecast period 2021-2026. The attributing factors for the market growth in this region include growing demand for eco-friendly transportation, increase in electric bike sales, support by government initiatives and others. Countries such as China and India have a significant impact on APAC’s market growth.
Competitive Landscape :
The top 5 players in the Folding Bikes Industry are –
1. Bickerton Portables
2. Bobbin Bicycles Ltd.
3. Brompton Bicycle Ltd.
4. Montague Corporation
5. Pacific Cycles
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