According to a new market research report published by Credence Research “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, 2018-2026”, the folding bicycles market is expected to grow with a CAGR of 6.2% during the forecast period from 2018 to 2026.
At present, traffic congestion is one of the biggest problems faced by millions of urban residents while on a daily basis. Long hauls of traffic and hours spent in jams have forced day-to-day commuters to seek alternatives for safe and timely travel within the city limits. Biking has been considered a reliable form of transport for a very long time.
Nonetheless, issues such as restricted mobility, the need for safe parking space and less room for the use of mixed mode of switching have limited the growth of bicycles as a viable option for urban transport. To order to address issues related to traditional bikes, the idea of folding bicycles has been implemented by the bike manufacturers. These folding bicycles have been incorporated into the functionality of conventional bicycles with enhanced flexibility, light weight, compactness and additional merit of traveling through subways and subways.
Many governments around the world have tried to encourage people to adopt the bike as their primary mode of transport. Dedicated cycling routes, allocation of funds for infrastructure development and legislation to ensure the safety of cyclists are few steps taken by governments in the regions of Europe and North America. In addition, factors such as public awareness of environmental pollution, personal health and fitness have further promoted the idea of using routine travel cycles.
In addition, the features provided by folding bicycles include potential prevention of theft, easy transport of bikes up the stairs and limited storage space have enhanced the popularity of folding cycles in urban transport. The overall market for folding bicycles is therefore set to show significant growth in the years to come.
The current market for folding bicycles is concentrated and is dominated by a small number of international players. Nonetheless, many mainstream bicycle manufacturers are expected to launch their folding bicycle models in order to claim their market share in the years to come. The market is expected to remain highly competitive with new entrants and increasing demand for folding bicycles. The use of innovative composite materials for frame production and process automation has been embraced as key business strategies by the bicycle manufacturer to retain market dominance.
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.
- Government encouragement for the use of bicycles as a mode of daily commute
- Growing trend of mixed mode of commutation among urban commuters
- Use of modern composite materials for lighter and sturdy bicycle frames