Folding Electric Bicycle Market Size, Share, Growth, and Global Industry Growth by Type (Commuter Folding Bike, Portable Fold-up Bike, and Full Size Wheel Folding Bike), By Application (Age < 18, Age 18-50, and Age > 50), Regional Insights, and Forecast To 2031

Updated On: 08 July 2024

FOLDING ELECTRIC BICYCLE MARKET REPORT OVERVIEW

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The global folding electric bicycle market size is estimated to be USD 169.5 million in 2022 and is projected to touch USD 324.86 million by 2031, exhibiting a CAGR of 7.5% during the forecast period.

A folding electric bicycle is designed to be folded into a compact form. It can be stored in a car trunk or a closet. The cycle offers same features like a traditional bike. It is commonly known as an e-bike or booster bike. It is used for propulsion purpose. The cycle is integrated with electric motor. They are available in different shapes and sizes. It is an easy means of transportation and eco-friendly.

Increasing demand for eco-friendly cycle globally is expected to increase market growth. Growing number of affordable cars and motorbikes led to surge in traffic. Increasing need to reduce traffic by opting bicycle as a means for transportation projected to drive product demand. Rising government initiatives to control carbon emission are predicted to stimulate market growth during the forecast period. Easy availability of the bike is anticipated to increase market growth.

COVID-19 Impact: Ban on Transportation to Hamper Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with folding electric bicycle market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the folding electric bicycle market growth and demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 pandemic impacted market growth due to a ban on movements. Transportation restriction reduced product demand. Social distancing protocols during the pandemic impacted economic development of the product. Shutdown of manufacturing units hampered market expansion. Fluctuation of raw material prices declined product demand. Lack of labor or employee due to lockdown restrictions reduced production activities. The market witnessed supply and chain disruptions. Further, work from culture and staying at home reduced outdoor activities which impacted market growth.

 LATEST TRENDS

"Increasing Traffic Congestion to Foster Market Expansion "

Rising number of traffic globally is expected to fuel market growth. Increasing awareness among people to control traffic is projected to expand market growth. Increasing number of affordable cars and motorbikes led to surge traffic. Growing demand to reduce traffic is anticipated to boost market growth. Increasing number of riders led to increase in traffic congestion which is expected to surge market expansion for new type of bicycles. Further, lack of public transportation is predicted to increase folding electric bicycle adoption in some countries. Rising number of population depending on bicycle is estimated to propel market growth during the forecast period. Great means of commute for short distances which is expected to foster market growth. In addition, cycling is a good choice for cardio and fitness. Such health benefits are projected to drive market growth.

FOLDING ELECTRIC BICYCLE MARKET SEGMENTATION

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• By Type

Based on type, the market is divided into commuter folding bike, portable fold-up bike, and full size wheel folding bike.

Full size wheel folding bike is expected to be the leading part of segmentation type.

• By Application

Based on the application, the market is divided into age < 18, age 18-50, and age > 50.

Age 18-50 is expected to be the leading part of application segmentation.

DRIVING FACTORS

"Increasing Demand for Compact and Moveable Bicycle to Incite Market Growth "

Increasing need for flexible folding bicycle and easy to carry bicycle is estimated to increase market growth. The cycle can be stored in a closet or behind a door. Such benefits of the bicycles are predicted to increase market growth. Further, lack of bike racks in urban areas are anticipated to surge market growth. Growing awareness to keep bikes safe from stealing is estimated to increase market growth. It is a comfortable means of transportation and can be moved around in small lanes. Such advantages of the product are projected to boost market growth. Growing demand for space friendly bicycle is estimated to increase product adoption. In addition, growing popularity for eco-friendly cycles is anticipated to surge folding electric bicycle market growth.  

"Growing Demand for Fitness to Accelerate Market Growth "

Increasing demand for fitness is excepted to increase market growth. Cycling is a great choice for cardio and increasing demand for toning muscles. Such health benefits are expected to increase market growth. Increasing demand for full body work out is expected to boost product adoption. Increasing demand to work out near nature and enjoy beautiful sites. Such advantages are estimated to increase market growth during the forecast period. Availability of the bikes in different shapes and sizes are expected to increase market growth. Another feature of the e-cycle requires of license which is projected to drive folding electric bicycle market growth.

"Rising Government Initiatives to Stimulate Market Growth "

Increasing government initiatives shift towards electronic transportation is expected to increase market growth. Rising government regulations globally to control carbon emissions is projected to drive market growth. Rapid development in cycling infrastructure is estimated to accelerate market growth. Increasing demand for eco-friendly mean of communication is expected to expand folding electric bicycle market growth during the forecast period.

RESTRAINING FACTORS

"High Costs Associated with Product to Hamper Market Growth"

High cost of the product is expected to reduce market growth. Presence of traditional bikes is anticipated to hamper market growth during the forecast period. Consumers choose to buy refurbished folding electric cycles instead of new one. Such factors are responsible to hinder market growth.

FOLDING ELECTRIC BICYCLE MARKET REGIONAL INSIGHTS

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"Presence of High Quality Cycling Routes in Europe to Drive Market Share"

Europe is estimated to hold largest folding electric bicycle market share due to presence of high-quality cycling routes. Increasing urbanization and high disposable incomes of consumers is expected to surge market growth. Increasing need to reduce traffic is projected to drive product demand. Rising government initiatives to control carbon emission is predicted to stimulate market growth during the forecast period. Rising awareness about hassle-free and eco-friendly means of communication in the region is projected to drive folding electric bicycle market growth.

Asia Pacific is estimated to show considerable market growth due to well-maintained bike lanes. Presence of bicycle superhighways connecting cities to rural areas is estimated to fuel market growth. Increasing demand for compactable bikes is estimated to increase market growth during the forecast period.

KEY INDUSTRY PLAYERS

"Leading Players Adopt Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Brompton (U.K.)
• SUNRA (Canada)
• XDS (South Africa)
• BODO (China)
• Slane (Ireland)
• U-WINFLY (Indonesia)
• Benelli Biciclette (Italy)
• E-Joe (U.S.)
• Birdie Electric (U.S.)
• VOLT (Canada)
• Solex (France)
• Prodeco Tech (India)
• Woosh (Netherlands)
• ENZO eBike (U.S.)
• A-Bike Electric

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.