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The folding electric bicycle market size is estimated to grow at a CAGR of 8.32% between 2022 and 2027. The market size is forecast to increase by USD 178.5 million. The growth of the market depends on several factors such as increasing traffic congestion, government policies and initiatives promoting bicycles, and the rapid development in cycling infrastructure.
This folding electric bicycle market report extensively covers market segmentation by age group (age 18-50, < 18, and age > 50), distribution channel (offline and online), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the folding electric bicycle market growth is the increasing traffic congestion. There has been a tremendous increase in traffic congestion across the globe. The rapidly increasing population, urbanization, an increase in the number of affordable entry-level cars and motorbikes, and low-interest loans offered by financial institutions are some of the key factors significantly contributing to the surge in traffic congestion.
Moreover, there is a growing adoption of folding electric bikes as they are hassle-free and eco-friendly as well and they help to reduce traffic congestion on roads, mainly in urban areas. Some of the leading countries that encourage the use of cycles as a mode of transport are the US, Germany, and Sweden. Hence, such factors are positively impact the market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the folding electric bicycle market growth is the entry of new players in the global folding electric bicycle market. There is an increasing focus by several automobile manufacturers on the development of electric-powered two-wheelers such as motorcycles, bikes, and scooters by leveraging their experience in manufacturing and battery development in order to diversify revenue streams. Some of the prominent manufacturers include Motoren Werke Aktiengesellschaft (BMW) and AUDI AG (AUDI).
Moreover, there is an increasing investment by several start-ups and large firms due to the strong growth potential of the market. For instance, ARIV is a new electric bike launched by GM that includes two innovative, integrated, and connected eBikes. Hence, such factors are positively impact the market. Therefore, it is expected to drive the market growth during the forecast period.
The increasing adoption of motorbikes is one of the key challenges hindering the folding electric bicycle market growth. The rise in the adoption of motor vehicles, including two-wheelers and cars poses a significant threat to the bicycle market. The demand for motorbikes is fuelled by factors such as improved standards of living, increasing incomes, and the availability of cost-effective and affordable motorbikes. Additionally, several motorbikes are available at low prices, especially the ones with internal combustion engines (ICE), such as mopeds and scooters.
Moreover, there is an increasing adoption of electric motorcycles and scooters due to the improved capacity of lithium-ion batteries and the low cost of ownership of these vehicles. Furthermore, the rise in preference for lightweight and gearless motor and electric vehicles among women is also negatively impacting the market. Hence, such factors are expected to hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Folding Electric Bicycle Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Addmotor Co. Ltd: The company offers folding electric bicycles such as Cargo electric bikes, Wildtan, and Citypro.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The age 18-50 segment is estimated to witness significant growth during the forecast period. Some of the key benefits associated with the use of folding electric bicycles include increased cardiovascular fitness, enhanced joint mobility, improved posture and coordination, reduction in stress hormones, and decreased body fat levels. As a result, there is an increasing adoption of folding electric bicycles among the age group 18-50. Additionally, folding electric bicycles are used as a means of transport by some adults for day-to-day such as commuting to offices and colleges.
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The age 18-50 segment was the largest segment and was valued at USD 4.80 million in 2017. Furthermore, the adoption of folding electric bicycles is fuelled by its numerous benefits such as efficient tacking of traffic congestion and reduction of air pollution. Moreover, the rising use of vehicles and traffic congestion damages road infrastructure, which needs millions of dollars to repair. For example, enhancing and maintaining the transport network costs the Australian government approximately USD 18 million - USD19 million every working day. Therefore, several governments across the globe are incentivizing the use of folding electric bicycles and building specific road infrastructure for cyclists. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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Europe is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the key countries in Europe that are significantly contributing to the global folding electric bicycle market are Germany, France, Austria, Belgium, and the Netherlands due to their increase in adoption. A majority of the population in Europe prefers bicycles as the main mode of transportation for short distances.
Furthermore, the adoption of electric bicycles is fuelled by the development of cycling infrastructure, which includes well-maintained bike lanes and bicycle superhighways connecting cities to suburban areas. Some of the main market players in the region that offer folding electric bicycles include Mayhem UK Ltd. (Mayhem), Woosh Bikes Ltd (Woosh), Brompton Bicycle, and Hummingbird. Hence, such factors are expected to drive market growth in Europe during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global folding electric bicycle market witnessed a significant slowdown due to lockdowns and a decline in sales of folding electric bicycles in Europe. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to an increase in sales of folding electric bicycles. Such factors are expected to drive the market during the forecast period.
The folding electric bicycle market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Folding Electric Bicycle Market Scope |
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Report Coverage |
Details |
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Page number |
154 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.32% |
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Market growth 2023-2027 |
USD 178.5 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.2 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 52% |
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Key countries |
US, China, The Netherlands, Germany, and Italy |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Addmotor Co. Ltd., Autonix Auto Industries Pvt. Ltd., Benelli Biciclette, Brompton Bicycle Ltd., Dahon North America, Inc., e JOE Bike, ENZO eBike, Kalkhoff Werke GmbH, Karbon Kinetics Ltd., Mighty Velo, Ming Cycle Industrial Co. Ltd., Strodesters Inc., SUNRA, Svitch Energy Pvt. Ltd., SWAGTRON, VoltBike Electric Inc., Woosh Bikes Ltd., X Treme Scooters, XDS BICYCLES, and Xiaomi Communications Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Age Group
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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