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The folding electric bicycle market size is forecast to increase by USD 204.5 million, at a CAGR of 8.8% between 2023 and 2028. Market growth hinges on several factors, including escalating traffic congestion, governmental policies encouraging bicycle use, and rapid advancements in cycling infrastructure. Rising traffic congestion emphasizes the need for alternative transportation solutions, with bicycles emerging as a sustainable option. Governmental support through policies and initiatives further promotes cycling, aiming to reduce urban congestion and emissions. Simultaneously, substantial developments in cycling infrastructure enhance safety and accessibility, encouraging more individuals to adopt cycling as a viable mode of transportation. These trends collectively drive market expansion by fostering a favorable environment for bicycle manufacturers, urban planners, and related service providers. As cities prioritize sustainable mobility solutions, the market continues to evolve, offering opportunities for innovation and investment in creating cyclist-friendly urban environments. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The Folding Electric Bicycle market caters to urban commuters seeking a space-saving option without compromising on performance. These bikes feature a collapsible frame that allows easy storage in cramped areas like closets, ideal for metropolitan areas. Integrating rechargeable batteries and an electric motor, they offer boosted performance while maintaining battery life efficiency. Innovations in battery technology and motor efficiency enhance their appeal, providing sustainable and reliable transportation solutions. Design aesthetics blend lightweight construction with functional elements like the rear triangle and derailleur, ensuring smooth rides for riders navigating city landscapes. As demand grows for eco-friendly commuting alternatives, folding electric bicycles continue to evolve, meeting the needs of modern urban lifestyles with versatility and convenience.
One of the key factors driving the 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 market growth is the entry of new players in the global 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 forecasting 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 market growth and forecasting strategies.
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 Tech: 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 20 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 5.20 million in 2018. 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 54% 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 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.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments
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The market is booming as urban residents seek efficient and space-saving solutions amidst traffic-related issues like long car lines and traffic jams. These bikes combine the convenience of a foldable design with the environmental benefits of electric propulsion, reducing carbon emissions associated with traditional vehicles. Innovations in material use, including magnesium alloy and bamboo, contribute to their lightweight and sustainable profiles, appealing to consumers focused on green mobility solutions. Advancements in battery technology and solar charging enhance electric bicycle business viability, promoting fitness tracking and navigation capabilities for urban commuters. With models like E-scooter ES-2, GB-2 Electric, Ciao E7, and Unio E20 offering high-speed features and design aesthetics, the market sees ground-breaking electric lineup expansions catering to the millennial generation's preferences for urban commuting. As cities invest in E-bike infrastructures and solar parking areas, folding electric bicycles are poised to transform urban transport, emphasizing simplicity in storage and significant health benefits.
Industry Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.8% |
Market growth 2024-2028 |
USD 204.5 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.49 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 54% |
Key countries |
The Netherlands, US, Germany, China, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Addmotor Tech, Autonix Auto Industries Pvt. Ltd., Benelli Biciclette, Brompton Bicycle Retail 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 Bikes, SWAGTRON, VoltBike, Woosh Bikes Ltd., X Treme Scooters, XDS BICYCLES, and Xiaomi Communications Co. Ltd. |
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our market 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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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