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NEW YORK, April 15, 2022 /PRNewswire/ — The global folding electric bicycle market size is expected to increase by USD 163.71 million between 2020 and 2025. The market observed a YOY growth of 9.92% in 2021 and the growth momentum is expected to accelerate at a CAGR of 8.68% during the forecast period. The report provides a comprehensive analysis of recent developments, new product launches, major revenue-generating segments, and market behavior across geographies.
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The global folding electric bicycle market is fragmented. The market is fragmented by the presence of several international and regional players. Vendors in the market are undertaking various marketing strategies to increase their market share. Well-established international vendors enjoy a competitive advantage in the market , owing to factors such as the large scale of operations, strong geographical network and brand name, and high investment capabilities. Technavio identifies Addmotor Co. Ltd., Brompton Bicycle Ltd., e-JOE Bike, GFL Group Pty Ltd., Karbon Kinetics Ltd., Open Text Corp., SWAGTRON, VoltBike Electric Inc., Woosh Bikes Ltd., and X-Treme Scooters as the dominant players in the market.
The market is driven by increasing traffic congestion. Factors such as rapidly increasing population, urbanization, and an increase in the number of affordable entry-level cars and motorbikes have led to a surge in traffic congestion worldwide. Thus consumers are looking for alternatives such as folding electric bikes as they are eco-friendly and help reduce traffic congestion on roads, especially in urban areas. Besides, many countries such as the US, Germanyand Sweden are encouraging the use of cycles as a mode of transportation. Such factors are encouraging people to adopt folding electric bicycles, which is driving the growth of the market.
In addition, government policies and initiatives promoting bicycles and rapid development in cycling infrastructure will offer immense growth opportunities for market players. However, the easy availability of refurbished bicycles, increasing adoption of motorbikes, and the growing popularity of bike share programs will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Folding Electric Bicycle Market 2021-2025: Segmentation
The global folding electric bicycle market is segmented as below:
- Distribution Channel
