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(USGovernment-News.Com, September 21, 2022 ) The global folding bikes market size was valued at USD 937.3 million in 2021 and is expected to register a CAGR of 10.9% over the forecast period 2022-28. A folding bike makes it possible to fold bikes into a manageable size for storage and transit. Intermodally is the first benefit provided by folding bikes. Folding bikes can be used in conjunction with other modes of transportation much more easily than traditional bikes. Additionally, folding bikes have low frames, compact wheels, and flexible handlebars. The majority of models are primarily intended for urban use. Additionally, these foldable bikes may be easily carried by passenger cars.
One of the main elements driving the market's growth is the increase in traffic and the lengthening of journey times in metropolitan regions. In addition, unhealthy lifestyles and the rising rate of chronic diseases are having a favorable impact on consumer knowledge of personal health and fitness. Additionally, governments in many nations are enforcing strict rules and promoting the use of eco-friendly transit due to an increase in environmental pollution, which can be attributed to the increased usage of cars that emit carbon emissions. This is supporting the market's expansion on a global scale.
Major Market Trends Folding Bikes Market
• Research and development (R&D) efforts are heavily funded by top manufacturers in an effort to offer product versions that are both more affordable and of higher quality.
• Overcrowding in public transportation and rising fuel prices are further growth-promoting elements.
The global Folding Bikes Market on the basis of Product Type is categorized into Mid-fold, Vertical Fold, and Triangle Hinge. On the basis of Drive Type, the market is bifurcated into Conventional and Electric. On the basis of Application, the market is divided into Sports, Fitness, Commercial, and Others. On the basis of Price Range, the market is classified into Low, Economy, and Premium. On the basis of Distribution Channel, the market is segmented into Offline and Online.
Due to the availability of favourable government measures to promote the use of environmentally friendly vehicles in the region, North America leads the foldable bike market. A high rate of growth is anticipated in Asia-Pacific from 2022 to 2029 as a result of the region's growing adult population and the rising popularity of activities like cycling and mountain riding.
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