Growing Trend of Mixed Commute Among Urban Population is Expected to Drive the Folding Bicycles Mark
Growing Trend of Mixed Commute Among Urban Population is Expected to Drive the Folding Bicycles Market Globally
United States, 12 February 2019 -- Growing Trend of Mixed Commute Among Urban Population is Expected to Drive the Folding Bicycles Market Globally
According to a new market research report published by Credence Research “Global Folding Bicycles Market (By Folding Mechanism: Split Fold Mechanism, Triangular Hinge Mechanism and Break-away Mechanism; By Frame Material: Aluminum, Steel, Carbon Fiber and Titanium; By Wheel Size: 16’’ to 19’’, 20’’ to 24’’ and 25’’ and Above; By Number of Gears: Single Speed and Multi-speed) - Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the folding bicycles market is expected to grow with a CAGR of 6.2% during the forecast period from 2018 to 2026.
At present, traffic congestion is one of the biggest issue faced by millions of urban residents while conducting their daily commute. Long streaks of traffic and hours spent in jams have forced the daily commuters to search for alternatives for safe and timely travel within the city limits. Bicycling has been considered as a reliable mode of transportation from a very long time. However, issues such as limited flexibility, requirement of safe parking space and less scope of using mixed mode of commutation have confined the growth of bicycles as a viable option for city transportation. In order to tackle issues associated with conventional bicycles, bike manufacturers have introduced the concept of folding bicycles. These folding bicycles have been incorporated with functionality of conventional bicycles with enhanced flexibility, light weight, compactness and additional merit of traveling through subways and metros.
Several governments across the world have been trying to encourage people in order to adopt cycle as their prime mode of transportation. Dedicated cycling routes, allocation of funds for developing infrastructure and framing laws to ensure safety for cyclists are few steps implemented by governments in the Europe and North America regions. In addition, factors such as public awareness towards environmental pollution, personal health and fitness have further promoted the idea of using cycles for daily commute. Furthermore, features offered by folding bicycles provide potential prevention of theft, convenient carriage of bicycles up the stairs and minimum storage space have boosted the popularity of folding cycles in urban commute. Thereby, the overall market for folding bicycles is all set to demonstrate significant growth in the following years.
Present-day folding bicycles market is consolidated and is characterized by a limited number of international players. However, several traditional bicycle manufacturers are expected to introduce their variants of folding bicycles in order to claim their share of market value in the following years. The market is projected to remain highly competitive with new entrants and growing demand for folding bicycles. Use of advanced composite materials for frame manufacturing and process automation has been adopted as key business strategies by bicycle manufacturer in order to maintain supremacy in the market. Major players in the folding bicycles market include Brompton Bicycle Ltd., Bobbin Bicycles Ltd., Cyclecentric Ltd., Citizen Bike Inc., DAHON North America, Inc., Decathlon S.A., Dawes Cycles Limited, Hummingbird Bike Company Ltd, Montague Corporation, Mobility Holdings, Ltd., Ming Cycle Industrial Co., Ltd. and Raleigh America.
Government encouragement for the use of bicycles as a mode of daily commute
Growing trend of mixed mode of commutation among urban commuters
Use of modern composite materials for lighter and sturdy bicycle frames
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