Folding Bicycle Market Size, Share, Growth Analysis, By Size(20 inches, 24 inches, 26 inches), By Drive Type(Conventional, Electric), By Distribution Channel(Online, Offline), By Folding Type(Vertical Type, Horizontal Type), By Material(Aluminum, Steel, Carbon Fiber, Titanium), By Price Range(Low Range, Medium Range, Premium Range), By Region - Industry Forecast 2024-2031

Global Folding Bicycle Market size was valued at USD 720.94 million in 2022 and is poised to grow from USD 784.39 million in 2023 to USD 1540.10 million by 2031, growing at a CAGR of 8.8% in the forecast period (2024-2031).

A folding bike is exactly what it sounds like—a bike that can be folded. They are made to be a space-saving option for urban commuters and riders when available space is a concern. The bicycle's back wheel, together with the rear triangle and derailleur, may be folded beneath the main frame. The front wheel swings around to sandwich the rear wheel opposite the derailleur as the "top tube" component of the frame pivots at the hinge (this helps protect the rider from all the moving parts when being carried). The majority of urban residents deal with traffic-related issues on a regular basis. In order to travel inside the city boundaries promptly and safely, customers will likely be forced to buy foldable bicycles due to long car lines and hours spent in traffic jams. In order to minimize pollution, governments and private organizations have been urging people to use these foldable bicycles as their main form of transportation. Additionally, the national government has been spending money on developing distinct riding routes and putting legislation into effect that can ensure rider safety.

For example, in Australia, for greater cycling and walking infrastructure for Western Australians over the next four years, the McGowan Labor Government's 2022–23 State Budget allots $347 million. The McGowan Government has continued its dedication to planning and constructing a safe, comprehensive, and accessible cycling and walking network in the wake of the completion of a number of significant projects, including crucial links in the shared paths along the Kwinana Freeway and Fremantle train line. The Western Australian Bicycle Network (WABN) Grants Program and associated projects will get $47 million in funding from the 2022–23 State Budget, while the Principal Shared Path (PSP) Expansion Program will receive $62 million.

The COVID-19 pandemic had a huge influence on the automotive sector, leading to a sharp decrease in vehicle sales, a lack of raw materials, among other things. Players in the automobile sector are dealing with problems such a total shutdown of production, government-mandated plant closures, a lack of crucial components, and others. The lack of raw materials for production has had a detrimental effect on the market's expansion. This lack of availability is the result of a mismatch between supply and demand brought on by the suspension of raw material transportation. Due to the fact that people were ignoring public transportation in order to avoid coming into close touch with other people, the market for foldable bikes was able to resume its development trend earlier.

US Folding Bicycle Market is poised to grow at a sustainable CAGR for the next forecast year.