A key factor driving the growth of the market is the increasing traffic congestion resulting from urbanization, increase in the number of affordable entry-level cars and motorbikes, and low-interest loans offered by financial institutions. Since folding electric bikes are hassle-free and eco-friendly, they help reduce traffic congestion on roads, especially in urban areas. Due to the constraints related to city traffic management, several countries such as the US, Germany, and Sweden, are encouraging the use of cycles as a mode of transport. Thus, these factors are expected to encourage more people to opt for folding electric bicycles, thereby driving market growth over the forecast period.
As per Technavio, new product launches with innovative features will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global folding electric bicycle market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global folding electric bicycle market: New product launches with innovative features
Owing to noteworthy technologies used in bicycles, the global folding electric bicycles market has witnessed rapid growth rate in recent years. The scope for innovation in this market is high, and vendors are investing in R&D activities to develop and launch new products. For instance, in April 2019, Xiaomi introduced a new foldable electric bike, HIMO C20. This new electric bike is powered by a rear hub motor and reaches a top speed of 25 km per hour and has a 18,650 mAh rechargeable battery. It has an aluminum chassis and a folding handlebar that has a display indicating battery status and the speed and distance traveled. Features such as concealed air pump in the seat tube, LED display, and front and rear LED lights make this model better than the previous model HIMO V1. Such product launches with advanced technological features are expected to drive the market during the forecast period.
“Apart from the technological advances, the latest trend boosting the growth of the market is the emergence of lightweight folding electric bikes. For instance, in July 2018, Hummingbird LTD launched the Electric Hummingbird that weighs only 3.4 kgs. With the availability of lightweight folding electric bicycles with innovative features, consumers are willing to pay premium prices. Thus, with such advances in technology, the folding electric bicycle market is expected to undergo significant developments which will encourage new and upgrade purchases during the forecast period,” says a senior analyst at Technavio.
Global folding electric bicycle market: Segmentation analysis
This market research report segments the global folding electric bicycle market by distribution channel (offline and online), and geographical regions (Europe, North America, APAC, South America, MEA).
The European region led the market in 2018, followed by North America, APAC, South America, MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing number of working women and growing preference for electric bicycles, including folding electric bicycles in the region.
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