Global Folding Electric Bicycle Market 2019–2023
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.
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.
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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