Foldable Bicycles Market Trends

Growth Drivers

• Rising Consciousness to Curb Health Implications Caused by Sedentary Lifestyle: The desk-bound lifestyle of people living in the urban areas results in various health risks such as obesity, diabetes, high blood pressure, and high cholesterol among numerous heart-related diseases. According to the World Bank, the urban population accounted for 55.27% of the total population globally in the year 2018. According to the World Heart Federation, on an annual basis, Cardiovascular Diseases (CVDs) lead to around 17 million deaths throughout the globe and are considered as the leading cause of death worldwide.
  
  Inactive lifestyle and rising mental and physical health problems is driving people to adopt healthy lifestyle and consider cycling as a mode of staying fit. Moreover, with rising cases of coronavirus cases in the current pandemic situation, spike in cycling is witnessed as a way to stay fit and avoid crowded places. In addition to that, various discounts offered by bicycles manufacturers amidst Covid-19 are some of the considerable factors that are estimated to promote the growth of the foldable bicycles market. Additionally, this growth is backed by rising number of initiatives taken by governments of different regions to promote cycling.
• Rise in Concerns Related to Global Warming and Climate Change: On the back of growing technological advancements and concerns towards developing eco-friendly solutions in order to minimize carbon emissions, the global foldable bicycles market is estimated to witness noteworthy opportunities throughout the forecast period. This, in turn, is driving bicycle manufacturers to come up with consumer and nature-friendly solutions. According to statistics listed by TAITRA (Taiwan External Trade Development Council) in 2018, Taiwan’s E-bike exports witnessed 17-fold growth between the years 2012 and 2017 on the back of increased demand from North America and Europe.

Challenges

• High Cost of Foldable Bicycles: The potential factor that might affect the growth of the foldable bicycles market is the high cost associated with foldable bicycles as compared to the conventional folding bikes.
• Lack of Awareness: The lack of product awareness in the developing countries across the globe might act as a barrier to the growth of the foldable bicycles market.