Bike Sharing Market Overview:

The global bike sharing market will reach USD 8.9 billion at a 9% CAGR by 2032, as per the new Market Research Future report.

Drivers 

Increasing Traffic Concerns to Boost Market Growth 

The increasing traffic concerns for the growing use of cars as well as innovations in various navigation technologies for ride sharing will boost market growth over the forecast period.

Opportunities 

Government Support Programs for EV Promotion to offer Robust Opportunities 

Government assistance programs & financial incentives have been established to promote electric vehicles, which are expected to open up new avenues of opportunity for this market during the forecast period. Furthermore, fossil fuel depletion is a critical issue that could be solved by developing a self-sufficient electric vehicle sector.

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Key Players 

Eminent industry players profiled in the bike sharing market size report include Bluegogo (China), Dropbike (Canada), JCDecaux (France), Lyft, Inc (US), Mobike (China), Neutron Holding, Inc (US), Motivate (US), Jump Bikes (US), OFO (China), and Nextbike Berlin (Germany).

Restraints and Challenges 

Increase in Bike Theft and Vandalism to act as Market Restraint 

The increase in bike theft and vandalism coupled with high initial investment cost may act as market restraints over the forecast period. Besides, lack of needed public infrastructure of the bike sharing technology and high regulatory restrictions may also impede market growth.

Market Segmentation 

The global bike sharing market has been bifurcated based on bike, sharing system, and sharing duration.

By bike, e-bikes will lead the market over the forecast period. E-bikes, particularly pedelecs, are gradually becoming the ideal mode of transportation. E-bikes, such as pedelecs, are eco-friendly and reliable. Furthermore, they are an excellent mode of transportation, particularly for recreational activities, because they combine the fun of cycling with the convenience of a car. Furthermore, they give consumers the ability to ride on rough terrains that would otherwise be difficult to ride without an electrical motor, making e-bikes popular all over the world.

By sharing system, dockless will domineer this market in the assessment period. It was primarily due to an increase in the number of businesses opting for the dockless bike-sharing concept, which requires less capital and incurs less expenditure than a station-based system. Furthermore, users prefer dock-less bike-sharing due to its cost-effectiveness and convenient features, such as greater parking flexibility over the station-based system.

By sharing duration, short term will spearhead the market over the forecast period.

Regional Analysis 

APAC to Steer Bike Sharing Market 

The industry is expanding rapidly in the region as consumer preferences shift toward more energy-efficient transportation options. According to the Ministry of Transport (MoT), China has over 70 bike-sharing companies, 23 million bicycles, and over 400 million users throughout the region. Increased urbanization and a rapidly growing population in India and China are driving industry growth. For the large number of prospective customers in the region, several start-ups are investing in the Chinese market. Furthermore, approximately 30 Chinese cities, including Shanghai & Beijing, have implemented a number of regulations to guide bike-sharing maintenance, operation, and production, allowing service providers to remove damaged bikes from the existing fleet.

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