Bike Sharing Market is projected to reach USD 8,606.2 million by 2030

Description

According to the Market Statsville Group (MSG), the global bike-sharing market size was valued at USD 3,017.0 million in 2021 and is projected to reach USD 8,606.2 million by 2030, registering a CAGR of 14.0% from 2022 to 2030. Bike-sharing is a shared transport service in which convectional bikes or electric bikes are made available for shared use to individuals on a short-term basis for a price or free. Users can pick up the bicycles around the city from multiple docked or dock-less stations and return them to another system. Docks are special bike racks that lock the bike and only release it by the computer control; while dock-less bike share does not require a docking station, bikes can be parked within a defined bike rack or along the sidewalk. Bike-sharing provides both locals and tourists an easy, low-cost, efficient means of transportation around cities.

The significant factors impacting the growth of the bike-sharing market include the rise in venture capital investments in bike-sharing programs. Further, increasing government initiatives for the development of bike-sharing infrastructure, technological advancement in the bike-sharing system, and a rise in bike vandalism & theft also significantly impact the market. Each of these factors is anticipated to impact the bike-sharing market during the forecast period significantly.

Global Bike Sharing Market Definition

Bike-sharing is a shared transport service in which convectional bikes or electric bikes are made available for shared use to individuals on a short-term basis for a price or free. Users can pick up bicycles around the city from multiple docked or dock-less stations and return them at another same system.

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Global Bike Sharing Market Dynamics

Drivers: Rise in the venture capital and strategic investments

The significant rise in the preference for carpool and bike pool services among regular office commuters is the primary factor contributing to the growth of ride-hailing and ride-sharing services. In addition, the increase in the services offered by the leading market players, including Ola and Uber, and the option to choose convenient pick-up and drop locations are encouraging the consumers to opt for ride-hailing and ride-sharing services. Also, the significant rise in the number of ride-hailing and ride-sharing services such as bike-sharing and auto-sharing services, even for short-distance travel, fuels the growth of the bike-sharing market.

Restraints: High initial investment cost

In order to grab more market share in the initial stage of market entry, each brand tends to put large numbers of shared bikes into cities. Moreover, significant amounts of subsidies, such as free rides, cashback, and lottery entries, are given to customers as incentives to gain a competitive edge.

Moreover, a large amount of capital investment is required to set up the related infrastructure, such as parking zones for free-floating bikes, docked bike stations network, recharging docks for e-bikes, and others. For instance, electric bikes require battery charging or swapping facilities at bicycle docks. Therefore, the high initial investment cost to set up bike-sharing services is anticipated to hamper the market growth.

Scope of the Global Bike Sharing Market

The study categorizes the bike-sharing market based on bike type and sharing system at the regional and global levels.

By Bike Type Outlook (Sales, USD Million, 2017-2030)

• Traditional/Convectional
• E-Bikes

By Sharing System Outlook (Sales, USD Million, 2017-2030)

• Docked
• Dock-less

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By Region Outlook (Sales, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • Slovenia
  • Slovakia
  • the Netherlands
  • Belgium
  • Norway
  • Denmark
  • Czech Republic
  • Sweden
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • The Philippines
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

The traditional/conventional segment is projected to account for the largest market share, by bike type

By bike type, the bike-sharing market is categorized into traditional/convectional bikes and e-bikes. In 2021, traditional/conventional accounted for the largest market share of 68.1% in the global bike-sharing market. Traditional/convictional referred to a human-powered pedal-driven bike or gasoline motor-powered bikes. Traditional/convectional bikes are always ready-to-ride bikes, as they do not require charging like electric bikes.

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Sharing services charge traditional/convictional bikes are cheaper than e-bikes. Traditional/ convectional bikes require less repair and maintenance costs as compared to electric bicycles. This factor is anticipated to fuel the adoption connectional bike over e-bike in bike sharing services. In addition, ban of electric bike in some major cities across the world, owing to a series of safety-related problems of e-bikes further driving the growth of traditional/convectional bikes in the bike-sharing market.

North America accounts for the highest CAGR during the forecast period

Based on the regions, the global bike-sharing market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 15.8% in the global bike-sharing market during the forecast period. North America includes countries such as the U.S., Canada, and Mexico. The rapid development and adoption of the electric bike for commuting in countries such as Canada, the U.S., and Mexico drive the region's market growth.

The region is one of the early adopters of the business model, which provides the upper hand and more variety of bike-sharing services in the market. These factors have motivated the entry of many local and new global players in the region. The region is one of the early adopters of the business model, which provides the upper hand and more variety of bike-sharing services in the market. These factors have motivated the entry of many local and new global players in the region.

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Key Market Players in the Global Bike Sharing Market

Major players in the global bike-sharing market are:

• Anywheel Pte. Ltd
• BIXI Montreal
• Beijing Xiaoju Technology Co, Ltd.
• Bird Rides, Inc
• Bond Mobility (Europe) AG
• JCDecaux
• SG Bike Pte Ltd
• Spin
• Tembici
• Lime
• LYft, Inc.
• Mobike
• Nextbike GmbH
• Uber Technologies Inc.
• Youon Technology Co., Ltd.

Top winning strategies are analyzed by thoroughly studying leading players in the global bike-sharing market. Comprehensive analysis of the recent developments and growth curves of various companies have helped understand growth strategies adopted by them and their potential effect on the market. The companies are evaluated on the basis of annual reports, SEC filings, and press releases.

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