Market Summary -
Bike Sharing Market is anticipated to register a significant CAGR of 9% by the Forecast Period. The global bike sharing market is garnering huge traction. Due to the increasing pressure to reduce the carbon footprint across the globe, e-mobility has become a practical solution to commute short distances. Moreover, the increasing fuel costs and maintenance of fuel-powered vehicles are escalating the market on the global platform.
Although still in its nascent stage, the bike-sharing market is projected to gain substantial revenues growth. In this regard, Market Research Future (MRFR) asserts that the global bike sharing market is estimated to grow exponentially, and posting a significant CAGR throughout the forecast period.
New government targets for introducing e-mobility are acting as a key driving force for the growth of the market. Additional factors pushing the growth of the market include developments in battery technologies and declining battery costs. Technological upgrades are expected to have a positive impact on industry growth.
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Global Bike Sharing Market - Competitive Landscape
Highly competitive, the bike sharing market appears to be well-established due to the presence of several notable players. Players incorporate strategic initiatives such as acquisition, partnership, product launch, and expansion to gain a competitive advantage in this market while focusing on product innovation and new manufacturing processes.
Major Players:
Players leading the global bike sharing market include Dropbike (Canada), Bluegogo (China), JCDecaux (France), Mobike (China), Lyft, Inc (US), Neutron Holding, Inc (US), Jump Bikes (US), Motivate (US), OFO (China), and Nextbike Berlin (Germany), among others.
Global Bike Sharing Market - Segments
The market report is segmented into bike types, sharing systems, sharing durations, and regions. The bike type segment is sub-segmented into traditional bikes and e-bikes. Of these, the traditional bike segment accounts for the largest market shares. The sharing system segment is sub-segmented into docked and dockless sharing systems.
The dock-less segment holds a sizeable share and is anticipated to grow at a significant CAGR in the coming years. The sharing duration segment is sub-segmented into short term and long term. Among these, the short-term segment accounts for the largest market share. The region segment is sub-segmented into Asia Pacific, North America, Europe, and Rest-of-the-World.
Global Bike Sharing Market - Regional Analysis
The Asia Pacific region dominates the global bike sharing market owing to the presence of various key manufacturers and the rapid adoption of these services. Moreover, the rising per capita disposable incomes and spending capacity of consumers boost the bike sharing market size in this region.
Developing countries such as Japan, China, India, Taiwan, Singapore, and others have a large number of two-wheeler users. China and Taiwan are considered, as a home for bike-sharing services in Asia, whereas India's bike-sharing market is continually rising due to the immense focus on the EV industry by the Modi Government.
Industry/ Innovation/ Related News
Aug.16, 2021 --- Spin, a bike-sharing company in the US, announced the integration of Google Maps into Spin eScooters and eBikes to make it easier for millions of users to locate vehicles during their daily trips. Spin has deployed its vehicles in 84 towns, cities, and campuses in the US, Canada, Germany, and Spain. Spin's goal is to make it as low friction as possible for consumers to plan multi-modal journeys. Users then would be taken to the Spin app to pay for the vehicle.
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