Global Bike Sharing Market to expand at a CAGR of 14.2% by 2030

Introduction

Bike sharing is a shared transportation service in which individuals have short-term, fee-based, or no-cost access to electric or conventional bicycles. Users can take up and return bicycles at numerous moored and dockless stations throughout the city. Unlike dock-less bike sharing, which does not require a docking station and allows bikes to be stored in authorized bike racks or on the sidewalk, docks are unique bike racks that lock the bike and only allow it to be released by computer control. Bike sharing enables locals and visitors to move around cities quickly, economically, and efficiently. These services are an innovative approach to urban mobility difficulties and an effective strategy to promote urban cycling and a more environmentally friendly mode of transportation.

Market Dynamics

Increased Venture Capital and Strategic Investment Combine with the Inclusion of E-Bikes to Drive the Global Bike Sharing Market

The significant growth in conventional office commuters' preference for carpooling and bike pooling is the primary factor influencing the expansion of ride-hailing and ridesharing services. Customers are compelled to use ride-hailing and ridesharing services due to the availability of more benefits from the leading market rivals, such as Uber and Ola, and the selection of convenient pickup and drop-off locations. In addition, the explosive growth of ride-hailing and ridesharing services, such as bike sharing and auto sharing services, even for short-distance travel, is driving the rise of the bike-sharing business.

In addition, ridesharing service providers offer more convenient doorstep pickup and drop-off costs, co-passenger information, and cheaper doorstep pickup and drop-off. This is expected to increase the demand for ridesharing services. Numerous service providers offer a variety of perks, incentives, and discounts, such as a monthly pass for shared transportation, to reduce commuters' expenses. The global demand for e-bikes continues to increase due to their speedy and adaptable functioning and reduced carbon emissions.

Additionally, the growing customer desire for electric bikes as a cost-effective and environmentally friendly transportation method is aiding bike-sharing expansion. Moreover, an e-bike is superior to a pedal-powered bicycle because it better satisfies the need for higher speed in short-distance commuting. Furthermore, governments across the globe are implementing a variety of initiatives to promote the usage of e-bikes. To solve environmental issues, the majority of governments around the world seek to move from gasoline to electric vehicles. Some bike-sharing firms have begun to build their e-bike fleets to remain competitive in the expanding bike-sharing market.

Technological Advancements to Create Global Bike Sharing Market Opportunities

To provide commuters with trustworthy service, service providers invest extensively in technology innovations like artificial intelligence (AI) and the internet of things (IoT). The combination of GPS technology, consumer-ready smartphone payments, and reduced investment costs for bike locking and monitoring systems have also facilitated the development of a dockless bike-sharing system. Moreover, installing cutting-edge technologies such as IoT and GPS trackers on bicycles enables service providers to locate them anywhere, lowering the chance of theft issues.

In 2019, the bike-sharing company Mobycy, for example, launched the e-scooter service Zypp. IoT (internet of things) gadgets that enable smart unlocking are placed on the scooters. In addition, the development of user-friendly mobile applications increases the utility for both users and carriers. Consequently, the bike-sharing market will continue expanding due to technological advances.

Regional Insights

The Asia Pacific is forecasted to command the regional market while expanding at a CAGR of 13.1%. As a result of the rapid adoption of the bike-sharing service in countries such as Vietnam, India, China, and Singapore, demand for the service has increased rapidly throughout the Asia-Pacific region. In addition, the entry of new businesses with innovative concepts, such as dockless bikes, will assist the growth of the Asia-Pacific bike-sharing market throughout the projection period. The ride-hailing business Grab launched the GrabCycle bike-sharing service in March 2018 in Southeast Asia.

The market's rise is primarily due to the growing popularity of shared bikes among Chinese commuters. For instance, as per the data collected by the bike-sharing firm Hellobike, in China in 2019, there were around 700 million electric bike trips and 300 million ordinary bike rides daily. The Chinese government's subsidy program for service providers, which pushes companies to develop stations and reach out to many commuters, is also anticipated to help the market expansion.

Europe is forecasted to reach USD 2,586 million, growing at a CAGR of 14.78%. Numerous service providers in countries such as Germany, France, Italy, Spain, and the United Kingdom that emphasize investing heavily in cutting-edge services will expand the European bike-sharing market. Byke, Urbo Solutions, Bleeper Bike, Cloudbike, Rekola, YoBike, Pony Bikes, and the Donkey Republic are only a handful of the regional and start-up bike-sharing businesses operating in Europe. Increased partnerships, collaborations, and joint ventures between supplier authorities and bike share operators to promote sharing mobility services across Europe are also contributing to the rise of the bike-sharing industry in the region.

For example, the leading European bike share providers and operators Donkey Republic, Mobike, Moventia, Nextbike, PBSC, Ride on, Smoove, and Jump by Uber got together in July 2019 to form an Expert Group to foster cooperation and develop the bike-sharing sector in European cities. The organization is a Cycling Industries Europe (CIE) member, which works in over 300 cities and processed 63 million journeys in 2018. Increasing demand for bike share services for commuting and the number of riding vacations also contribute significantly to expanding the bike-sharing market in the UK. According to the 2019 UK Bike Share Survey, bike-sharing services for commuting increased by 42% in 2019. In addition, the business is expanding due to the growing popularity of e-bike sharing and the inventive marketing methods of service providers.

Key Highlights

• The global bike-sharing market had a revenue holding of USD 3,017 million in 2021. It is expected to reach USD 9,967 million by 2030, growing at a CAGR of 14.2% during the forecast period (2022-2030).
• Based on the bike type, the traditional/conventional bike section is projected to have the highest revenue holding, expanding at a CAGR of 12.7%.
• Based on the sharing system, the docked section is projected to have the most significant revenue holding and grow at a CAGR of 15.6%.
• Based on regional segmentation, the Asia Pacific is forecasted to command the regional market while expanding at a CAGR of 13.1%.

Competitive Players

Competitive Players in the Market

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

Recent Developments

Market News

• In 2022, Anywheel plans to deploy its bicycles in Ang Mo Kio, Pasir Ris, Punggol, and Tampines before the end of the year. The company has increased the locations it serves after receiving permission from the Land Transport Authority (LTA) to double the number of shared bicycles in its fleet to 30,000.

Segmentation

Global Bike Sharing Market: Segmentation

By bike type

• Traditional/Convectional
• E-Bikes

By sharing system

• Docked
• Dock-less

By region

• North America
• Europe
• Asia Pacific
• LAMEA