Rise in venture capital and strategic investments and surge in inclusion of e-bikes in the sharing fleet drive the growth of the global bike sharing market. However, high initial investment cost and increase in bike vandalism and theft restrain the growth of the market.
The global bike sharing market generated $3.43 billion in 2019, and is expected to generate $6.98 billion by 2027, witnessing a CAGR of 14.0% from 2020 to 2027. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, value chain, competitive landscape, and regional scenario.
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Segment Review:
Based on bike type, the traditional/conventional segment accounted for the highest market share, accounting for nearly three-fourths of the global bike sharing market in 2019, and is expected to maintain its lead position during the forecast period. However, the e-bikes segment is estimated to grow at the highest CAGR of 17.8% from 2020 to 2027.
Based on sharing system, the docked segment held the largest market share in 2019, contributing to nearly three-fifths of the total share, and is projected to maintain its dominance in terms of revenue during the forecast period. In addition, the segment is also projected to witness the fastest CAGR of 15.4% from 2020 to 2027.
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Regional Insights:
Based on region, Asia-Pacific contributed to the highest share in 2019, accounting for more than half of the total share, and is expected to maintain its leadership status by 2027. However, the North America segment is projected to maintain the highest CAGR of 15.8% during the forecast period.
Key Industry Players:
Leading players of the global bike sharing market discussed in the research include Bird Rides, Inc, BIXI Montreal, Bond Mobility (Europe) AG, Anywheel Pte. Ltd, Beijing Xiaoju Technology Co, Ltd., JCDecaux, Lime, LYft, Inc., Mobike, Nextbike GmbH, SG Bike Pte Ltd, Spin, Tembici, Uber Technologies Inc. and Youon Technology Co., Ltd.
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The factors such as rise in venture capital investments and increase in inclusion of e-bikes in the sharing fleet are anticipated to drive market growth. However, high initial investment cost and rise in bike vandalism & theft are expected to hinder market growth. Further, technological advancements in bike sharing system and increase in government initiatives for the development of bike-sharing infrastructure are some of the factors expected to offer lucrative opportunities for the market growth during the forecast period. For instance, in 2018, Chinese Municipal governments subsidized the Public Bike Sharing Program (PBSP) development to encourage non-motorized transport and offer convenient, flexible, and low-cost mobility options.
In addition, integration of GPS technology, consumer-ready mobile payments and reducing the investment cost of locking & tracking systems for bikes have led to the introduction of dock-less bike sharing system. Moreover, the integration of advanced technologies such as IoT and GPS trackers on bikes aid service providers to locate them in any region, eliminating the chances of theft incidents. For instance, in January 2019, bike sharing company Mobycy launched its e-scooter service, called Zypp. The scooters are fitted with Internet of Things (IoT) devices, which enable smart unlocking.
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