The Global Bike-Sharing Service Market accounted for $3.7 billion in 2020 and is estimated to be $21.3 billion by 2030 and lf-is anticipated to register a CAGR of 10.4%. Bike sharing is the provision of bicycles for shared use through a seservice rental scheme in which people can rent bicycles for a limited period of time.
The two forms of bike sharing systems available around the world are dockless and station-based, with dockless services becoming more common in 2017-2018. Even service providers prefer dockless bikes over station-based systems because they need less capital investment. E-bikes are quickly gaining popularity among the two styles of bikes available for sharing, pedal and electric. Europe’s bike-sharing market is expected to expand at the highest rate in the world, as a significant number of service providers are expected to enter the area in the coming years.
Furthermore, the European Union (EU) encourages the use of such facilities because they are environmentally friendly and help to minimise traffic congestion. As a result, with a growing number of people seeking cost-effective regular commuting alternatives, bike sharing programmes will continue to grow in popularity.
The report “ Global Bike-Sharing Service Market, By Model (Station-based and Dockless), By Type (Conventional Bicycle and E-bikes), By Age (Age 18-24, Age 25-34, Age 35-44, and Other), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis and Forecast till 2030.
- In December 2020, in India, the Chandigarh Smart City Limited (CSCL) launched a pilot project with 225 cycles at 25 docking stations.
- The German Development Cooperation (GIZ) and the Vietnamese Ministry of Construction signed a Memorandum of Understanding in November 2020 to collaborate on the development of technical guidelines for the design of cycling infrastructure.
The global bike-sharing services market is still in its early stages of growth, but it is expected to provide substantial investment opportunities for all ecosystem participants (operators, federal agencies, and so on). Government investments in building dependable bike-sharing networks and fostering ideas such as smart cities bode well for business development.
Travel demand and vehicle numbers have increased significantly as a result of rapid urbanization. Dockless bike sharing, on the other hand, provides greater comfort for users because they do not have to think about complete stations upon arrival or empty stations at the start of their journey. . Proven companies in other fields are attempting to enter the bike-sharing market in light of the optimistic outlook and to achieve a first-mover advantage.
The key players operating the global bike-sharing service market involves Hangzhou Public Transport Corporation, NYC Bike Share, LLC, Gobee.bike, LimeBike , Dropbike , Ofo , Beijing Mobike Technology Co., Ltd., Uber Technologies Inc., Zagster, Inc., and GrabTaxi Holdings Pte Ltd. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market. For instance, in December 2018, Ford GoBike has proclaimed the addition of approximately 600 e-bikes to the U.S. market.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.