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2021
Bike Sharing Market

Bike Sharing Market

by Bike Type (Traditional/Convectional and E-Bikes), and Sharing System (Docked and Dock-less): Global Opportunity Analysis and Industry Forecast, 2020-2027
Update Available On-Demand

Report Code: A11309
Pages: 197
May 2021 | 8280 Views
Author(s) : Akshay Jadhav, Akshay Jawarkar , Sonia Mutreja
Tables: 94
Charts: 48
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COVID-19

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Bike Sharing Market Statistics - 2027

The global bike sharing market was valued at $3.43 billion in 2019, and is projected to reach $6.98 billion by 2027, registering a CAGR of 14.0% from 2020 to 2027.

The health crisis due to Covid-19 has had a significant impact on shared mobility and more particularly on the use of shared bikes. However, stay-at-home orders and limited business operations in countries across the world has resulted in decrease in demand for bike sharing services. Although, COVID-19 is able to spread from human to human, while public transport tends to contain many people in one shared space, which implies people probably change their attitudes and behaviors to public transport. As people reassess ground transportation options in the face of the COVID-19 pandemic, many are choosing isolated modes such as driving or biking over public transportation or ride-sharing.

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 are able to pick up bicycles around the city from multiple docked or dock-less stations and return it at another same system. Docks are special bike racks that lock the bike, and only release it by 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.

Bike-Sharing-Market

The factors such as rise in venture capital investments and increase in inclusion of e-bikes in the sharing fleet are anticipated to drive the market growth. However, high initial investment cost and rise in bike vandalism & theft are expected to hinder the bike sharing market growth. Further, technological advancement 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. 

The bike sharing market is segmented on the basis of bike type, sharing system, and region. By bike type, it is bifurcated into traditional/convectional and e-bike. By sharing system, it is divided into docked and dock-less. By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

The key players operating in the bike sharing market are 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. and Youon Technology Co., Ltd.

COVID-19 Impact Analysis: 

The outbreak of COVID-19 caused huge impacts on global economy, owing to total lockdown and temporary shutdown of industries across the world.. Public transport tends to contain many people in one shared space, which boosts the spread of the coronavirus disease. As people reassess ground transportation options in the face of the COVID-19 pandemic, many are choosing isolated modes such as driving or biking over public transportation or ride-sharing. People are choosing bike sharing services to cover medium to short distances in view of health safety concerns during the outbreak.

Rise in venture capital and strategic investments

The significant rise in the preference for carpool and bike pool services among the regular office commuters is the primary factor that contributes toward the growth of the ride hailing and ride sharing services. In addition, increase in the services offered by the leading market players, including Uber and Ola, and the option to choose convenient pick-up and drop locations is encouraging the consumers to opt for ride hailing and ride sharing services. Moreover, significant rise in the number of multiple 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. Furthermore, the ride sharing service providers are offering advantages such as affordable doorstep pick-up and drop, co-passenger information, and higher convenience as compared to the traditional transport service providers. This is expected to propel the demand for ride share services in the market. In addition, several service providers offer various facilities, offers, and discounts such as monthly pass on shared ride to reduce the expenses of daily commuters. 

Increase in inclusion of e-bikes in the sharing fleet

There is a rise in the demand for e-bikes across the globe owing to fast & flexible operations and zero carbon emissions. In addition, surge in consumer inclination toward the usage of e-bikes as cost-effective & eco-friendly transport solution is adding up to bike sharing expansion. Moreover, an e-bike is a majorly preferred option, as it fulfils the requirement for higher speed in short-distance commuting, when compared to a pedal operated bike. Features such as higher speed, more convenience, effortless driving, and variable motor power as per the road conditions increase the preference for e-bikes for sharing. Furthermore, the governments across the world are taking various initiatives to promote usage of e-bike. For instance, majority of the governments across the world are looking forward to convert fuel vehicles into electric vehicles to tackle the environmental issues. Also, several bike sharing providers have started focusing on expanding their fleet of e-bikes to sustain in the growing competition in the bike sharing market.  

Bike Sharing Market
By Bike Type

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E-bikes is projected as the most lucrative segments

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Rise in bike vandalism & theft

Theft and vandalism of the bikes have been a significant issue around the world, where dock-less operations have grown exponentially. Several dock-less bike-sharing service providers have reported the instance regarding the theft of the dock-less bikes. Moreover, the rise in theft and vandalism of the distinctive bikes forcing a market player to pull-out their operations affects the growth of the bike sharing market. For instance, in January 2018, Hong Kong bike share company GoBee pulled out the Belgian city of Brussels, Lille and Reims in France because 80 to 90% of its fleet in those cities had been damaged or stolen.

Bike Sharing Market
By Sharing System

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Docked is projected as the most lucrative segments

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Increase in government initiatives for the development of bike-sharing infrastructure

Various governments across the world are offering subsidies to service providers for developing stations and expanding their reach to a large number of commuters. 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. These services are majorly used in urban areas due to the rise in traffic congestion and increased fuel prices. In addition, governments of various countries across the world are taking initiatives to reduce the carbon footprints by encouraging the use of shared mobility including bikes and scooter for daily commute. For instance, governments are allowing usage of bikes on public streets, which are encouraging individuals to opt for bikes as a key mode of commute. This in turn, is expected to fuel the bike sharing market growth..  

Bike Sharing Market
By Region

2027
Asia-pacific 
North America
Europe
Lamea

LAMEA would exhibit the highest CAGR of 20.0% during 2020-2027.

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Key Benefits For Stakeholders

  • This study presents analytical depiction of the global bike sharing market analysis along with current trends and future estimations to depict imminent investment pockets.
  • The overall global bike sharing market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the global bike sharing market with a detailed impact analysis.
  • The current global bike sharing market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Key Market Segments

By Bike Type

  • Traditional/Convectional 
  • E-Bikes

By Sharing System

  • Docked
  • Dock-less

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK 
    • Germany 
    • France
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan 
    • India
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

KEY PLAYERS

  • 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.
 

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The bike market is expected to witness remarkable growth in the future, owing to increase in inclusion of e-bikes in the sharing fleet and rise in government initiatives for the development of bike-sharing infrastructure.

In addition, according to Quan Jing, executive president of Cheetah Lab, a mobile big data analysis platform, several countries across the world are beginning to emerge as high potential markets for bike-sharing consumption. Technology advancement is one of the key disruptive trends affecting the growth of bike-sharing services. According to Quan Jing, in 2018, the number of dock-less shared bikes users increased to 227 million globally.

Moreover, rise in venture capital investments are anticipated to drive the market growth. However, high initial investment cost and rise in bike vandalism & theft are expected to hinder the market growth. Further, technological advancements in bike sharing systems are projected to offer lucrative opportunities for the market growth during the forecast period. 

Among the analyzed regions, Asia-Pacific is the highest revenue contributor, followed by Europe, North America, and LAMEA. On the basis of forecast analysis, Asia-Pacific is expected to maintain its lead during the forecast period, owing to the rapid adoption rate of bike sharing service among customers in countries like Vietnam, India, China, and Singapore and the emergence of new players entering the market with innovative propositions like dock-less bikes.
 

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FREQUENTLY ASKED QUESTIONS?

A. The global bike sharing market was valued at $3,431.00 million in 2019, and is projected to reach $6,981.00 million by 2027, registering a CAGR of 14.0% from 2020 to 2027.

A. The health crisis due to Covid-19 has had a significant impact on shared mobility and more particularly on the use of shared bikes. However, stay-at-home orders and limited business operations in countries across the world has resulted in decrease in demand for bike sharing services. Although, as people reassess ground transportation options in the face of the COVID-19 pandemic, many are choosing isolated modes such as driving or biking over public transportation or ride-sharing.

A. The sample for global bike sharing market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.

A. There are certain upcoming trands in bike sharing such as technological advancement in bike fleets, intigration of AI and big data and the rapid emergence of dock-less shared bikes.

A. The key growth strategies adopted by the bike sharing industry players includes business expansion, collaboration, product launch, agreement and partnership. These strategies opted by various industry players is leading to the growth of the bike sharing market as well as the players.

A. The company profiles of the top market players of bike sharing service industry can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the bike sharing market.

A. Asia-Pacific region is leading the market presently in terms of revenue. However, LAMEA and Europe region is expected to provide more business opportunities for the key players operating in the global bike sharing market.

A. By bike type, e-bike segment is expacted to gain traction over the forecast period as well as domainate the market share in the global bike sharing market

A. Latin America, Mexico, Italy and Africa has wirnessed as a key matured markets growing in the global bike sharing market

A. Technological advancement in bike sharing system and increasing government initiatives for the development of bike-sharing infrastructure have strong impact on the global bike sharing market

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