According to a recent report published by Allied Market Research, titled, “Bike Sharing Market by Bike Type and Sharing System: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global bike sharing market was valued at $3.43 billion in 2019, and is projected to reach $6.98 million by 2027, registering a CAGR of 14.0% from 2020 to 2027.
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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 bike sharing market with innovative propositions like dock-less bikes.
Bike sharing is referred to a bike rental service for short to medium distance commuting for a price or free. It is available at on-street docked or dock-less stations, which allow commuter to borrow a bike and return it at another same station. 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.
Most large-scale urban bike sharing programs have numerous bike check-out stations, and operate much like public transit systems, catering to tourists and visitors as well as local residents. Bike sharing systems have also been cited as a way to solve the last mile problem of public transit networks. Bike sharing services are an innovative solution to the urban mobility challenges and an effective way of promoting urban cycling and contributing to a sustainable and environmentally friendly mobility.
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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 the bike sharing market growth. However, high initial investment cost and rise in bike vandalism & theft expected to hinder the market growth. Further, technological advancements in bike sharing system and increase in government initiatives for the development of bike-sharing infrastructure are some of factors expected to offer lucrative opportunities for the market growth during the forecast period.
COVID-19 Impact Analysis:
The outbreak of COVID-19 caused huge impacts on global economy, owing to the total lockdown and temporary shutdown of industries across the world. Whereas, the health crisis due to COVID-19 has had a significant impact on shared mobility and more particularly on the use of shared bikes. Commuters are mostly avoiding the use of public transportation and shared bikes are considered a safe, convenient, and affordable alternative to public transportation due to the pandemic. In addition, commuters are adopting shared bikes as the mode of day-to-day transportation, owing to the government restrictions on public transport due to social distancing guidelines.
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Key Findings Of The Study
On the basis of bike type, the e-bikes segment is anticipated to exhibit a remarkable growth during the forecast period.
On the basis of sharing system, the docked segment is the highest contributor to the bike sharing market in terms of revenue.
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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.
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