Bike Sharing Market worth USD 8,606.2 million by 2030

Bike Sharing Market worth USD 8,606.2 million by 2030

The Market Statsville Group (MSG) publishes the new report on the "Bike Sharing Market by Bike Type (Traditional/Convectional and E-Bikes), by Sharing System (Docked and Dock-less), by Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)– Global Share and Forecast to 2030".

The global bike-sharing market size is expected to grow from USD 3,017.0 million in 2021 to USD 8,606.2 million by 2030, at a CAGR of 14.0% during the forecast period. Significant factors that impact the growth of the bike sharing market include rise in venture capital investments and increasing government initiatives for the development of bike-sharing infrastructure. Further, increasing inclusion of e-bikes in the sharing fleet, technological advancement in bike sharing system, and high initial investment cost to set up bike sharing system also have a significant impact on the market. Each of these factors is anticipated to have a definite impact on the growth of the bike-sharing market during the forecast period.

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Global Bike Sharing Market Segmentation
The bike-sharing market has been segmented into the bike type, sharing system, and region.

By Bike Type (Traditional/Convectional and E-Bikes)
By Sharing System (Docked and Dock-less)
By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)
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Docked, by sharing system, hold the largest market share

By sharing system, the bike-sharing market is categorized into docked and dock-less. In 2021, Docked had the largest market share in the global bike-sharing market. Docked is a bike-sharing system in which users have to start the trip by borrowing the bike from the docks or stations and end the trip at designated docks or stations. All bikes are equipped with an electronic locking system that uses GPS and wireless communications, generally a smartphone.

The rise in the number of docking stations, owing to the bike theft and vandalism anticipated to drive the adoption of docked bike sharing during the forecast period. In addition, because the bike is parked at a special docking station, the user is no longer responsible for the bicycle when the trip is finished, minimizing user liability and the responsibility for providing sufficient security, which is also rising the adoption of docked bike sharing among commuters.

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Asia Pacific accounts for the largest market share in the bike-sharing market

Based on the regions, the global bike-sharing market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, Asia Pacific accounted for the highest market share of 50.2% in the global bike-sharing market and was anticipated to maintain its dominance throughout the forecast period. Asia-Pacific includes countries such as China, India, Japan, South Korea, and Rest of Asia-Pacific. Rest of Asia-Pacific includes Singapore, Malaysia, Australia, Thailand, Indonesia, New Zealand, and others. China and Japan are the key markets for bike-sharing in APAC.

The demand for bike-sharing in the Asia-Pacific region has been increasing rapidly owing to the rapid adoption rate of bike-sharing service among customers in countries like Vietnam, India, China, and Singapore. In addition, the emergence of new players entering the market with innovative propositions like dock-less bikes will facilitate the bike-sharing market growth in APAC during the forecast period. For instance, in March 2018, ride-hailing company Grab, has launched a bike-sharing service called GrabCycle in Southeast Asia. GrabCycle offers a range of services, including bike-sharing services oBike, GBikes and Anywheel (which includes Grab as an investor).

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This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the bike sharing market. It also consists of the profiles of leading companies such as Anywheel Pte. Ltd., Bird Rides, Inc., BIXI Montreal, Bond Mobility (Europe) AG, Beijing Xiaoju Technology Co, Ltd., Mobike, Nextbike GmbH, SG Bike Pte Ltd., Tembici, Uber Technologies Inc., JCDecaux, Lime, LYft, Inc., and Youon Technology Co., Ltd..