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.
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Major Market 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
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 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.
Key Market Segments
By Bike Type
- Traditional/Convectional
- E-Bikes
By Sharing System
- Docked
- Dock-less
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.
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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.
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