The global bikesharing market will reach USD 7.3 billion ata 9% CAGR by 2030, as per the new Market Research Future report.
Drivers
Increasing Traffic Concernsto Boost Market Growth
The increasing traffic concerns for thegrowing use of cars as well as innovations in various navigation technologies
for ride sharing will boost market growth over the forecast period.
Opportunities
Government Support Programsfor EV Promotion to offer Robust Opportunities
Government assistance programs &financial incentives have been established to promote electric vehicles, which
are expected to open up new avenues of opportunity for this market during the
forecast period. Furthermore, fossil fuel depletion is a critical issue that
could be solved by developing a self-sufficient electric vehicle sector.
Restraints andChallenges
Increase in Bike Theft andVandalism to act as Market Restraint
The increase in bike theft andvandalism coupled with high initial investment cost may act as market
restraints over the forecast period. Besides, lack of needed public infrastructure
of the bike sharing technology and high regulatory restrictions may also impede
market growth.
Market Segmentation
The global bike sharing market has beenbifurcated based on bike, sharing system, and sharing duration.
By bike, e-bikes will lead the marketover the forecast period. E-bikes, particularly pedelecs, are gradually
becoming the ideal mode of transportation. E-bikes, such as pedelecs, are
eco-friendly and reliable. Furthermore, they are an excellent mode of
transportation, particularly for recreational activities, because they combine
the fun of cycling with the convenience of a car. Furthermore, they give
consumers the ability to ride on rough terrains that would otherwise be
difficult to ride without an electrical motor, making e-bikes popular all over
the world.
By sharing system, dockless willdomineer this market in the assessment period. It was primarily due to an
increase in the number of businesses opting for the dockless bike-sharing
concept, which requires less capital and incurs less expenditure than a
station-based system. Furthermore, users prefer dock-less bike-sharing due to
its cost-effectiveness and convenient features, such as greater parking
flexibility over the station-based system.
By sharing duration, short term willspearhead the market over the forecast period.
Regional Analysis
APAC to Steer Bike SharingMarket
The industry is expanding rapidly inthe region as consumer preferences shift toward more energy-efficient
transportation options. According to the Ministry of Transport (MoT), China has
over 70 bike-sharing companies, 23 million bicycles, and over 400 million users
throughout the region. Increased urbanization and a rapidly growing population
in India and China are driving industry growth. For the large number of
prospective customers in the region, several start-ups are investing in the
Chinese market. Furthermore, approximately 30 Chinese cities, including
Shanghai & Beijing, have implemented a number of regulations to guide
bike-sharing maintenance, operation, and production, allowing service providers
to remove damaged bikes from the existing fleet.
Key Players
Eminent industry players profiled inthe bikesharing market size report include Bluegogo (China), Dropbike(Canada), JCDecaux (France),Lyft, Inc (US), Mobike (China), Neutron Holding, Inc (US), Motivate (US), Jump
Bikes (US), OFO (China), and Nextbike Berlin (Germany).
