Market Analysis
The global bike sharing industry will reach USD 7.3 billion at a 9% CAGR by 2030, as per the new Market Research Future report.
Drivers
Increasing Traffic Concerns to Boost Market Growth
The increasing traffic concerns for the growing 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 Programs for 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.
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Restraints and Challenges
Increase in Bike Theft and Vandalism to act as Market Restraint
The increase in bike theft and vandalism 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 industry has been bifurcated based on bike, sharing system, and sharing duration.
By bike, e-bikes will lead the market over 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 will domineer 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 will spearhead the market over the forecast period.
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Regional Analysis
APAC to Steer Bike sharing industry
Rapid urbanization and rising demand for environmentally friendly mobility solutions in developing markets such as India and China are driving the growth of the Asia-Pacific bike sharing industry. The growing urban population and rising per capita income are driving the growth of the bike sharing industry. These factors are expected to aid the growth of the Asia-Pacific bike sharing industry during the forecast period. Due to the high number of sharing bicycle fleet size and the increase in the number of sharing bicycle service providers across the region, Asia Pacific is expected to hold the maximum share of the global market. China is also driving market growth in the Asia Pacific region.
The industry is expanding rapidly in the 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.
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