The Global Bike Sharing Market Is Anticipated to Generate a Revenue of $2,969.0 Million, Growing at a CAGR of 7.9% from 2021 to 2028Download Sample Reports Overview
The global bike sharing market size to be valued at $2,969.0 million by 2028, surging from $1,636.4 million in 2020, at a noteworthy CAGR of 7.9%.
Analysis of Covid-19 Impact on Bike Sharing Market
The Covid-19 impact on bike sharing market share has been negative. The restrain in the global industrial production due to imposed lockdowns across the globe has disturbed supply chain manufacturing industry, hindering the growth of bike sharing market. The major companies in this sector such as Uber Technologies Inc, Lyft Inc., and others have experienced a reduction in demand in the bike sharing market. These factors are expected to negatively impact the market growth.
Global Bike Sharing Market Analysis
Increasing traffic congestion that leads to long journeys pave the way for commuters to find convenient, time-efficient, and affordable transportation to reach their destinations. Light vehicles such as electric bicycles provide a very comfortable solution to the specific requirements of urban mobility. These factors are expected to aid the growth of bike sharing market. As micro mobility is gaining momentum, industry players have developed car-sharing alternatives that allow people to refrain from purchasing micro mobility vehicles. Commuters can now rent vehicles via mobile speeds. These factors are expected to aid the growth of this market.
However, the complex nature of technology involved in the electric battery development, which requires highly skilled workforce with majority of its manufacturers in the developed countries, can act as a barrier in the transfer of technology in the developing and underdeveloped regions. These factors are expected to hamper the growth of this market.
The surge in carpooling and bike pools among regular office commuters is aiding to the growth of ride hailing and ride sharing services. In addition to this, the range of services provided by major companies has been expanded. These factors are expected to open new
scope of opportunities for this market in the forecast period. The major companies including Uber and Ola, are providing services to choose convenient pickup and drop-off locations and giving consumers. The significant increase in the number of multiple ride sharing companies is expected to aid the growth and open new scope of opportunities for bike sharing market in the forecast.
Global Bike Sharing Market, Segmentation
The global bike sharing market is segmented based on type of bike, model, and region.
Type of bike:
The type of bike segment is further classified into conventional bike and e-bike. Among these, the e-bike sub-segment is expected to be the fastest and surpass $1,168.1 million by 2028, with an increase from $ 628.9 million in 2020.
As micro mobility gained momentum, industry players have developed alternatives to car sharing, such as bicycle sharing, that allow people to refrain from buying micro mobility vehicles. Commuters can now rent vehicles via mobile speeds. The advantages of e- bikes are they are faster, more comfortable, easier to drive, and more. Depending on the road conditions, there is a greater tendency to share electric bicycles. In addition, governments around the world are taking various initiatives such has providing subsidies to promote the use of electric bicycles. These factors are expected to aid the growth of this market.
The model segment is further classified into docked and dockless. Among these, dockless sub-segment is anticipated to be the fastest growing sub-segment in the forecast period and surpass $1,340.2 million by 2028, with an increase from $ 723.6 million in 2020.
Dockless models are expected to grow at a high rate due to improved flexibility, accessibility, and affordability. Service providers are increasingly deploying dockless cycles on the road to reduce the cost of building large dock stations. By integrating advanced GPS solutions into your bike, service providers can find them in each region and eliminate the possibility of theft. These factors are expected to contribute to the growth of this sub-segment in the forecast period.
The bike sharing market for the Asia-Pacific region generated a revenue of $710.5 million in 2020 and is further projected to reach up to $1,321.6 million by 2028. The Asia-Pacific region is expected to be the fastest growing as well as dominating region for the bike sharing market in the forecast period
The major manufacturers of bike sharing are in China, Taiwan, and Japan. China has emerged not only as a major consumer of electric bikes, but also as a major manufacturer and exporter. Vendors active in the Chinese market include Ofo Inc., DiDi Bike, and others. In addition, regional markets are driven because of rapid urbanization, increased consumer awareness about increasing affordability of electric bikes, and the use of clean energy transport to curb vehicle emissions. These factors are expected to aid the growth of bike sharing market in the Asia-Pacific region.
Key Players in the Global Bike Sharing Market
Some of the leading global bike sharing market players are
- Lyft Inc.
- Uber Technologies Inc
- DiDi Bike
- Bond Mobility Technologies
- Nextbike GmbH
- SG Bike Pte Ltd
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Bike Sharing Market:
- Bargaining Power of Suppliers: There are moderate number of suppliers in the bike sharing market. Across the world there are different organizations working in the field of bike sharing market to get a competitive edge in the market.
Thus, the bargaining power suppliers is moderate.
- Bargaining Power of Buyers: The buyers in the market have high bargaining power, therefore the suppliers in the bike sharing market focus on providing superior quality services in a cost-effective manner.
Thus, the bargaining power of the buyers is high.
- Threat of New Entrants: The companies that are entering in the bike sharing market emphasize on launching new products such as electric moped, nine bot scooter, seg way scooter, motorized scooter, and others.
The threat of the new entrants is moderate.
- Threat of Substitutes: Carpooling are an alternative to the bike sharing system.
Thus, the threat of substitutes is moderate.
- Competitive Rivalry in the Market: There is a high competitive rivalry between companies in the bike sharing market including Ofo bike and Mobi bike.
Therefore, competitive rivalry in the market is high.