Published: November 2019 | Report Code: AT11775 | Available Format: PDF | Pages: 116
Valued at $2.7 billion in 2018, the global bike sharing market is projected to surpass $5.0 billion by 2025, witnessing a CAGR of 10.2% between 2019 and 2025.
Among all the regions, Europe is expected to witness the fastest growth in the bike sharing market during the forecast period. This is majorly attributed to the increasing presence of bike sharing service providers across the region and inclusion of station-based electric bikes (e-bikes) in the fleet.
Dynamics of Bike Sharing Market
The key trend being observed in the bike sharing market is the rising number of partnerships between mobility as a service (MaaS) providers and bike sharing companies. Through this partnership, companies are aiming to increase the ridership and thus their revenue. For instance, in May 2019, ride hailing giant Uber Technologies Inc. announced a joint pilot program with Yulu Bikes Pvt. Ltd. Under this project, Yulu’s bike sharing services will be offered to the users of Uber via the latter’s smartphone application.
The inclusion of e-bikes in the sharing fleet is a major factor driving the growth of the bike sharing market. An e-bike is the more-preferred option, as it better fulfils the requirement for higher speed in short-distance commuting, when compared to a pedal bike. Features such as higher speed, more convenience, effortless driving, and variable motor power as per the road conditions make e-bikes more preferred for sharing purposes.
The integration of other modes of transport in service offerings by bike sharing service providers presents a huge opportunity for the bike sharing market ecosystem. For instance, in January 2019, bike sharing company Mobycy launched its e-scooter service, called Zypp. The scooters are fitted with internet of things (IoT) devices, which enable smart unlocking.
Structural Analysis of Bike Sharing Market
When segment on the basis of type, the dock-less category held the major share in 2018, in the bike sharing market. It was mainly due to the rising number of companies opting for the dock-less bike sharing concept, as it requires lesser capital and entails lesser expenditure than a station-based system. Additionally, users find dock-less bike sharing more attractive due to its cost-efficiency and convenient features, such as higher parking flexibility over the station-based system.
Geographical Scenario of Bike Sharing Market
Globally, APAC was the largest market for bike sharing during the historical period (2017–2018), and it is expected to maintain the trend during the forecast period. It is mainly due to the vast fleet size of the various players offering bike sharing schemes in the region, mainly in China. Moreover, Chinese bike sharing operators, such as Hellobike and Mobike, have received significant investments in the past few years. The rapid expansion of the bike fleets with the funding amount, across the region, has made APAC the largest bike sharing market, globally.
Competitive Landscape of Bike Sharing Market
The global bike sharing market is consolidate in nature. The market has presence of major companies such as Beijing Mobike Technology Co. Ltd. (Meituan Bike), Youon Technology Co. Ltd., and Ofo Inc. Lyft Inc. (Citi Bike), Neutron Holdings Inc. (Lime), Uber Technologies Inc. (Jump), Donkey Republic ApS, Nextbike GmbH, Bycyshare Technologies Pvt. Ltd. (Mobycy), Yulu Bikes Pvt. Ltd., BSM SA (Bicing), Smoove SAS (Velib), SG Bike Pte. Ltd., and Clear Channel International Ltd. (ECOBICI) are the other important players operating in the industry.
Recent Strategic Developments of Major Bike Sharing Market Players
In recent years, various players have taken strategic measures, such as service launches and partnerships, to gain a competitive edge in the bike sharing market. For instance, in October 2019, Jump launched its bike sharing services in Rome (Italy). For the service, 700 bikes will be deployed across the city, initially, and the number will be increased to 2,800 in November.
In June 2019, Hellobike entered into a partnership with Contemporary Amperex Technology Co. Ltd. (CATL) and Ant Financial Services to cumulatively invest $144 million for the establishment of an e-bike battery joint venture. Through this joint venture, a network of storage units allows bike riders to get charged batteries during their commute.
Key Questions Addressed in the Report
Get a bespoke market intelligence solution
Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws