Bike Sharing Market Size

Bike Sharing Market Future Prospects

The bike sharing market is valued at USD 8,260.0 million in 2024, and it is expected to grow at a CAGR of 7.6% during the forecasted period (2025–2029), to reach USD 11,964.3 million by 2029. This is ascribed to the rising number of service providers, developments in technologies, and increasing demand for bike sharing services.

Moreover, the increasing number of collaborations between mobility as a service (MaaS) providers and bike sharing companies drives the market. Due to these collaborations, various companies are enhancing their ridership and revenue, and these also help in improving comfort and towering speed over short distances. For instance, TVS Motor Company has acquired a 75% stake in the Swiss E-Mobility Group (SEMG) and is planning to purchase the available 25% stakes in the future year.

The program of bike sharing has been broadly improved by the adoption of advanced technologies, such as GPS, mobile payments, AI, and IoT, by service providers. For instance, e-scooters are connected with internet of things (IoT) devices, which permit their smart unlocking and tracking. This led to the initiation of a dockless bike sharing system in the industry.

In addition, the enormous growth in regular office goers’ desire for bike sharing services drives the market. The accessibility of extra services from apex competitors of the industry, such as Ola and Uber, as well as people’s choice for suitable pick-up and drop-off locations, is urging customers to utilize ride sharing and ride hailing services. Furthermore, due to this reason, there is an enormous rising in the sharing services of bikes and autos for traveling, even for shorter distances.

For instance, the majority of governments around the globe want to transition from gasoline to electric automobiles to confront the challenges of the environment. Also, companies like General Motors and Volvo focus on concluding the selling of new gasoline-fueled cars and light trucks by 2030 or 2035 and will move even faster and introduce battery-powered models.