Bike Sharing Market To Generate Revenue Worth USD 14,915.0 Million by 2030

The global bike sharing market is projected to register a CAGR of 10.6% during 2024–2030, to reach USD 14,915.0 million by 2030.

Congested roads in urban cities are heading toward the hiking of the market. The increasing population in these areas is leading to a rising number of regular travelers, therefore leading to road congestion, mainly in peak hours. Thus, many companies have introduced a substitute mode of transportation, consecutively to tackle this problem.

For instance, in August 2019, Uber Technologies Inc. collaborated with a service provider of bikes, Yulu Bikes Pvt. Ltd., as a section of the main project to provide bike sharing services to users across Bengaluru, India. Because of this, the users of Uber are able to utilize Yulus’ bikes and e-scooters for free, the first three times.

Moreover, the rising number of associations between mobility as a service (MaaS) suppliers and bike sharing entities is a major trend in the market. The associations are focused on boosting the number of shared bike ridership by providing combined results to customers. Through the combined solutions, travelers can approach several modes that are efficient in one trip. Furthermore, regular customers of public movability services are now capable of reducing their reliance on expensive modes of transport for the first and last-mile excursions.

Dockless Category Hold Significant Share in the Market

Based on sharing system, the dockless category is growing significantly and it is also expected to witness the same trend in the coming years. This is because customers realize dockless bike sharing is more enticing, owing to its flexibility in parking and effectiveness of better cost over the system of station-based sharing.

The prime contenders opt for the bike sharing system that is dockless due to the reduced all-inclusive expenditure than a docked sharing system and lower capital is needed to launch the dockless system. In the system of dockless bike sharing, all bikes are equipped with GPS and can be traced by users of bike sharing. Also, in this system, customers can lease and return bikes at any legal public parking instead of any station parking in the same city with the help of applications on their smartphones.

APAC Holds the Largest Market Share

Based on region, APAC is the market leader. This is ascribed to the presence of major companies, growing sharing bike fleet size, and rising number of sharing bike service suppliers across the area. In the Asia-Pacific region, China holds the largest market share.

Whereas, the European market is expected to witness the highest growth rate during the expected duration. This can be ascribed to the escalating number of bike sharing schemes in several countries of the region and the rising number of e-bikes, which are majorly preferred in the areas.

Some of the major players operating in the market are Youon Technology Co. Ltd., Vox Media LLC, Neutron Holdings Inc., Uber Technologies Inc., DonkeyRepublic Admin Aps, Tier Mobility SE, and Yulu Bikes Pvt. Ltd.