Bike Sharing Market Analysis

Bike Sharing Market Overview:

The Bike Sharing Market size was valued at USD 4.7 billion in 2023. The Global bike sharing industry is projected to grow from USD 5.12 Billion in 2024 to USD 8.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.14% during the forecast period (2024- 2032). The growing requirement for urban transportation periodically increased the number of vehicles used on-road, and increased venture capital investments in bike sharing programs are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Bike Sharing Market Trends

• 
  

  Increased venture capital and strategic investment combined are driving the market growth

  
  

Market CAGR for bike sharing is being driven by the growing customer preference for using electric bike sharing. The critical reason influencing the expansion of ride-hailing and ride-sharing services is the massive increase in regular office commuters' preference for carpool and bike sharing pool services. The availability of more services from the top competitors on the market, such as Uber and Ola, as well as the choice of convenient pick-up and drop-off locations, is pushing customers to use ride-hailing and ride-sharing services. Additionally, the bike sharing industry's expansion is fueled by the massive increase in ride-hailing and ride-sharing services, such as bike sharing and auto sharing services, even for short-distance travel.

In addition, ride-sharing service providers provide advantages compared to traditional transportation service providers, including more convenient doorstep pick-up and drop-off prices, co-passenger information, and affordable doorstep pick-up and drop-off. It is forecasted that this will improve demand for ride-sharing services. To lower the costs of everyday commuters, many service providers also give a variety of amenities, incentives, and discounts, such as a monthly pass on shared transportation. Due to their quick & flexible operations and low carbon emissions, the demand for e-bikes is rising worldwide.

Government support programs and financial incentives have been provided to promote electric vehicles, which is expected to open new opportunities for this market in the forecast period. In addition, fossil fuel depletion is a crucial problem that might be solved by creating a self-sufficient electric vehicle sector. New incentive systems for electric bikes are being developed in many countries where electric two-wheelers are popular. For instance, in February 2021, the Government of India announced plans to support electric vehicles through the Faster Adoption and Manufacturing of Electric Vehicles Scheme (FAME). The government is subsidizing buyers through the Electric Vehicle Accelerated Introductory Manufacturing (FAME) program, which invests Rs 100 billion in the market. The increasing trend in electric bike sharing in India is an example of government and corporate efforts. These positive bike sharing market trends are expected to act as facilitators driving the bike sharing market revenue.

Service providers invest heavily in technological advancements like artificial intelligence (AI) and the Internet of Things (IoT) to deliver dependable performance to commuters. Developing a dockless bike sharing system has also been made possible by incorporating GPS technology, consumer-ready mobile payments, and lower bike sharing locking and monitoring system investment costs. Cutting-edge technologies like lot and GPS trackers on bike sharing help service providers find them anywhere, reducing the likelihood of theft problems.

Bike Sharing Market Segment Insights:

Bike Sharing Type Insights

The Bike Sharing Market segmentation, based on sharing systems, includes docked and dockless. The dockless segment dominated the market, accounting for major market revenue over the forecast period. Major market players opt for the dockless bike sharing concept owing to the lesser overall expenditure than a docked sharing system and the low capital required to set up the dock less system.

Bike Sharing Bike Type Insights

The Bike Sharing Market segmentation, based on bike type, includes traditional bikes and e-bikes. The e-bike category generated the most income over the forecast period. This is owing to their fast & flexible operations and zero carbon emissions. The growing consumer inclination toward using e-bikes as a cost-effective & eco-friendly transport solution is driving market growth.

Bike Sharing Duration Insights

The Bike Sharing Market segmentation, based on sharing duration, includes short term and long term. The long term category generated the most income over the forecast period. This is owing to its enhanced flexibility, accessibility, and affordability. Service providers are increasingly deploying long term cycles on the roads to reduce costs.

Figure 1: Bike Sharing Market, by Sharing Duration, 2024 & 2032 (USD billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Bike Sharing Regional Insights

By Region, the study delivers market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific bike sharing market will dominate owing to the high consumption of bicycles in almost every part of the region after the pandemic to avoid public transportation and traffic. For instance, In December 2020, Chandigarh Smart City Limited (CSCL) launched a pilot project with 225 cycles at 25 docking stations in India. In the next phase, by May 2021, a total of 1,250 cycles will be counted, and docking stations will be enhanced from 25 to 155. Moreover, China bike sharing market held the largest market share, and the India bike sharing market was the fastest growing market in the Asia-Pacific region.

Further, the prominent countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Bike Sharing Market Share By Region 2024 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe bike sharing market accounts for the second-largest market share due to the In November 2020, the German Development Cooperation (GIZ) and the Ministry of Construction of Vietnam inscribed a memorandum of understanding on developing technical guidelines for the design of cycling infrastructure in the region. Further, the German bike sharing market held the largest market share, and the UK bike sharing market was the fastest growing market in the Europe region.

The North America bike sharing market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the region's increasing demand for low-cost transportation alternatives. Companies working in the region are integrating various advanced technologies into bicycles to deliver efficient user performance. Moreover, China bike sharing market held the largest market share, and the India bike sharing market was the fastest growing market in the North America region.

Bike Sharing Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the bike sharing market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, bike sharing industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global bike sharing industry to benefit clients and increase the market sector. Major players in the bike sharing market, including Lyft, Uber, Neutron Holdings Inc., Meituan, dba Lime (formerly LimeBike), Youon Bike, and others, are attempting to increase market demand by investing in research and development operations.

Cooltra Motos SL was established in Barcelona in 2006, and its headquarters is in Barcelona. The company provides rental services. The company specializes in scooter rental services as well as offers vacation information. Cooltra Motos serves customers in Europe and Brazil. In June 2020, Cooltra introduced a new electric bike sharing service in Barcelona, Spain. The firm was previously offering motorcycle sharing through an app. The cost of this service is the same as that of electric motorcycles (EUR 0.24 per minute).

Didi Chuxing Technology Co. Ltd. provides transit services. The Company offers taxis, special car, buses, luxe, vehicle driving, and other services. Didi Chuxing Technology offers services all over the world. In February 2020, Didi Chuxing’s bike sharing arm Qingju was set to raise USD 600 million in a Series B equity fundraising round and be granted another USD 400 million in loans.

Key Companies in the Bike Sharing market include

• Ofo


• Mobile


• Beijing Xiaoju Technology


• Meituandianping Inc.


• Zagster


• Hello-Bike


• PBSC Urban Solutions


• Donkey Republic


• Motivate Inc.


• Nextbike GmbH


• Flick Bike


• Urbo Solutions

Bike Sharing Industry Developments

January 2024: In collaboration with Transdev Portugal, the forthcoming bike-sharing system from nextbike by TIER seamlessly integrates with the local public transportation fare system, offering the potential for sustainable and accessible mobility. Nextbike by TIER, a bike-sharing operator based in Europe, has recently declared a substantial expansion into Portugal. This development marks the inaugural deployment of the company's cutting-edge bike-sharing system in the city of Barcelos. Nextbike, after its recent triumph in Spain, is poised to bring about a paradigm shift in sustainable mobility within the coastal metropolis. 

Nextbike, in collaboration with Transdev Portugal, the local provider of public transportation, will launch the tuba bike system, which will include two hundred of its most recent GPS-locatable SMARTbikes. The utilization of these cutting-edge bicycles will offer both local inhabitants and tourists a practical and ecologically sustainable means of transportation. The bike-sharing system will be strategically positioned across an estimated fifty virtual stations, facilitating convenient accessibility and accommodating the ever-changing demands of the local populace.

Bike Sharing Market Segmentation:

Bike Sharing Bike Type Outlook

• Traditional Bike


• E-Bike

Bike Sharing System Outlook

• Docked


• Dock Less

Bike Sharing Duration Outlook

• Short Term


• Long Term

Bike Sharing Regional Outlook

• 
  
  Middle East
  
  


• 
  
  Africa
  
  


• 
  
  Latin America