Selbyville, Delaware, Aug. 27, 2019 (GLOBE NEWSWIRE) --
The fleet size of bike sharing market is poised to register gains at over 8% from 2019 to 2025 when the worldwide industry revenue is predicted to surpass a valuation of USD 10 billion, according to a 2019 Global Market Insights, Inc. report. The technical advancements in navigation technologies used in bicycles are fueling the market demand. With advances in these technologies, service providers are offering bicycles with built-in navigational systems and facilitating commuters in reaching their destinations conveniently.
The availability of large-scale venture capital investments is providing lucrative opportunities for industry expansion. Venture capitalists are making large investments in bike-sharing start-ups to enhance their business operations. The changing consumer preference toward sharing rather than owning bicycles is adding up to the industry development. Young consumers are increasingly adopting these services owing to the increasing health consciousness. The rapid development of dedicated infrastructure & bike friendly regulations across the globe is expected to elevate bike sharing market growth over the forecast timeline.
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The demand for conventional bikes is increasing in the industry due to their low initial & maintenance cost as compared to e-bikes. The service providers are making large investments for offering advanced technologies, such as GPS, IoT, and AI in conventional bikes, contributing to the bike sharing market expansion. These services are majorly used in Asia Pacific and Latin American countries such as India, China, and Brazil due to the unavailability of ample investments for the adoption of e-bikes. Companies are adding normal as well as geared bicycles to their fleet to enhance business performance. The multi-gear technology allows users to change the riding speed as per the terrain, increasing their comfort & riding efficiency.
The station-based service segment is expected to witness rapid growth in the bike sharing market over the forecast timeline due to increasing government investments for the development of public transportation infrastructure. Companies are installing several new sharing stations at various locations to expand their geographical reach and offer customers bikes at convenient locations.
Browse key industry insights spread across 200 pages with 257 market data tables & 23 figures & charts from the report, “Bike Sharing Market Size By Type (Conventional Bikes, E-Bikes), By Model (Station-based, Free Floating, P2P) Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Unit Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/bike-sharing-market
The North America bike sharing market is expected to grow at over 10% CAGR from 2019 to 2025 due to the robust expansion of e-bike sharing services in the U.S. Companies are deploying e-bikes over traditional cycles to offer enhanced performance to their customers. For instance, in June 2019, Madison BCycle announced the replacement of its conventional bikes with e-bikes in the U.S. The working professionals in several cities including New York, Seattle, and Chicago are opting for these solutions to commute to and from their workplaces.
Key companies in the bike sharing market include ofo, Lime, Mobike, Neutron Holdings Inc., Youon Bikes, Tembici, Capital Bikeshare, Divvy Bikes, Ford GoBike, and Nextbike. Companies are gaining large capital investments to enhance their business by increasing the fleet size.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.