New York, USA, Dec. 19, 2022 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global bike sharing market is expected to garner a revenue of $2,969.0 million by 2028 and grow with a stunning CAGR of 7.9% in the 2021-2028 timeframe. This latest report, published by Research Dive, provides a brief outlook of the contemporary architecture of the bike sharing market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2021-2028. All the important market figures are also provided in this report to help new entrants gain insights about the market easily.
Dynamics of the Market
Drivers: Growing emphasis on environment-friendly micro mobility vehicles is predicted to boost the bike sharing market in the forecast period. Along with this, growing adoption of energy efficient transport modes is predicted to help the market grow in the forecast period.
Opportunities: Government initiatives for promotion of electric vehicles is anticipated to offer numerous growth opportunities for the market in the forecast period. Increasing adoption of energy efficient and eco-friendly transport modes is expected to be the major factor behind the growth of the market in the forecast period.
Restraints: However, despite the various growth opportunities, lack of required public infrastructure is predicted to be a major restraint in the full-fledged growth of the bike sharing market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The bike sharing market has been no exception to this phenomenon. The lockdowns put in place disrupted the production cycles of almost all manufacturing companies. Additionally, disruption of global supply chains hampered the transportation of essential items such as lithium batteries. These factors played a huge role in bringing down the growth rate of the market.
Segments of the Market
The report has divided the bike sharing market into certain segments based on type of bike, model, and region.
Type of Bike: Conventional Bike Sub-segment to be the Most Dominant
By type of bike, the conventional bike sub-segment is predicted to have a dominant market share and register a revenue of $1,801.1 million by 2028. Since conventional bikes require low maintenance, they offer effective mode of transportation for short distances. This capability of conventional bikes is expected to help the market grow in the forecast period.
Model: Docked Sub-segment to Have the Highest Market Share
By model, the docked sub-segment is anticipated to be the most profitable one and generate a revenue of $1,629.0 million by 2028. Dock-based sharing model is easy to use for both members and casual users which is expected to help the sub-segment register a substantial growth in the forecast period.
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Region: Market in Asia-Pacific Region to be the Most Profitable
By regional analysis, the bike sharing market in Asia-Pacific region is expected to be the most profitable and register a revenue of $1,321.6 million by 2028. The growing pace of urbanization and increasing demand for eco-friendly mobility are predicted to be the two main growth drivers of the market in the forecast period.
Prominent Market Players
Some leading market players of the bike sharing market are
- Uber Technologies Inc
- Bond Mobility Technologies
- SG Bike Pte Ltd
- Lyft Inc.
- Mobike
- Spin
- DiDi Bike
- Nextbike GmbH
- Lime
- Hellobike
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.
For instance, in November 2021, Tier, a Germany-based e-scooter platform, announced the acquisition of Nextbike, a leading German bike-sharing platform. This acquisition is predicted to offer numerous growth opportunities to the acquiring company, i.e., Tier as it will be able to scale up the infrastructure need for e-mobility and bike sharing in a much better way.
Finally, the Research Dive report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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More about Bike Sharing Market:
- Bike Sharing: The ‘Smart’ Mode of Public Transport
- How Has Bike Sharing Given a Better Alternative to Travelling Around a City with Higher Health Benefits?
- Product Launches, Company Acquisitions, and Business Expansion by Market Players such as Didi Chuxing, Nextbike, and Others to Foster the Growth of the Global Bike Sharing Market
