Bike Sharing Market Size to Reach $18.4 billion, Globally, by 2032 at 11% CAGR: Allied Market Research

Portland, OR, July 13, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report titled “Bike Sharing Market Bike Type (traditional/convectional and e-bike), by Sharing System (docked and dock-less): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the global bike sharing industry generated $6.6 billion in 2022, and is anticipated to generate $18.4 billion by 2032, witnessing a CAGR of 11% from 2023 to 2032. 

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Prime Determinants of Growth: 

The global bike sharing market is driven by several factors, such as a rise in venture capital investments, an increase in the inclusion of e-bikes in the sharing fleet, and an increase in environmental concerns. However, differentiation in battery technology & design and the high initial set-up & operating costs of battery swapping stations hamper market growth. Furthermore, the rapid emergence of shared e-mobility and the introduction of innovative & advanced battery swapping models and services by market players are expected to offer remunerative opportunities for the expansion of the bike sharing market during the forecast period. 

Report Coverage & Details: 

COVID-19 Scenario:

• The outbreak of the COVID-19 pandemic had a negative impact on the global bike sharing market. Due to the lockdowns imposed by government authorities, the bike sharing industry faced a downturn.  
• Furthermore, COVID-19 had spread from human to human, and public transport tends to contain many people in one shared space, which implied people would probably change their attitudes and behaviors towards public transport. People chose isolated modes such as driving or biking over public transportation or ride sharing, as many of them reassessed ground transportation options in the face of the COVID-19 pandemic.  
• This led to a high demand for bike sharing, which has had a rapid positive impact on the bike sharing market. 

The traditional/convectional bikes segment to maintain its leadership status throughout the forecast period- 

Based on bike type, the traditional/convectional bikes segment held the highest market share in 2022, accounting for around three-fourths of the global bike sharing market revenue, and is estimated to maintain its leadership status throughout the forecast period. due to the fact that the charges of traditional/convectional bikes are cheaper, and these bikes require less repair & maintenance costs as compared to electric bicycles. However, the e-bikes segment would display the highest CAGR of 11.8% from 2023 to 2032, as factors such as fast & flexible operations & eco-friendly transport solutions grow consumer inclination towards the usage of e-bikes sharing.

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The docked segment to maintain its leadership status throughout the forecast period- 

Based on sharing system, the docked segment held the highest market share in 2022, accounting for nearly three-fifths of the global bike sharing market revenue, and is estimated to maintain its leadership status throughout the forecast period. owing to the minimizing user liability and the responsibility for providing sufficient security. On the other hand, the dock-less segment is projected to manifest the highest CAGR of 11.4% from 2023 to 2032. owing to the proliferation of GPS technology, consumer-ready mobile payments, and IoT, and reducing the investment cost of locking and tracking systems for bikes. 

Asia-Pacific to maintain its dominance throughout the forecast period- 

Based on region, Asia-Pacific held the highest market share in 2022, accounting for more than three-fifths of the global bike sharing market revenue, and is expected to maintain its dominance throughout the forecast period. owing to the emergence of new players entering the market with innovative propositions such as dock-less bikes. This move is expected to increase the market for bike sharing in the region, benefiting the growth of the bike sharing market during the forecast period. However, the Europe region is expected to witness the fastest CAGR of 12.1% from 2023 to 2032. owing to the presence of a large number of service providers in countries such as Germany, France, Italy, Spain, and the UK, which focus heavily on investing heavily in advanced services. 

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Leading Market Players: - 

• ANYWHEEL PTE. LTD. 
• BIRD RIDES, INC. 
• BIXI 
• BOND MOBILITY (EUROPE) AG 
• LIME 
• LYFT, INC. 
• MOBIKE 
• TIER MOBILITY SE 
• SPIN 
• UBER TECHNOLOGIES INC. 

The report provides a detailed analysis of these key players of the global bike sharing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

Similar Reports We Have on Automotive Industry:

United States Bike Sharing Market Report 2023-2032

Asia-Pacific Bike Sharing Market Report 2023-2032

Europe Bike Sharing Market Report 2023-2032

Japan Bike Sharing Market Report 2023-2032

China Bike Sharing Market Report 2023-2032