Austin, Sept. 02, 2024 (GLOBE NEWSWIRE) -- The Bike Sharing Market Share was valued at USD 7 billion in 2023, and it is estimated to grow at a CAGR of 11.5% during the forecast period 2024-2032. Sharing bicycles will now be an important preference of transportation within the majority of cities, this being prompted from increasing environmental concern, becoming the most convenient, eco-friendly replacement to conventional vehicles. A strong presence of key players and public-private partnerships in the Bike Sharing market is introduced as a major strength to help bike-sharing be integrated in urban mobility plans.
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The increasing urbanization and growing congestion of cities around the world are the other major drivers.
With car ownership costs continuing to rise, especially with fuel, insurance, and maintenance taking an upward spiral, many people have found bike sharing a cheaper option. To some people, a bike-sharing membership costs a fraction of the typical USD 10,000 it was estimated to cost for car owners in the United States, for example, in 2023. Riding a bike is healthier, and an enthusiasm to be fit has propelled the usage of bike sharing.
As demand for the use of bike-sharing services is growing, more likely still, within the urban center markets, these operators can tap new customers within sparser regions with affordable and convenient options to contribute to sustainable transportation. Such is the case in a suburban town in the United States, which showed a 20% increase in bike usage.
Dockless bike-sharing held around 60% of the market share in 2023, a significant rise from the 45% seen in 2020.
Driving these growth rates are advances in GPS and mobile applications that are making locating and unlocking bikes easier for users. Revving up adoption in dockless systems are the rise and expansion of smart cities and higher investments in urban mobility solutions. On the other side, docked systems still lead in regions with rigorous rules and less space, since it means less risk of bike clutter.
While dockless systems are going to expand rapidly, docked systems would continue to have substantial market share, especially in well-equipped cities. The hybrid models to be developed that are likely to take the best from the two deployments-docked and dockless will further diversify the market and satisfy the diversifying user preferences and urban landscape.
Bike Sharing Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 7 billion |
| Market Size by 2032 | USD 18.64 billion |
| CAGR | 11.5% CAGR by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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| Major Regions Covered |
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| Major Players listed in the Report | Bluegogo, Neutron Holding, Inc, Dropbike, JCDecaux, Motivate, Jump Bikes, OFO, Anywheel Pte. Ltd, Uber Technologies Inc, Bird Rides, Inc, BIXI Montreal, Beijing Xiaoju Technology Co, Ltd., Bond Mobility AG, Lime, LYft, Inc., Mobike, Mobycy, Nextbike GmbH, SG Bike Pte Ltd, Spin, Tembici., Youon Technology Co., Ltd, and Others |
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The U.S. bike-sharing market displays strong regional variability.
Influenced by factors like urbanization, climate, infrastructure, and socioeconomic conditions. The program is most popular in the cities of the northeast, such as New York and Boston, due to the high population and good cycling infrastructure. The city holds more than 25% of all the rides in the entire nation, which translates to a minimum of 50,000 trips every day during peak seasons. As per the same article, the Midwest, with cities like Chicago, has more modest adoption, with bike-sharing programs making up about 15% of the national total.
Competitive Landscape: =
Lyft, which runs one of the biggest bike-share programs in the country through its subsidiary Citi Bike in New York City. Citi Bike fills almost 40% of the seat in the New York market nationwide and encompasses more than 100,000 active bikes and 1,500 stations. The acquisition of Motivate, which controls the biggest bike-share business in North America, made Lyft first in the leading positions and enabled it to expand its market into Chicago and San Francisco.
Another major player is Lime, which provides dockless bike-sharing services in a number of U.S. cities. Its flexible model, allowing its bikes to be picked up and dropped off anywhere, has brought adaptation, especially in cities where the infrastructure for bike sharing is less developed. Lime controls around 20% of all held ventures, while obtaining over 30 million rides in 2023.
Key Takeaways:
- Investment in infrastructure is crucial in market expansion as a good network of bike lanes and cycling in cities boosts the adoption rates.
- Respectively, the incorporation of such technology as GPS tracking, app-based rentals, and electric bikes have greatly augmented the convenience and attraction of bike-sharing. Such innovations are crucial for attracting a wider user base and improving efficiency in this business.
- Most of the bike sharing programs have, of late, especially environmentally, been gaining popularity in the sense that they promote zero-emission, particularly CO2, and good health through active transportation. These programs are in line with the global trend towards living sustainably and providing urban dwellers with green solutions to mobility.
- Most bike-sharing schemes that operate do so within a collaboration between public and private companies. The collaborative efforts ensure sourcing of funds, operations, and help to integrate bike sharing with other public transport systems.
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Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Feature Analysis, 2023
5.2 User Demographics, 2023
5.3 Integration Capabilities, by Software, 2023
5.4 Impact on Decision-making
6. Competitive Landscape
6.1 List of Major Companies, By Region
6.2 Market Share Analysis, By Region
6.3 Product Benchmarking
6.3.1 Product specifications and features
6.3.2 Pricing
6.4 Strategic Initiatives
6.4.1 Marketing and promotional activities
6.4.2 Distribution and supply chain strategies
6.4.3 Expansion plans and new product launches
6.4.4 Strategic partnerships and collaborations
6.5 Technological Advancements
6.6 Market Positioning and Branding
7. Bike Sharing Market Segmentation, By Electric Vehicle Type
- Battery electric vehicle
- Hybrid electric vehicle
- Plug-in hybrid electric vehicle
8. Bike Sharing Market Segmentation, By Battery Type
- Lithium-ion battery
- Lead-acid battery
- Lead-carbon battery
- Others
9. Bike Sharing Market Segmentation, By Solar Panel
- Monocrystalline
- Polycrystalli
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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