New York, USA, Jan. 11, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global bike sharing market is estimated to garner a revenue of $2,969.0 million by 2028 and grow at a stable CAGR of 7.9% over the forecast period from 2021-2028. The extensive report provides a brief outline of the smart learning market’s present framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Bike Sharing Market:
Drivers: The growing demand for using environment-friendly and fuel-efficient micro mobility vehicles among people is the main factor expected to drive the growth of the bike sharing market by 2028. In addition, governmental support programs and financial incentives are predicted to further promote the market growth during the forecast period.
Opportunities: Global government support initiatives and financial incentives provided to promote the market growth are the factors estimated to offer abundant bike sharing market development opportunities during the 2021-2028 analysis timeframe.
Restraints: High regulatory restrictions and lack of public charging infrastructure are the prime factors anticipated to hinder the market growth by 2028.
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Covid-19 Impact on the Bike Sharing Market:
The impact of the deadly Covid-19 pandemic has been negative on the global bike sharing market. Governments all over the world imposed strict lockdowns and restricted mobility to prevent the spread of the corona virus. This forced the bike sharing trend to diminish to greater extents among people. Furthermore, disruptions in the international supply chains also impacted the transportation of essential components used in electric bikes like lithium-ion batteries. These factors are anticipated to have negatively impacted the market.
Segments of the Bike Sharing Market:
The report has divided the bike sharing market into a few segments based on type of bike, model, and regional analysis.
Type of Bike: Conventional Bike Sub-segment to be Most Lucrative
By type of bike, the conventional bike sub-segment is anticipated to hold a dominating market share and garner a revenue of $1,801.1 million by 2028. The conventional or traditional electric bikes have simpler structure and are highly affordable. Moreover, these bikes have low maintenance and are an effective mode of transportation for shorter distances. These factors are projected to boost the growth of the bike sharing market’s sub-segment during the analysis years. Additionally, increasing noise pollution in urban areas has compelled many individuals to switch to riding electric bikes. This is estimated to further accelerate the sub-segment’s development by 2028.
Model: Docked Sub-segment to be Most Dominating
By model, the docked sub-segment is estimated to hold a strong market position and gather a revenue of $1,629.0 by 2028. The dock-based bike sharing model requires a swipe card to allow access to members. This method is highly essential to ensure security and has highly visible stations within cities. Moreover, the sub-segment is witnessing increasing developments by key bike sharing market players to emphasize on the usage of environment-friendly electric vehicles and bike sharing trend. These factors are projected to propel the sub-segment’s growth during the forecast period.
Region: Bike Sharing Market in the Asia-Pacific Region to Flourish Immensely
By regional analysis, the market in the Asia-Pacific region is expected to gather a revenue of $1,321.6 million by 2028 and grow immensely due to rapid urbanization and increasing demand for eco-friendly transportation solutions. Moreover, the growing population in countries like China and India is leading to a parallel increase in the per capita income of people. These factors are acting as catalysts to boost the market in the Asia-Pacific region during the analysis period.
Major Bike Sharing Market Top key Players:
The major players of the bike sharing market include
- Uber Technologies Inc
- Lyft Inc.
- DiDi Bike
- Hellobike
- Bond Mobility Technologies
- Mobike
- Nextbike GmbH
- SG Bike Pte Ltd
- Spin
- Lime
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market’s growth. - Inquire to Get access for Detailed Top Companies Development Strategy Report
For example, in December 2021, Hello Inc, a Chinese bike-sharing startup, announced its plan to expand their electric bicycle manufacturing level by adopting a new national technology and safety standards for electric bikes. Its investors like Alibaba Group and Ant Group helped the startup open up about 3,563 retail shops all over the country to further boost its revenue as well as the global bike sharing market.
The report also summarizes many crucial facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
Related Article Links:
- 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
- How Has Bike Sharing Given a Better Alternative to Travelling Around a City with Higher Health Benefits?
