Dublin, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The "Europe Bike Sharing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Europe Bike Sharing Market is projected to witness substantial growth over the next five years, reaching a value of USD 7.98 billion with a CAGR above 4% during the forecast period.
The market, which was valued at USD 2.9 billion, faced significant losses due to the impact of the COVID-19 pandemic. However, with the relaxation of lockdowns and growing awareness about the benefits of bike-sharing services, the market is expected to gain prominence in the coming years.
The restricted movement during lockdowns caused a decline in the demand for bike-sharing options, as customers preferred personal bikes and scooters to avoid crowded places and maintain social distancing. However, as the lockdowns were eased, the demand for bike-sharing services started picking up again, leading to a growth phase in the market.
Key Highlights
In March 2022, French startup Motto announced its plan to offer electric bicycles for rent in Paris. Customers can rent the bikes for a fixed monthly fee of EUR 75.
In May 2022, Inurba Mobility, the new brand of Citybike Global, launched an electric public service with 1,000 electric bikes in Stockholm, with a total of 5,100 bikes expected to be deployed by the end of the year.
The rising awareness about the benefits of bike-sharing services and the presence of prominent players are expected to drive market demand in the medium term. Consumers today prefer cost-effective solutions for short-term commuting needs, leading to the growth of bike-sharing services in Europe.
Bike Sharing Market Trends
E-bikes are expected to be the fastest-growing segment during the forecast period, driven by the increasing focus on reducing vehicle emissions and promoting electric vehicles. Governments are offering incentives and subsidies to encourage the adoption of electric vehicles, including electric bikes, which is boosting the demand for electric bike-sharing services.
In August 2022, ESB eBikes launched an e-bike pilot project in Dublin, offering subsidized daily hire costs for subscribers and non-subscribers alike.
Germany, the United Kingdom, Belgium, and other European countries are expected to play a key role in the bike-sharing market due to rising activities and infrastructure development in these regions.
Competitive Analysis
The Europe Bike Sharing Market is highly fragmented, with several startups and regional players operating in various cities across the continent. Major bike manufacturers are also partnering with fleet management operators to expand their offerings and gain a competitive edge.
In March 2021, Rekola launched bike-sharing in Bratislava's forests to encourage outdoor activities during the pandemic.
In January 2021, Bleeper raised nearly EUR 600,000 to expand its sharing fleet and launch e-scooters.
The Europe Bike Sharing Market is witnessing rapid developments and alliances among key players to improve the market's reach and offerings.
Conclusion
The Europe Bike Sharing Market is poised for significant growth in the coming years, with the demand for e-bike sharing services and the rising awareness about bike-sharing benefits driving market expansion. Germany and the United Kingdom are expected to be the leading contributors to this growth due to their focus on electric mobility and bike-sharing incentives. With more innovations and strategic alliances, the bike-sharing market in Europe is set to witness elevated sales during the forecast period.
A selection of companies mentioned in this report includes
- YObykes
- Cloudbike
- Rekola Bikesharing s.r.o.
- Pony Bikes
- BiciMad (Avanza Bike SL)
- Bleeper Active
- Urbo Solutions
- Donkey Republic
For more information about this report visit https://www.researchandmarkets.com/r/vo5a1c
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