In 2018, the global bike sharing market reached $2.7 billion and is expected to surpass $5.0 billion in 2025, registering a 10.2% CAGR during the forecast period (2019–2025). The market is growing due to the deployment of e-bikes, greater convenience, economical mobility option, and urban road congestion. In terms of type, the market is bifurcated into dock-less and station-based, between which, the dock-less category is projected to hold the larger share of the market during the forecast period. This was because of the increasing number of companies opting for dock-less bike sharing concept.
Among different regions, namely Latin America, Middle East and Africa (LAMEA), Europe, North America, and Asia-Pacific (APAC), the APAC region dominated the bike sharing market in 2018 and is further projected to account for the major share of the market during the forecast period. The reason for this is the presence of many bike sharing companies in the region. Europe is predicted to grow at the fastest pace during the forecast period due to the projected proliferation of a large number of bike sharing schemes in the region.
The deployment of e-bikes is a key driving factor of the bike sharing market. The companies operating in the domain are registering a huge demand for e-bikes. These bikes are more preferred as a mode of transport because they fulfill the need for higher speed when short-distance commuting is considered and are better than pedal bike. In addition to this, features such as effortless driving, higher speed, variable motor power, increased convenience, make e-bikes more preferred despite their higher service cost than pedal bikes.
A primary driving factor of the bike sharing market is the urban road congestion due to the surging population in urban cities. Because of the increased number of daily commuters in urban areas, the roads are heavily congested especially during peak hours. Hence, several countries are focusing on introducing new alternatives in order to deal with this problem. The countries are encouraging the use of bikes as a solution for the first and last-mile connectivity for daily commuters. In addition, bikes take lesser space on roads which can significantly reduce the traffic on roads.
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Another factor driving the bike sharing market is the economic viability of this mobility option. The typical revenue structure of a bike sharing service includes an initial fee for unlocking the bike and $0.15 per 30 minutes of travel on an average, which is less than that of other public shared mobility options, including ride sharing services, car rental services, and taxi services. Furthermore, several companies have started providing subscription-based sharing services on a monthly, weekly, and daily basis, thereby making commuting more economical for regular users.
Both electric and pedal bikes are convenient mobility options for the general public which is further resulting in the growth of the bike sharing market. People who commute on a daily basis can reach their destination faster, with e-bikes, at a minimal cost. In addition, dock-less bike sharing services provide more convenience to the users than station-based system, as with this option, the users are not required to park the bikes at specific stations. These services are moreover available on 24/7 basis, thereby making the users assured of the availability of the bikes whenever required.
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Hence, the market is growing due to the several advantages of bike sharing services such as greater convenience and economic viability.
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