Bike-Sharing Service Market Size, Share, Growth, and Industry Analysis, By Type (Dockless and Station-based), By Application (Age 18-24, Age 25-34, Age 35-44 and others), Regional Insights, and Forecast To 2031

Updated On: 13 November 2023

Bike-Sharing Service Market Report Overview

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The global bike-sharing service market size was USD 1292.8 million in 2021 and is projected to touch USD 14140.16 million by 2031, exhibiting a CAGR of 26.8% during the forecast period.

A bicycle-sharing market is basically a public bicycle system or bike-sharing system, that provides service in which bicycles or electric bikes are made available for shared use to individuals, temporarily. This service could be either charged or free. Many bike share systems allow individuals to borrow a bike from a "dock" and return it at another dock belonging to the same system. Docks are special bike racks that locks the bike, and only release it by computer control. The computer unlocks a bike only after it is confirmed by the computer system that the payment has been successfully made by the individual.

On the basis of type the market is categorized into dockless system and station-based systems. With advancement in technologies, some smartphone mapping apps are also capable to show the users nearby available bikes and open docks. This system is very environment and economy friendly. It does cause any pollution, reduces carbon dioxide(C02) emission. It also helps to reduce road congestion, increases the individual’s financial savings. The increased use of these transportation mediums have led to reduced stress on fossil fuels deposits and other energy source deposits. Government has also provided many supportive schemes and policies regarding the use of eco-friendly transport and hence bike sharing system market has developed significantly over the span of years.   

COVID-19 Impact: Disturbance in Supply Chains Results to Market Derailment 

The sudden spike in CAGR is attributable to bike-sharing service market growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with bike-sharing service market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. 

As coronavirus upsurged and caused commotion across the masses, various business and market sector had to face harsh consequences. The bike-sharing service market also being one them. As lockdowns and strict protocols like social distancing were imposed by the government to contain the deadly virus and keep people safe, use and demand of transportation severely declined. It was neither abided by the government protocols nor safe to use bicycle or any other transport for any activity in COVID-19 period. A public transport tends to keep a lot of people in one place like bus, train etc resulting to more issues. As a result, the market share of bike-sharing service market dipped by a huge margin.

However, as the conditions grew better and our lifestyle went back to normal, demand for the bicylces or motor bike rose significantly and caused the market growth.

LATEST TRENDS

"Rise in the Utilization of Bike-Sharing Service leads to Elevation of Market Economy"

With increasing population, our world is witnessing a huge rise in traffic congestion rates and inflating fuel prices across the globe. This, along with the growing concern about environment and nature, environmental-friendly transportation mediums such as bicycles and electric bikes are more preferred. Use of environmental-friendly transport not only causes zero pollution but also helps in saving money for they don’t need any type of fuel to run. With the advancement in technologies, such as proliferation in GPS, prepaid payment options, IoT and AI automation, the cost of tracking and locking systems for bicycles has decreased which leads to the increase in the number of sharing bicycle.

RESTRAINING FACTORS

"Lack of Some Important Features to Restrain Market Growth"

Some disadvantages of the usage of bicycles and electric bikes include their inability to cover long distances in shorter time period. In addition to this, they don’t have features like comfortable seating arrangement or enough storage space that is required while travelling. Furthermore, bicycles cannot be recommended to be used in harsh weather conditions like extreme rainfall, extreme sunlight, snowfall etc.

Bike-Sharing Service Market Segmentation

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• By Type

The market categorizes into Dockless and Station-based.

• By Application

The market categorizes into Age 18-24, Age 25-34, Age 35-44 and Others.

DRIVING FACTORS

"Growing Demand for the Utilization of Environment Friendly Transportation Medium to Stimulate Market Progression"

As lifestyle of people around the world has seemed to grown to become very modernized and advanced, it has led to several concerning issues such as excessive use of fossil fuels to produce energy for various purposes, extreme due to the use of toxic and environmental harmful materials etc. because of the rise of these problems, demand for the use of environment friendly transportation medium such bicycles immensely increased.

"Supportive Government Schemes to Promote Market Growth"

In the recent years, government has implemented several schemes and policies in favor of environmental-friendly transports due to the fact that the cause no pollution and besides use of these will help reduce the usage of fossil fuels. In addition, various support programs and financial incentives have been provided to promote the growth of electric vehicle’s market. Furthermore, these factors may lead in the bike-sharing service market growth.

Bike-Sharing Service Market Regional Insights

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"Asia Pacific to Overshadow the Market Owing to High Production Rate"

Asia Pacific is the largest bike-sharing service market share owning about 52% of the total market share. Closely followed by Europe, that accounts for about 23% of the market share. Some of the key manufacturing companies from all over the world includes JUMP Bikes, Citi Bike, LimeBike, Capital Bikeshare, Divvy Bikes, Blue Bikes (Hubway), Ford GoBike, etc. according to stats, the top 5 companies own about 32% market share. Moreover, this region. It is certain as this region supports a massive capacity of working population who is fit to work in different segments of the market. Also, this region has the maximum number of the prominent market players resides in this region, resulting in the highest production rates across the globe. Furthermore, having great relations as well as excellent network with rest of the world aids substantially in expanding the market.

KEY INDUSTRY PLAYERS

"Key Market Faces to Focus on Market Expansion"

All the major industry faces are anticipated to labor themselves into maximizing product awareness as well as to work in improving their products so as to increase sales and boast market development. Furthermore, latest technology will be put into action so as to produce and create products that are up to date with the industry trends worldwide. In order to increase consumer attention from across the world, key industry players are highly anticipated to expand their network chains.  Not only this, but modern gadgets will be adapted in the production sector so as to boast the production rates which leads to market growth.

List of Market Players Profiled

• JUMP Bikes (U.S.)
• Citi Bike (U.S.)
• LimeBike (U.S.)
• Capital Bikeshare (U.S.)
• Divvy Bikes (U.S.)
• Blue Bikes (Hubway) (U.S.)
• Ford GoBike (U.S.ica)
• Mobike (China)
• Hellobike (China)
• Nextbike (Germany)
• Call a bike (Germany)
• Santander Cycles (U.K.)
• Vélib (France)
• Bicing (Spain)
• SG Bike (Singapore)
• Ola Pedal (India)
• Zoomcar PEDL (India)
• Mobycy (India)
• Yulu Bikes (India)
• Letscycle (India)
• Docomo Bikeshare (Japan)

REPORT COVERAGE

This report guarantees to gives a detailed analysis that includes crucial features like consumer behavior, industry relations, present market trends, business patterns, and others of the bike-sharing service market. This report effectively presents restrainers, opportunities, challenges and risks that the market might face during the review period of 2022-2028. This report helps its readers to gain a competitive edge over their industry competitors and ensure long-lasting success of the respected market. Moreover, current as well as near future market strategies that are to be adopted and incorporated within the current workstyle are also exclusively described. In addition, this report successfully manages to brief its readers about the market segmentation done on the basis of both on region level and global level; on the basis of company, type and application.