5 Key Takeaways From The Bike Sharing Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Bike Sharing Global Market Report 2023, the bike sharing market is expected to show significant growth in the forecast period.
The global bike sharing market is experiencing a steady ascent, with expectations of substantial growth in the years to come. As we look ahead, the market is projected to rise from $3.56 billion in 2022 to $3.82 billion in 2023, representing a compound annual growth rate (CAGR) of 7.3%. Furthermore, the journey continues, with predictions indicating that the market will reach $4.87 billion in 2027, maintaining a robust CAGR of 6.2%.
E-Bikes: Powering the Pedal
The surge in demand for electric bikes, or e-bikes, is a driving force behind the growth of the bike-sharing market. E-bikes are equipped with an integrated electric motor and battery system, transforming traditional biking into an electrifying experience. These bikes play a pivotal role in bike-sharing programs by enhancing accessibility, improving the capability to tackle inclines, and overall enhancing the biking experience.
- E-Scooter Boom: The demand for e-bikes is closely related to the wider electric mobility trend. In August 2022, the Bureau of Transportation Statistics reported a significant increase in available e-scooter systems, growing from 281 in 2021 to 300 in 2022. Furthermore, the number of cities with e-scooter systems expanded from 136 in 2021 to 158 in 2022. These figures illustrate the rising popularity and accessibility of electric vehicles, including e-bikes.
Technological Advancements: Riding the Innovation Wave
The bike-sharing market is on the fast track of technological innovation. Major companies in the industry are constantly exploring and adopting new technologies to elevate user experiences and stay ahead of the curve. These innovations are not just about pedaling harder but also about creating smarter, safer, and more connected bikes.
- Smart Mobility: In June 2021, Bird Global Inc., a key player in the bike-sharing industry, introduced Bird Bike, an innovative addition to its shared micro-electric vehicle fleet. The Bird Bike prioritizes safety, durability, and connectivity. It is designed for optimal performance, featuring a powerful electric motor for tackling steep inclines and a sturdy frame with a step-through design for enhanced safety and maneuverability. Additionally, the bike includes IoT features such as self-automating diagnostics, geo-speed technology, and multi-mode geolocation, ensuring compliance with local regulations.
Major Players: Leading the Bike-Sharing Revolution
The bike-sharing market is populated with significant players who are steering the industry towards an exciting future. These companies are shaping the market’s dynamics and making biking a more accessible and advanced mode of transportation.
- Market Leaders: Uber Technologies Inc., Deutsche Bahn AG, Meituan Inc., DiDi Bike, Lyft Inc., JCDecaux Group, and many others are key players in the bike-sharing market. These companies play a crucial role in expanding the reach of bike-sharing and making it more accessible for individuals across the globe.
Diverse Segmentation for Varied Needs
The bike-sharing market offers a range of options to cater to the diverse needs and preferences of users.
- By Bike Type: The market accommodates both e-bikes and conventional bikes, allowing users to choose the type that suits their needs and preferences.
- By Sharing Model: Bike-sharing programs can be either docked or dockless, offering flexibility in how bikes are rented and returned.
- By Duration: Users can opt for short-term or long-term bike rentals, making the service adaptable for both occasional riders and frequent users.
- By Model Type: The bike-sharing market offers a choice between free-floating models, peer-to-peer (P2P) platforms, and station-based services, catering to different usage patterns.
Global Reach and Growth Potential
Asia-Pacific led the bike-sharing market in 2022, showcasing the region’s enthusiasm for this mode of transportation. However, as we look to the future, North America is poised to be the fastest-growing region in the coming years. The evolving mobility landscape and the adoption of electric bikes contribute to the optimism surrounding the North American market.
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The Bike Sharing Global Market Report 2023 provides an in-depth analysis on the bike sharing market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the bike sharing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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