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Global Bike Sharing Market to Reach US$ 4.49 Billion by 2027, Impelled by Growing Environmental Concerns Among Individuals

Published on May 19, 2022

According to the latest report by IMARC Group, titled "Bike Sharing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global bike sharing market reached a value of US$ 3.28 Billion in 2021. Bike sharing refers to a micro-mobility service that generally enables individuals to hire or borrow bicycles on a short-term basis. It is based on a self-service model that allows users to utilize the rental bike service using membership cards, credit or debit cards, and a smartphone. It offers electric or conventional bicycles on rent that are widely available at docking stations. Docks are computer-controlled parking spaces mainly built for bike parking that provide tourists and locals a cost-efficient means of transportation within a particular city. The popularity of bike sharing services is increasing across the globe due to their numerous benefits, such as transport flexibility and reduced fuel consumption.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Bike Sharing Market Trends:

The market is primarily driven by a considerable rise in traffic congestion across the globe, especially in developing economies. Along with this, the rising health consciousness among individuals and the widespread preference for leading a healthy lifestyle are supporting the demand for bike sharing services. Coupled with the increasing environmental concerns among the masses, this has significantly propelled the growth of the market. Furthermore, numerous initiatives undertaken by the governments of multiple countries to build an organized system of bike sharing services are providing an impetus to the market growth. Additionally, leading players are heavily investing in expanding their portfolio by including e-bike rental services due to an enhanced focus on sustainable development among the masses. Other factors, including rapid urbanization, the rising incorporation of advanced technologies with bikes, and the continual development of smart cities, are also creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 4.49 Billion by 2027, expanding at a CAGR of 5.10% during 2022-2027. 

Market Summary:

  • On the basis of bike type, the market has been bifurcated into traditional and convectional, and e-bikes.
  • Based on the sharing system, the market has been segmented into docked and dock-less.
  • On the basis of the application, the market has been classified into short and long term.
  • Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Beijing Xiaoju Technology Co. Ltd., Bird Rides Inc., BIXI Montréal, CycleHop LLC, Donkeyrepublic Admin Aps, JCDecaux Group, Lime, Lyft Inc., Nextbike GmbH (TIER Mobility AG), SG Bike Pte. Ltd. (ISOTeam Ltd.), Smoove and Uber Technologies Inc.

 

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