Bike Sharing Market to 2025 - Latest Trends, Growth and Competitors Strategies
Free Floating bike sharing segment in bike sharing market will witness a considerable growth over the analysis period owing to its affordability. Dockless bike share will reduce the cost of buildings or stations used for bike parking which in turn will help increase its deployment. Consumer inclination towards this segment will increase due to the convenience of parking bikes anywhere at their stop. The navigation system installed in these bikes help find their locations and can be unlocked through bike sharing apps.
E-bike has been gaining a momentum due to an increase in the adoption of smart bikes. Key merits attached to this service is that it permits dockless operations which entails a light infrastructure at a much lower cost. Consumer preference towards E-bikes have been surging due to its cost effective features coupled with solutions that are eco-friendly, driving the expansion of bike sharing market size.
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Increasing health consciousness among people owing to the rise in health conditions as a result of living a sedentary lifestyle will contribute towards expanding bike sharing market share. Bikes play a major role in leading a healthy lifestyle and exhibit some key health benefits. The benefits of biking comprises flexible joints, stronger bones, lower body fat levels, improved cardiovascular fitness as well as reduced anxiety and stress levels.
The convenience delivered by the improving technology will foster bike sharing market size. Rapid advancements in technology has led service providers to install appropriate navigations systems in bicycles which helps people find their destination. Copenhagen had launched an efficient and innovative bike sharing program a few years ago that was offering GPS-enabled Android tablets with the bikes.
Rising environmental concerns along with the implementation of government regulation will outline bike sharing market trends over the forecast period. Rapid modernization and urbanization has caused major traffic problems that has been associated with safety risks, air pollution, economic competitiveness, loss in relation with accessibility and sustainable growth. Bike sharing schemes offer transport flexibility, reduced congestion as well as fuel congestion and reduction in harmful emissions.
PBSC Urban Solutions along with BIXI Montreal recently teamed up to offer next-gen E-FIT bikes that will seamlessly fit into the public bike systems. The bikes are lightweight and offer three-speeds for maximum rideability. After the combination with PBSC’s E-station, the integrated batteries start charging right after the bikes are docked which has increased daily trips over 15%.
Major companies underscoring global bike sharing market forecast including Neutron Holdings Inc., Tembici, Divvy Bikes, Capital Bikeshare, Lime, Youon Bikes and Mobike. The players have consistently involved in gathering investments and collaborating with firms and governments for the expansion of their business.
Ofo, for instance, became the first bike sharing unicorn in China and scaled globally, showing clear potential to secure additional investments. The company was valued at $3 billion and has raised more than USD 2.15 billion in its series of funding by companies like Ant Financial and Alibaba. In the follow-on of Series E round, Ofo raised USD 586 million in March 2018 in order to fund its global expansion.
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Key venture investments have been proliferating growth of bike sharing market because of a large number of capitalists steadily investing in bike sharing start-ups in order to help them grow. Funding has recently taken off around the world and has been considered ideal for the first and the last mile transport. This has resulted in investors placing their bets on bike sharing companies. Companies in China that have already established their presence in the market have attracted significant investments.
The new equipment was to help commuters schedule their travel by train or bike and ensure that they are aware of their new pick up connection.
Hellobike, the third largest bike sharing platform in China had also raised an investment of USD 321 million from Ant Financial and has been trailing behind companies like Ofo and Mobike.
The Ministry of Transport says that China has nearly 70 companies that have deployed over 23 million bicycles nationwide and have attracted more than 400 million users. With a revenue of $35 billion, this industry has helped create over 390,000 jobs. It has also been estimated that dockless bike sharing in China has helped reduce 400 million hours of time spent in the traffic. This has established a low-carbon network for transport and lessened the pressure for urban transport.
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Rahul Varpe
Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid...