The global bike sharing market size is garnering huge traction. Due to the increasing pressure to reduce the carbon footprint across the globe, e-mobility has become a practical solution to commute short distances. Moreover, the increasing fuel costs and maintenance of fuel-powered vehicles are escalating the market on the global platform.
Although still in its nascent stage, the
bike sharing market is projected to gain substantial revenues growth. In this
regard, Market Research Future (MRFR) asserts that the global bike sharing
market is estimated to grow exponentially by 2027, posting a significant CAGR
throughout the forecast period (2020 – 2027).
New government targets for introducing
e-mobility are acting as a key driving force for the growth of the market.
Additional factors pushing the growth of the market include developments in
battery technologies and declining battery costs. Technological upgrades are
expected to have a positive impact on industry growth.
Global Bike Sharing Market -
Segments
The market report is segmented into bike
types, sharing systems, sharing durations, and regions. The bike type segment
is sub-segmented into traditional bikes and e-bikes. Of these, the traditional
bike segment accounts for the largest market shares. The sharing system segment
is sub-segmented into docked and dockless sharing systems.
The dock-less segment holds a sizeable
share and is anticipated to grow at a significant CAGR in the coming years. The
sharing duration segment is sub-segmented into short term and long term. Among
these, the short-term segment accounts for the largest market share. The region
segment is sub-segmented into Asia Pacific, North America, Europe, and
Rest-of-the-World.
Global Bike Sharing Market - Regional
Analysis
The Asia Pacific region dominates the
global bike sharing market owing to the presence of various key manufacturers
and the rapid adoption of these services. Moreover, the rising per capita
disposable incomes and spending capacity of consumers boost the bike sharing
market size in this region.
Developing countries such as Japan, China,
India, Taiwan, Singapore, and others have a large number of two-wheeler users.
China and Taiwan are considered, as a home for bike-sharing services in Asia,
whereas India's bike-sharing market is continually rising due to the immense
focus on the EV industry by the Modi Government.
Global Bike Sharing Market - Competitive
Landscape
Highly competitive, the bike sharing market
appears to be well-established due to the presence of several notable players.
Players incorporate strategic initiatives such as acquisition, partnership,
product launch, and expansion to gain a competitive advantage in this market
while focusing on product innovation and new manufacturing processes.
Major Players:
Players leading the global bike sharing
market include Dropbike (Canada), Bluegogo (China), JCDecaux (France), Mobike
(China), Lyft, Inc (US), Neutron Holding, Inc (US), Jump Bikes (US), Motivate
(US), OFO (China), and Nextbike Berlin (Germany), among others.
Industry/ Innovation/ Related News
Aug.16, 2021 --- Spin, a bike-sharing company in the US, announced the
integration of Google Maps into Spin eScooters and eBikes to make it easier for
millions of users to locate vehicles during their daily trips. Spin has
deployed its vehicles in 84 towns, cities, and campuses in the US, Canada,
Germany, and Spain. Spin's goal is to make it as low friction as possible for
consumers to plan multi-modal journeys. Users then would be taken
to the Spin app to pay for the vehicle.
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