The
global bike sharing market will
reach USD 8.9 billion at a 9% CAGR by 2032, as per the new Market Research
Future report.
Drivers
Increasing Traffic Concerns to Boost Market Growth
The
increasing traffic concerns for the growing use of cars as well as innovations
in various navigation technologies for ride sharing will boost market growth
over the forecast period.
Opportunities
Government Support Programs for EV Promotion to offer Robust
Opportunities
Government
assistance programs & financial incentives have been established to promote
electric vehicles, which are expected to open up new avenues of opportunity for
this market during the forecast period. Furthermore, fossil fuel depletion is a
critical issue that could be solved by developing a self-sufficient electric
vehicle sector.
Get a free sample report of
Bike
Sharing Market
Key Players
Eminent
industry players profiled in the bike sharing market
size report include Bluegogo (China), Dropbike
(Canada), JCDecaux (France), Lyft,
Inc (US), Mobike (China), Neutron Holding, Inc (US), Motivate (US), Jump Bikes
(US), OFO (China), and Nextbike Berlin (Germany).
Restraints and Challenges
Increase in Bike Theft and Vandalism to act as Market
Restraint
The
increase in bike theft and vandalism coupled with high initial investment cost
may act as market restraints over the forecast period. Besides, lack of needed
public infrastructure of the bike sharing technology and high regulatory
restrictions may also impede market growth.
Market Segmentation
The
global bike sharing market
has been bifurcated based on bike, sharing system, and sharing duration.
By
bike, e-bikes will lead the market over the forecast period. E-bikes,
particularly pedelecs, are gradually becoming the ideal mode of transportation.
E-bikes, such as pedelecs, are eco-friendly and reliable. Furthermore, they are
an excellent mode of transportation, particularly for recreational activities,
because they combine the fun of cycling with the convenience of a car. Furthermore,
they give consumers the ability to ride on rough terrains that would otherwise
be difficult to ride without an electrical motor, making e-bikes popular all
over the world.
By
sharing system, dockless will domineer this market in the assessment period. It
was primarily due to an increase in the number of businesses opting for the
dockless bike-sharing concept, which requires less capital and incurs less
expenditure than a station-based system. Furthermore, users prefer dock-less
bike-sharing due to its cost-effectiveness and convenient features, such as
greater parking flexibility over the station-based system.
By
sharing duration, short term will spearhead the market over the forecast
period.
Regional Analysis
APAC to Steer Bike Sharing Market
The
industry is expanding rapidly in the region as consumer preferences shift
toward more energy-efficient transportation options. According to the Ministry
of Transport (MoT), China has over 70 bike-sharing companies, 23 million
bicycles, and over 400 million users throughout the region. Increased
urbanization and a rapidly growing population in India and China are driving
industry growth. For the large number of prospective customers in the region,
several start-ups are investing in the Chinese market. Furthermore,
approximately 30 Chinese cities, including Shanghai & Beijing, have
implemented a number of regulations to guide bike-sharing maintenance,
operation, and production, allowing service providers to remove damaged bikes
from the existing fleet.
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