Bike Sharing Market Size to Reach USD 4435.5 Million by 2027 at a CAGR of 15.8% ⋆

Bike Sharing Market Size to Reach USD 4435.5 Million by 2027 at a CAGR of 15.8%

The global Bike Sharing market size is projected to reach USD 4435.5 Million by 2027, from USD 1543.9 Million in 2020, at a CAGR of 15.8% during 2021-2027. bike sharing market

What is Bike Sharing?

Bike Sharing is a service in which bicycles are made available for shared use to individuals on a short or a long term basis for a price or free.

Over the past decades, bike sharing systems have been significantly used across the globe. After 2017, the number of bike sharing programs across the globe has doubled since 2014 and nearly 20 times as many bikes available for public use.

With industry-standard accuracy in analysis and high data integrity, the report makes a brilliant attempt to unveil key opportunities available in the global Bike Sharing market to help players in achieving a strong market position. Buyers of the report can access verified and reliable market forecasts, including those for the overall size of the global Bicycle Sharing market in terms of revenue.

Major factors driving the growth of the bike-sharing market are:

The growth of this market is being driven by factors such as an increase in venture capital and strategic investments, an increase in the inclusion of e-bikes in the sharing fleet, an increase in government initiatives for the development of bike-sharing infrastructure, and technological advancements in the bike-sharing system.

Bike Sharing Market Size

Furthermore, bike-sharing market growth is fueled by transportation flexibility, reductions in automobile emissions, health advantages, reduced congestion, and fuel consumption, and financial savings for individuals.

TRENDS INFLUENCING THE GROWTH OF THE BIKE-SHARING:

As the need for urban transportation grew, so did the number of vehicles on the road, resulting in major traffic jams and high pollution levels. Bicycle sharing has the ability to alleviate both increasing road congestion and severe pollution levels. This feature is expected to increase the growth of the bike-sharing market.

Government initiatives for the construction of bicycle sharing infrastructure are expected to fuel the bicycle sharing market growth. Governments around the world are supporting the use of shared mobility, such as bikes and scooters, for daily commutes in order to cut carbon emissions. For example, governments are permitting bicycles to be used on public streets, encouraging people to use bicycles as a primary form of transportation. This, in turn, is projected to fuel the growth of the bicycle sharing market.

Theft and vandalism of bikes, on the other hand, have become a big issue in areas where dockless operations have grown tremendously. A theft of dockless bikes has been reported by several dockless bicycle sharing service providers. Furthermore, an increase in theft and damage of distinctive bikes, which forces a market player to cease operations, has an impact on the expansion of the bike-sharing market.

GLOBAL BIKE SHARING MARKET SHARE:

Based on application, the short-term segment held the largest market share during the forecast period.

Based on region, Asia-Pacific is expected to be the most lucrative region. This is due to the growing customer preference for energy-efficient transportation options and the increased use of bicycle sharing.