The global bike sharing market revenue was around US$ 7.3 billion in 2023 and is estimated to reach US$ 18.4 billion by 2032, growing at a compound annual growth rate (CAGR) of 11% during the forecast period from 2024 to 2032.
Bike sharing is a type of shared transportation service where people can borrow either an electric bike or a conventional bike for a short period of time for a fee or for free. Bicycles can be borrowed from several docked or dock-less stations throughout the city and returned to another location within the same system. Bike sharing offers visitors and residents alike a quick, affordable, and effective way to get around cities. Mobile apps and membership cards are frequently used to enable bike sharing systems, giving users the ability to find and unlock bikes, monitor their usage, and make payments.
Factors Influencing Market Growth
- The bike sharing service providers offer advantages such as affordable co-passenger information, doorstep pick-up and drop, and higher convenience as compared to the traditional transport service providers. This is expected to propel the demand for bike-share services, expanding the market.
- E-bikes are becoming more and more popular all over the world because they emit no carbon dioxide and operate quickly and easily. Bike sharing is also growing as a result of consumers' growing preference for using e-bikes as an affordable and environmentally responsible form of transportation. This will increase the demand for bike-sharing services, ultimately expanding the market.
- Concerns over the increase in environmental pollution have led the government to offer incentives for the use of eco-friendly transportation options, such as electric and bicycle bikes. The government has installed parking areas, bike lanes, and infrastructure for charging bicycles. This will again increase the demand for bike-sharing services, propelling market growth.
- The rise in bike vandalism and theft may hamper market growth.
Impact of COVID-19
COVID-19 negatively impacted the market. This is because, at that time, there was a growing consumer inclination towards personal vehicles to combat the risk of the COVID-19 infection. However, after the pandemic, consumers are preferring for bike sharing in order to prevent the environmental impact on the world. As a result, this may drive the market growth during the forecast period.
Regional Insights
Asia Pacific dominated the market in 2023. This is because of factors like the increasing population in the region and therefore, increased demand for electric bikes. China's enormous bicycle sales are predicted to propel the country's growth rate higher than that of other Asia-Pacific nations. Over the past two years, China has contributed more than 50% of the Asia-Pacific bicycle market, primarily because of the country's increasing vehicle pollution and high use of electric bikes to combat traffic jams. For instance, Asia accounted for the largest share of bicycle sales globally in 2022, with China leading the way with approximately 43 million units sold. Thus, these rising sales will boost the market growth in the region.
Leading Competitors
- Lyft, Inc.
- BIXI
- MOBIKE
- BOND MOBILITY (EUROPE) AG
- Anywheel Pte. Ltd.
- SPIN
- Lime
- Bird Rides, Inc.
- TIER Mobility SE
- Uber Technologies, Inc.
- Other Prominent Players
Segmentation Analysis
The global bike sharing market segmentation focuses on sharing system, bike type, and region.
Segmentation based on Sharing System
- Docked
- Dock-less
Segmentation based on Bike Type
- Traditional/Convectional Bikes
- E-Bikes
Segmentation based on Region
- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa