The global bike-sharing market size was US$ 3,011.0 million in 2021. The global bike-sharing market is forecast to grow to US$ 8,601.2 million by 2030 by growing at a compound annual growth rate (CAGR) of 14.9% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The availability of bike-sharing services at low cost is expected to significantly benefit the bike-sharing market during the study period. In addition, the growing preference for carpool and bike pool services is expected to contribute to the growth of ride-hailing and ride-sharing services.
The growing range of innovative strategies announced by leading market players, such as Ola and Uber, is expected to drive the market forward. Furthermore, the convenience offered by bike-sharing service providers, such as easy pick-up and drop at the exact location, will escalate the growth of the market.
Favourable initiatives by government bodies for the development of bike-sharing infrastructure will escalate the growth of the market. For instance, the municipal governments of China subsidized the Public Bike Sharing Program (PBSP) development in 2018 with the aim to encourage non-motorized transport. Moreover, this initiative also aims to offer convenient, flexible, and low-cost mobility options to the end-users. Thus, such initiatives will accelerate the growth of the market during the study period.
The growing range of ride-hailing and ride-sharing services at low cost will surge the competition between the industry players. As a result, efficient strategies to attract customers will propel the market forward during the forecast period.
High initial investment costs may limit the growth of the market during the study period.
Regional Analysis
Based on the regions, the North American bike-sharing market is forecast to emerge as the largest market. It is owing to the growing demand for these services for short and long-distance travel. Furthermore, the rising adoption of electric bikes is forecast to benefit the overall market during the study period. Rising disposable income and the early adoption of the business model are expected to benefit the market during the forecast period. The presence of a large working population will also contribute to market growth.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic negatively affected the bike-sharing business as governments in many countries imposed strict lockdown to curb the virus's spread. Furthermore, the demand for bike-sharing drastically fell as the majority of the working population got work-from-home. In addition, the reduction in the workforce due to the virus spread further hampered the growth of this market.
Competitors in the Market
Market Segmentation
The global bike-sharing market segmentation focuses on Bike Type, Sharing System, and Region.
By Bike Type Outlook
By Sharing System Outlook
By Regional Outlook
