Bike Sharing Market Analysis and Growth Forecast to 2025

The global bike sharing market generated a revenue of $2.7 billion in 2018 and is expected to surpass $5.0 billion by 2025, advancing at a 10.2% CAGR during the forecast period (2019-2025). The market is growing due to the greater convenience of bike sharing, economical mobility option, urban road congestion, and deployment of e-bikes. In terms of type, the market is divided into dock-less and station-based, between which, the dock-less division is predicted to dominate the market during the forecast period. The faster growth is projected to be registered by the station-based division.

Among the different regions, namely Latin America, Middle East, & Africa, North America, Asia-Pacific (APAC), and Europe, the APAC region held the largest share of the bike sharing market in 2018 and is expected to dominate the market during the forecast period as well. The reason for this is the presence of major bike sharing companies, including SG Bike, Mobike, Hello Bike, and Ofo, in the region. Europe is projected to grow at the fastest pace during the forecast period due to the predicted proliferation of a large number of bike sharing schemes.

A primary driving factor of the bike sharing market is the urban road congestion due to the surging population in urban cities. Because of the increased number of daily commuters in urban areas, the roads are heavily congested especially during peak hours. Hence, several countries are focusing on introducing new alternatives in order to deal with this problem. The countries are encouraging the use of bikes as a solution for the first and last-mile connectivity for daily commuters. In addition, bikes take lesser space on roads which can significantly reduce the traffic on roads.

Both electric and pedal bikes are convenient mobility options for the general public which is further resulting in the growth of the bike sharing market. People who commute on a daily basis can reach their destination faster, with e-bikes, at a minimal cost. In addition, dock-less bike sharing services provide more convenience to the users than station-based system, as with this option, the users are not required to park the bikes at specific stations. These services are moreover available on 24/7 basis, thereby making the users assured of the availability of the bikes whenever required.

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Hence, the market is growing due to the several advantages of bike sharing services such as greater convenience and economic viability.