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Key Insights from Bike-Sharing Service Market Report
- According to Cognitive Market Research, the global Bike-Sharing Service Market was USD 6.3 billion in 2022 and will grow at a compound annual growth rate (CAGR) of 11.5% from 2023 to 2030.
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Introduction of Bike Sharing Service:
The bike-sharing service market is expanding due to its sustainable and convenient urban mobility solution. Rising environmental concerns, traffic congestion, and a shift towards healthier lifestyles have fueled demand. Governments and businesses are investing in providing affordable and accessible transportation options. Additionally, technological advancements and the integration of mobile apps have made bike-sharing services more user-friendly and efficient, further contributing to the market’s growth.
- In February 2021, according to 36Kr, Didi Chuxing’s bike-sharing subsidiary Qingju raised USD 600 million in a Series B equity financing round and got an additional USD 400 million in loans. Qingju, which originally debuted in the Sichuan region of Southwest China in 2018, raised USD 1 billion from Legend Capital and an unnamed foreign investment company in April 2020. Along with Hello Bike, which is supported by Ant Group, and Meituan Bike, Qingju is one of the main bike-sharing services that are still accessible in China. Before Meituan purchased the business for USD 2.7 billion in April 2018 and relaunched it in 2019, it was known as Mobike.
How are the Key Drivers Affecting the Bike-Sharing Service Market?
- Growing Venture Capital Driving the Bike-Sharing Service Market
The influx of venture capital investment fuels the Bike-Sharing Service Market. Investors recognize the potential for sustainable urban transportation solutions, prompting funding for new startups and the expansion of existing players.
- For instance, from its establishment until April 2021, Didi Chuxing’s bike-sharing subsidiary, Qingju, successfully secured funding of USD 23.2 billion across 26 investment rounds. Additionally, Qingju strategically invested in various other enterprises such as Bolt, Lyft, and Grab.
This financial support enables technological advancements, expansion into new markets, and the development of user-friendly platforms, ultimately driving innovation and growth in the bike-sharing industry. The increased availability of capital is transforming bike-sharing into a more competitive and dynamic market.
The Factors Restraining the Growth of the Bike-Sharing Service Market
- High Initial Investment is Challenging the Bike-Sharing Service Market
The bike-sharing service market faces challenges due to the high initial investment required to establish infrastructure, develop technology, and manage operations. Procuring bikes, setting up docking stations, and implementing tracking and payment systems entail significant costs. Ensuring user safety, maintenance, and efficient customer support further adds to the expenses. While these investments are essential for a successful bike-sharing program, they can deter potential entrants or lead to financial strains for existing providers.
Impact Of COVID-19 on the Bike-Sharing Service Market
COVID-19 significantly disrupted the bike-sharing service market. Lockdowns and safety concerns led to a drastic decline in ridership as people stayed indoors. Operations were temporarily halted, causing revenue loss for companies. However, the market rebounded as restrictions eased due to a preference for socially distant transportation. Enhanced cleaning protocols, contactless payment, and flexible rental options emerged as strategies to restore consumer confidence and adapt to the new normal.
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Bike-Sharing Service Market Analysis
Global Bike-Sharing Service Market Report 2023 talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Bike-Sharing Service Industry growth. Bike-Sharing Service market has been segmented with the help of its Bike Type, Sharing System , and others. Bike-Sharing Service market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
By Bike Type, the Traditional/Conventional Bikes Segment Dominating The Bike-Sharing Service Market
Traditional/conventional bikes dominate the bike-sharing service market due to their simplicity and familiarity. Users are accustomed to riding standard bicycles, making them an accessible choice. Additionally, traditional bikes require lower maintenance costs and a longer lifespan than electric alternatives. Their straightforward design appeals to a wide demographic, ensuring widespread adoption. However, the market is evolving by integrating electric and smart bikes to cater to changing preferences.
E-Bikes in the docked sharing system market are witnessing the highest Compound Annual Growth Rate (CAGR) in the forecast period due to their ability to offer assisted mobility. Electric bikes cater to a broader range of users, including those who might find traditional biking strenuous. They extend the range of travel and tackle challenging terrains, making them attractive for urban commuters seeking efficient and eco-friendly transportation options.
- Traditional/Convectional Bikes
- E-Bikes
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By Sharing System, the Docked Segment Dominate the Bike-Sharing Service Market
Docked-sharing systems dominated the bike-sharing market due to their organized infrastructure. Docking stations ensured easy bike pick-up and drop-off, streamlining operations for users. They also facilitated better maintenance and charging of electric bikes. Users had consistent access to bikes at designated locations, which increased convenience. However, the rise of dockless systems provided more flexibility, leading to market dynamics shifting over time.
Due to its enhanced flexibility and convenience, the dockless sharing system is experiencing the highest Compound Annual Growth Rate (CAGR) in the forecast period. It eliminates the need for fixed docking stations, enabling users to pick up and drop off bikes anywhere. This appeals to users’ on-the-go lifestyles, leading to increased adoption. Additionally, technological advancements in GPS tracking and mobile apps have improved dockless systems’ efficiency and user experience.
- Docked
- Dock-less
The North American Bike-Sharing Service Market hold the Largest Market Share of Global Market
The North American region possesses the largest share of the bike-sharing service market due to urbanization, environmental concerns, and increasing adoption of sustainable transportation solutions. Government initiatives and private investments in bike-sharing infrastructure have propelled its growth. The high population density in urban centers and the need for congestion and pollution mitigation further contribute to the popularity of bike-sharing services across North America.
The United States Bike-Sharing Service Market Capture the Largest Market Share in the North America
The United States secured the largest market share in bike-sharing services due to its extensive urbanization, changing mobility preferences, and strong emphasis on environmental sustainability. Robust urban populations and traffic congestion have driven demand for convenient, eco-friendly transportation options. Government support, private investments, and a tech-savvy population have facilitated the growth of bike-sharing programs across major U.S. cities, cementing the country’s dominance in the market.
The Asia Pacific Bike-Sharing Service Market Expected to Grow at The Highest CAGR in The Forecast Period
Due to several factors, the Asia Pacific bike-sharing service market is projected to witness the highest Compound Annual Growth Rate (CAGR) in the forecast period. Rapid urbanization, increasing traffic congestion, and a growing awareness of environmental concerns are driving the demand for sustainable transportation solutions. Governments and private players are investing in bike-sharing infrastructure, while a large population and rising smartphone penetration are accelerating adoption, positioning the region for substantial growth.
The current report Scope analyzes Bike-Sharing Service Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
North America (United States, Canada, Mexico)
Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)
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Author’s Conclusion
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Bike-Sharing Service Market is witnessing significant growth in the near future.
In 2023, the Traditional/Convectional Bikes segment accounted for noticeable share of global Bike-Sharing Service Market and is projected to experience significant growth in the near future.
The Docked segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Uber Technologies Inc. , Bird Rides Inc. and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Key Questions Answered By Bike-Sharing Service Market Report 2023
- Why Traditional/Convectional Bikes have a significant impact on Bike-Sharing Service market?
- What are the key factors affecting the Traditional/Convectional Bikes and E-Bikes of Bike-Sharing Service Market?
- What is the CAGR/Growth Rate of Docked during the forecast period?
- By type, which segment accounted for largest share of the global Bike-Sharing Service Market?
- Which region is expected to dominate the global Bike-Sharing Service Market within the forecast period?
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