Bike Sharing Market Scope, Segmentation, Development and Opportunities with Forecast 2031

Bike Sharing Market - Overview

The global bike sharing market is anticipated to expand at a promising rate from 2021 to 2031 (forecast period). Factors such as increased venture capital investments and the incorporation of e-bikes in the sharing fleet are expected to boost the global bike sharing market during the forecast period. Moreover, technical advancements in bike sharing systems and a rise in government efforts for the construction of bike-sharing infrastructure are likely to provide attractive prospects for the global bike sharing market expansion throughout the forecast period.

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Bike Sharing Market - Competitive Landscape

Leading players in the bike sharing market are Bird Rides, Inc, Anywheel Pte. Ltd, Bond Mobility (Europe) AG, SG Bike Pte Ltd, JCDecaux, Lime, Uber Technologies Inc., BIXI Montreal LYft, Inc., Mobike, Beijing Xiaoju Technology Co, Ltd., Nextbike GmbH, Spin, Tembici, and Youon Technology Co., Ltd.

The key players employ product development, new product introduction, partnerships, acquisitions, mergers, capacity utilization, and product diversification tactics to maintain their market position.

Bike Sharing Market - Trends and Opportunities

The incorporation of e-bikes in the sharing fleet is a major aspect projected to improve the global bike sharing market outlook. In today's environment, mobility is really important. Nevertheless, as health and environmental concerns develop and emissions levels rise, governments and international organizations throughout the world are implementing rigorous emission standards to minimize carbon emissions. The rapid depletion of fossil fuel reserves is raising worries about the sustainability of future generations, presenting a daunting task for governments and society. As a result, e-bikes are proven to be an excellent solution to the problem.

Governments throughout the world are encouraging e-bikes and other measures. Emerging nations such as India and China are driving e-bike demand. For example, China is the world's biggest e-bikes market. China has significant import and export volumes, and it has long been the top exporter of electric bikes. As per China's Ministry of Industry and Information Technology, the country produced 25.48 million electric bikes in the first ten months of 2020.

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Moreover, growing government measures to construct dependable bike-sharing infrastructure, along with the emergence of smart cities throughout the world, are expected to propel the global bike sharing market. Furthermore, various governments are providing financial assistance to service providers in order for them to build stations and serve a huge number of passengers. In 2018, municipal governments in China supported the establishment of the Public Bike Sharing Program (PBSP) to promote non-motorized transportation and provide flexible, convenient, and low-cost mobility choices. Due to rising traffic congestion and fuel expenses, such services are mostly used in cities. Such factors are expected to drive the global bike sharing market during the forecast period.

Bike Sharing Market - Regional Landscape

The Asia Pacific bike sharing market is projected to expand during the forecast period, owing to increased acceptance of bike sharing and increasing consumer preference for energy-efficient transportation alternatives. Customers hire bikes using phone applications for rides. With increasing traffic congestion in the countries, the use of electric bikes is skyrocketing. China is expected to be the largest revenue generator in bike sharing market due to the existence of a significant number of enterprises developing the sharing bike.

North America is likely to witness considerable growth in the global bike sharing market. The fast expansion of bike fleets by large cities like San Francisco, New York, and Chicago and the growing acceptance of leisure activities employing electric bikes are projected to fuel market development in the area.

The bike sharing market in Europe is anticipated to develop throughout the projection period. The increased popularity of the bike sharing concept in the region is due to factors such as improved highway infrastructure and strict pollution standards.

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