Bike Sharing Market Expected to Reach $5.2 Billion by 2028, Fueled by Urbanization and Environmental Awareness

The bike sharing market size has grown strongly in recent years. It will grow from $3.82 billion in 2023 to $4.09 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to urbanization and population density, environmental awareness, government initiatives and policies, infrastructure development, health and wellness trends.

The bike sharing market size is expected to see strong growth in the next few years. It will grow to $5.2 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to electric bike integration, micro-mobility solutions, data analytics for optimization, smart city integration, subscription models and loyalty programs. Major trends in the forecast period include technology advancements, collaboration with public transport, autonomous bike technologies, customization and personalization, climate-responsive infrastructure.

Market Overview -
Bike sharing, also known as bicycle sharing, is a system that allows individuals to rent bicycles for short-term use. Bike sharing provides an accessible and convenient transportation option that promotes sustainable mobility, reduces congestion, and supports healthier and more active communities.

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Surge In E-Bike Demand Fuels The Expansion Of The Bike Sharing Market
The rise in demand for e-bikes is expected to propel the growth of the bike-sharing market going forward. An Electric bike is equipped with an integrated electric motor and battery system. E-bikes play a significant role in bike-sharing programs by increasing the accessibility of bike-sharing systems, improving climbing capability, and enhancing the overall experience for users. For instance, in August 2022, according to the Bureau of Transportation Statistics (BTS), a U.S. federal agency, the number of available e-scooter systems increased to 300 in 2022, up from 281 in 2021. Additionally, the number of cities with e-scooter systems grew to 158 in 2022, compared to 136 in 2021. Therefore, the rise in demand for e-bikes is driving the growth of the bike-sharing market going forward.

Competitive Landscape -
Major companies operating in the bike sharing market report are Uber Technologies Inc., Deutsche Bahn AG, Meituan Inc., DiDi Bike, Lyft Inc., JCDecaux Group, Hello Inc., Neutron Holdings Inc., TIER Mobility SE, Bird Rides Inc., Youon Technology Co. Ltd., Tembici, Yulu Bikes Pvt. Ltd., CycleHop LLC, Bond Mobility AG, Blue Bikes, Nextbike GmbH, BIXI Montreal, Swiftmile Inc., Zagster, Donkey Republic, PBSC Urban Solutions, Urbo Solutions, Ofo, Divvy Bikes, Flick.Tech Ltd., SG Bike Pte Ltd, Anywheel Pte Ltd., Beijing Xiaoju Technology Co. Ltd., Santander Cycles.

Bird Global Inc. Cutting Edge Bird Bike Leads Technological Advancements In Bike-Sharing
Technological advancements are a key trend gaining popularity in the bike-sharing market. Major companies operating in the bike-sharing market are adopting new technologies to sustain their position in the market. For instance, in June 2021, Bird Global Inc., a US-based provider of environmentally friendly electric transportation, launched Bird Bike, a new addition to its shared micro-electric vehicle fleet. The Bird Bike is designed to prioritize safety and durability and is a smart, connected vehicle that complements existing transportation networks in cities. It features a powerful electric motor capable of assisting riders on steep inclines, a sturdy frame with a step-through design for enhanced safety and maneuverability, a front basket for storage, and large pneumatic tires for a smooth ride. The bike also incorporates IoT features like self-automating diagnostics, geo-speed technology, and multi-mode geolocation to ensure compliance with regulations in cities and towns of all sizes.

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Key Segments -
The bike sharing market covered in this report is segmented -
1) By Bike Type: E-Bike, Conventional Bikes
2) By Sharing: Docked, Dock Less
3) By Duration: Short Term, Long Term
4) By Model Type: Free-Floating, Peer-To-Peer (P2P), Station Based

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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