BIKE SHARING MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Bike Sharing Market Analysis:

The bike sharing market achieved a valuation of USD 3 billion in 2020 and is projected to reach USD 4 billion by 2026, with a compound annual growth rate (CAGR) of approximately 6% during the forecast period (2021–2026).

The bike sharing sector in various countries was adversely affected by the outbreak of COVID-19 and subsequent shutdowns. The pandemic-induced disruptions resulted in a decline in daily bike bookings, thereby impeding the market’s growth in 2020.

The increasing demand for urban transportation has led to a rise in the number of vehicles on the road, resulting in heavy traffic congestion and significant environmental pollution. To address these issues, major regions such as Asia-Pacific, North America, and Europe have widely adopted bike sharing programs.

In order to stay competitive in the bike sharing market, many operators have focused on expanding their fleet of e-bikes. For example, companies like Mobike and Ofo have plans to expand their e-bike sharing services not only in Asian countries but also in international markets such as North America and Europe.

Advancements in technology, such as the widespread use of GPS technology, consumer-friendly mobile payment systems, and the decreasing cost of locking and tracking systems for bikes, have facilitated the introduction of a dockless bike sharing system in the market. This system offers improved bike sharing services for urban commutes, allowing users the flexibility to pick up and drop off bikes at any legal public vehicle parking area instead of designated bike stations operated by the companies.

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