Emerging Trends and Growth Opportunities in the Bike Sharing Market
The global market for bike sharing is constantly expanding. Bike sharing is an innovative form of urban transportation that combines the ease of use and functionality of commuting with accessibility to public transportation.
Bike sharing is built on a self-service bike station infrastructure that may encourage new demographics and draw more people to bicycle commuting by providing enjoyable, sanitary, and sturdy bikes. Additionally, worsening traffic problems brought on by an increase in automobile use and advancements in ride-sharing navigation technology are both factors driving up the demand for bike-sharing globally. The growth of the bike-sharing market is being driven by an increase in government efforts for the creation of dependable infrastructure for bike-sharing and the spread of smart cities globally. For instance, the Indian government promotes the usage of electric motorcycles. The government intends to convert gasoline-powered automobiles to electric ones.
According to MRFR analysis, the global Bike Sharing Market is expected to register a CAGR of ~9% from 2023 to 2032 and hold a value of over USD 8.9 Billion by 2032.
Regional Analysis
Due to the rising production of vehicles and the presence of major companies operating there, Asia-Pacific is expected to control the market in the next years. Additionally, in the North American and European markets, disposable income per capita and purchasing power are growing.
Market Segmentation
The global Bike Sharing market has been segmented by Bike, Sharing System, and Sharing Duration.
Based on Bikes, the market has been segmented into Traditional bikes and E-Bike.
Based on Sharing System, the market has been segmented into Docked and Dockless.
Based on Sharing Duration, the market has been segmented into Short Term and Long Term.
Key Players
Some of the key market players are Bluegogo, Dropbike, JCDecaux, Lyft, Inc, Mobike, Neutron Holding Inc, Motivate, Jump Bikes, OFO, and Nextbike Berlin.
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