Bicycle Sharing Market – global industry analysis, size, share, growth, trends and forecast

Bicycle Sharing Market: Introduction

Bicycle sharing is a service or public bicycle sharing scheme in which bikes are available for shared use for a short time or a monthly basis to an individual. The bicycle sharing system allows the people to rent a bike from a dock and return it at another dock of the same system. Docks are special bicycle racks that lock the bicycles and unlock it using Bluetooth enabled devices such as smartphones. In recent times, dockless bicycle sharing system is gaining traction in the market, in this system, all bicycles are GPS enabled and can be tracked by the bicycle sharing operators. In a dockless bicycle sharing system, user can borrow or return the bicycles at any legal public parking instead of dock station across the same city with the help of smartphone applications. These dockless system reduces the pressure on existing road or footpath infrastructure and reduces the usage of motor personal vehicles.

With the advancement in technologies, such as proliferation in GPS, prepaid payment options, IoT and reduced cost of tracking and locking systems for bicycles has led to the increase in the number of sharing bicycle fleet across the globe.

Additionally, with the introduction of dockless bicycle sharing system, there is significant increase in the number of sharing bicycle users in the developing and developed nations as these system saves the times to park the bicycles and also encourage the people to travel through bicycle for short-distance commute.

Bicycle Sharing Market: Segmentation

Bicycle Sharing Market: Regional Outlook

In the Bicycle sharing market, Asia Pacific is estimated to hold the dominant share in the global market due to the high number of sharing bicycle fleet size and also increase in the number of sharing bicycle service providers across the region. In the Asia Pacific, China is driving the growth of the market as well as hold prominent share.

With the introduction of sharing electric bicycles, companies such as Mobike and Ofo plan to expand its services across the Asian countries as well as North America and Europe. In North America, many service providers are focusing on increasing the electric bicycle fleet to gain a competitive advantage.

For Instance, in 2018, Jump Bike has increased its fleet of electric bicycles by nearly 250 units in San Francisco. In Europe, working professionals are using the sharing bicycle to go to their offices to escape traffic congestion as well as to reduce pollution. These factors are expected to glare the growth of bicycle sharing market over the forecast period.

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