NEW YORK, Dec. 03, 2019 (GLOBE NEWSWIRE) — According to the market research report published by P&S Intelligence, the global bike sharing market share was valued at $2.7 billion in 2018 and is projected to surpass $5.0 billion by 2025, progressing at a CAGR of 10.2% during the forecast period (2019–2025).
Historically, dock-less systems dominated the bike sharing market, globally. This is majorly due to the fact that users find dock-less bike sharing more attractive because of its parking flexibility and better cost-effectiveness over station-based systems.
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The growing number of partnerships between mobility as a service (MaaS) providers and bike sharing companies is the key trend in the global bike sharing market. The partnerships are aimed at increasing the shared bike ridership by providing integrated solutions to the users. Through the integrated solutions, commuters can access various efficient modes of transport in one trip. Additionally, daily users of public mobility services are now able to reduce their dependency on costlier modes of transport for first and last-mile traveling.
The increasing road congestion in urban areas is leading to growth in the bike sharing market. The rising population in cities is leading to an increasing number of daily commuters, thus creating significant road congestion, especially in the peak hours. Several countries are looking to introduce alternative modes of transport, in order to combat this problem. The introduction of bike sharing services in various cities has proved successful in reducing the traffic on roads significantly, as bikes need lesser traveling area and smaller parking space, thereby making enough space available for commuters using public transport services.
Browse report overview with detailed TOC on “Bike Sharing Market Research Report: By Type (Station-Based, Dock-Less), Geographical Outlook (U.S., Canada, U.K., Italy, Germany, The Netherlands, Spain, France, Finland, China, Singapore, India, Thailand) – Industry Analysis and Growth Forecast to 2025” at: https://www.psmarketresearch.com/market-analysis/bike-sharing-market
Station-based services are witnessing the faster growth in the bike sharing market, globally. It is mainly due to their higher acceptance by the government in various countries, as this system reduces the chances of chaos created by the improper parking of dock-less bikes. Additionally, companies are currently adding electric bikes (e-bikes) to their fleets, which is further supporting the faster growth of this category.
Geographically, Europe is expected to witness the highest growth rate during the forecast period. It is mainly due to the surging number of bike sharing schemes in various countries across the region. Additionally, the number of e-bikes, which are highly preferred in the region, is growing at a rapid rate, which, in turn, would further support the prosperity of the bike sharing market of the region, during the forecast period.
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The bike sharing market is consolidated in nature, with the major players being Ofo Inc., Beijing Mobike Technology Co. Ltd. (Meituan Bike), and Neutron Holdings Inc. (Lime), and Smoove SAS (Velib).
In August 2019, Uber Technologies Inc. teamed up with bike sharing service provider Yulu Bikes Pvt. Ltd., as part of a pilot project to offer bike sharing services to customers across Bengaluru, in India. Through this collaboration, Uber users are able to use Yulu’s e-scooters or bikes for free, the first three times. The mobile application of Yulu is not integrated with Uber’s platform; however, Uber’s application redirects customers to Yulu’s application, to register and book their ride.
Some of the other important players operating in the bike sharing market are Uber Technologies Inc. (Jump),Lyft Inc. (Citi Bike), Youon Technology Co. Ltd. (Hellobike), Bycyshare Technologies Pvt. Ltd. (Mobycy), Clear Channel International Ltd. (ECOBICI), SG Bike Pte. Ltd., Donkey Republic ApS, Yulu Bikes Pvt. Ltd., Bixi Montreal, Tembici (Bike Sampa) and BSM SA (Bicing).
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