Bike Sharing Market Size

Bike Sharing Market Size

Bike Sharing Market size valued at over USD 4 billion in 2018 and will grow at a CAGR of 15% from 2019 to 2025. The global fleet size is expected to reach 35 million bikes by 2025.

Increasing government initiatives for the development of reliable bike-sharing infrastructure coupled with the proliferation of smart cities across the globe are driving the bike sharing market growth. Various governments are offering subsidies to service providers for developing stations and expanding their reach to a large number of commuters. In 2018, Chinese Municipal governments subsidized the Public Bike Sharing Program (PBSP) development to encourage non-motorized transport and offer convenient, flexible, and low-cost mobility options. These services are majorly used in urban areas due to the rise in traffic congestion and increased fuel prices. Growing concerns related to the rise in environmental pollution are leading toward the adoption of environment-friendly transport solutions including bicycles and electric bikes, supporting industry growth.
 

A major factor hampering industry growth is the increase in bike vandalism & theft. Several such incidents have been reported globally by the dock less bike-sharing service providers in recent years. For instance, in September 2018, Mobike abandoned its services in Manchester due to theft & vandalism in the city, resulting in huge bike losses. However, companies are making large investments to enhance the security of free-floating bikes, which will reduce the impacts of such incidents and will ensure bike safety.