As per the report published by Kings Research, the global Bicycle Sharing Market was valued at USD 11.82 billion in 2022. The market is projected to reach USD 31.42 billion by 2030, growing at a CAGR of 13.26% from 2023 to 2030.
Government initiatives play a vital role in supporting the growth of the bicycle sharing market. Governments around the world are actively supporting cycling as a sustainable mode of transportation. They are investing in dedicated cycling infrastructure, building bike lanes, and implementing supportive policies to promote eco-friendly commuting options. These initiatives are enhancing the cycling experience and creating an environment conducive to the success of bicycle sharing programs.
By fostering a cycling-friendly ecosystem, governments are encouraging citizens to embrace bicycles as a viable means of transportation, which is helping reduce traffic congestion and promoting a more sustainable urban mobility landscape, thereby propelling the growth of the bicycle sharing market.
Key Insights
- Based on type, the traditional bicycles segment held the largest market share of 92.12% in 2022
- Based on sharing system, the hybrid segment is poised to grow at the highest CAGR of 16.65% over 2023-2030
- On the basis of region, Asia Pacific generated the highest revenue of USD 5.20 billion in 2022
Development Finance Corporation (DFC) and IDB Invest Partner with Tembici to Expand Urban Electric Bike-Sharing Services
December 2023: The U.S. International Development Finance Corporation (DFC) and IDB Invest collaborated with Tembici, a prominent bike-sharing platform, to amplify urban electric bike-sharing services in Latin America. This partnership aimed to tackle urban mobility challenges by advocating for sustainable transportation alternatives. The investment played a pivotal role in expanding Tembici's electric bike fleet, enhancing accessibility, and mitigating carbon emissions in cities across Latin America. This strategic alliance symbolized a concerted effort to promote eco-friendly urban mobility solutions, aligning with broader initiatives geared towards advancing sustainable transportation and reducing the environmental impact of commuting throughout the region.
Growing Environmental Consciousness Fuels Bicycle Sharing Market Growth
Growing environmental concerns are driving the growth of the bicycle sharing market. As people become more conscious of the need for eco-friendly transportation options, bicycles are gaining popularity as a clean and green mode of commuting due to their sustainability. This increasing environmental awareness is a major factor pushing the market forward, as individuals strive to reduce their carbon footprints and adopt sustainable lifestyles. Thus, with increasing environmental consciousness, the demand for bicycle sharing services is foreseen to rise substantially in the coming years.
Traditional Bikes to Experience Substantial Growth Owing To Numerous Benefits
Traditional bicycles are experiencing remarkable growth in the bicycle sharing market. Their simplicity, affordability, and universal appeal spark interest among riders globally. Many riders prefer the familiarity and reliability of traditional bikes, finding them more accessible and easier to maneuver in various terrains. Moreover, concerns about sustainability and eco-friendliness drive the preference for conventional pedal-powered bicycles. The demand for traditional bicycles continues to soar, as cities embrace bike-sharing programs to combat traffic congestion.
Asia Pacific to Continue its Dominance in the Forecast Years at a Robust CAGR of 15.85%
Based on region, the global bicycle sharing market is classified into North America, Europe, Asia Pacific, MEA, and Latin America. The Asia Pacific region is set to dominate the bicycle sharing market over the assessment period due to several factors. Rapid urbanization in densely populated countries like China and India is driving the demand for efficient and sustainable transportation.
Government initiatives that support eco-friendly mobility solutions are further contributing to this dominance. Additionally, the cultural acceptance of cycling and the growing middle class in the region are strengthening its leadership in the market. As Asia Pacific continues to invest in cycling infrastructure and embrace technological advancements, it is solidifying its position as a key region in the bicycle sharing market.
Major Industry Players Ink Collaborative Deals to Strengthen Market Foothold
The global bicycle sharing market is fragmented with key players such as Mobike, Lime, ofo, JUMP Bikes, Bird, Citi Bike, oBike, Bluegogo, Zagster, Spin, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.