Dublin, July 14, 2021 (GLOBE NEWSWIRE) -- The "Bike Sharing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The bike-sharing market was valued at USD 3 billion in 2020 and is anticipated to reach USD 4 billion by 2026, at a CAGR of about 6% during the forecast period (2021 - 2026).
The outbreak of COVID-19 and the subsequent shutdowns have affected the bike-sharing sector in several countries. The negative impacts of the pandemic are visible in the decline in daily bookings of bikes. Hence, the reduction in adoption rates due to the pandemic-induced disruptions hindered the growth of the market in 2020.
The growing need for urban transportation has periodically increased the number of vehicle usage on-road and ultimately led to heavy traffic jams and high environmental pollution. To alleviate the above growing issue, the bike-sharing program has been widely adopted by major regions, like Asia-Pacific, North America, and Europe.
Many bike-sharing operators have started focusing on expanding their fleet of e-bikes to sustain in the growing competition in the bike-sharing market. For instance, Mobike, and Ofo plan to expand their e-bike sharing services not only in Asian countries but across international markets, like North America and Europe.
Growing technologies, such as the proliferation of GPS technology, consumer-ready mobile payments, and IoT, and reducing the investment cost of locking and tracking systems for bikes have led to the introduction of dockless bike sharing system in the market. The dockless bike sharing system resulted in offering better bike sharing services in the growing urban commutes and allows the ease of transit access by offering users the sheer flexibility of picking up and dropping off bikes freely at any legal public vehicle parking instead of operator's bike stations.
Key Market Trends
Growing Demand for Eco-friendly Transportation
Mobility plays a significant role in the current world. However, due to continually growing environmental and health concerns and increasing emission levels, governments and international organizations across the world are enacting stringent emission norms to reduce carbon emission levels. Additionally, depletion of fossil fuel levels at an alarming rate has been creating a sustainability concerns for the future generations, thereby, posing a huge challenge for the governments and society. Thus, e-bikes are proving to be an ideal solution for the challenge.
E-bikes, especially pedelecs, are gradually becoming the ideal mode of transportation. E-bikes, such as pedelecs, are eco-friendly and reliable. For instance, in December 2020, HumanForest an e-bike provider, has raised GBP 1.3 million via a crowdfunding campaign. London, U.K.-based HumanForest aims to offer a sustainable e-bike service in cities starting with London in the Spring, followed by expansion across Europe. HumanForest ran a trial of this service in the summer with 200 e-bikes and plans to utilize the latest funds to expand the fleet to 1,500 e-bikes..
The governments across the world are promoting e-bikes and also taking various initiatives. The e-bike demand is majorly driven by developing countries, such as China and India. For instance, China is the largest market for e-bike. The import and export volumes in China are also large, and China has always been the largest exporter of electric bikes. According to Ministry of Industry and Information Technology of China, country output of electric bicycles reached 25.48 million during the first 10 months of the 2020, a year-on-year increase of 33.4%. During this period the revenue of major bicycle manufacturing companies reached about USD 22 billion, a increase of 16.8%.
Bike Sharing Growing Across Asia-Pacific
According to the China Bicycle Association from January to September 2020, the volume of bicycle exports expanded 12% over the same period last year to USD 2.43 billion, owing to high consumption of bicycles in almost every part of the world after the pandemic, in order to avoid the public transportation, as well as avoiding traffic.
Various new public bicycle sharing system has been introduced in major cities in the region. For instance,
In Noveber 2020, The German Development Cooperation (GIZ) and the Ministry of Construction of Vietnam signed a Memorandum of Understanding on the development of technical guidelines for the design of cycling infrastructure. Under the partnership, the DeveloPPP programme 'Promote and Pilot a Public Bike-Sharing (PBS) Scheme in Vietnam towards Sustainable Urban Mobility and Smart Cities', will be funded funded by the German Federal Ministry of Economic Cooperation and Development (BMZ).
In December 2020, the Ho Chi Minh City Department of Transport announced that the municipal People's Committee had given an in-principle approval for piloting a public bicycle-sharing system, in some areas across the city for 12 months. The bicycle-sharing system, invested and operated by Tri Nam Group JSC,
In December 2020, in India, the Chandigarh Smart City Limited (CSCL) launched a pilot project with 225 cycles at 25 docking stations. In the next phase, by May 2021, 1,250 cycles will be added and docking stations will be increased from 25 to 155.
The bike sharing market is majorly dominated by players, such as Lyft, Uber, Neutron Holdings Inc., Meituan, dba Lime (formerly LimeBike), Youon Bike, and Bird Rides. The bike sharing market has wittnessed its ups and downs during the last few years, with various new companies entered the market whereas some exited after few years of service. For instance,
In June 2020, Cooltra has launched a new electric bike-sharing service in Barcelona, Spain. Company was previously offering motorcycle sharing through app. The price of this service is the same as that of electric motorcycles, 0.24 euros per minutes.
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Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1.1 Traditional Bike
5.2 Sharing System
5.3.1 North America
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Uber Technologies Inc.
6.2.2 Didi Chuxing Technology Co.
6.2.3 Neutron Holdings Inc.
6.2.4 Lyft Inc.
6.2.6 JCDecaux Group
6.2.7 Youon Bike
6.2.8 Bird Rides Inc.
6.2.10 Meituan Bike
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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