The booming population and increasing number of vehicles on the road shave led to excessive traffic congestion, which, in turn, has led to the penetration of bike sharing services in towns and cities. The roads in urban settings are packed with automobiles during peak hours, owing to an exponential rise in the number of daily commuters. The availability of bike sharing fleets in cities has helped in dealing with traffic problems, as bikes need a smaller parking area and narrower traveling space.
Additionally, the recent trend of partnerships between bike sharing companies and other mobility as a service (MaaS) providers will drive the bike sharing market at a CAGR of 10.2% during the forecast period (2019–2025). These partnerships are directed at amplifying the shared bike ridership by offering integrated solutions to users. Commuters can access several efficient modes of transportation in one trip via these integrated solutions. These sharing services further reduce the dependence of daily commuters on costlier modes of public transport, particularly for first- and last-mile connectivity. These factors will help the market grow from $2.7 billion in 2018 to $5.0 billion by 2025.
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With the advent of electric vehicles (EV) on account of the rising environmental concerns, fleet operators have started focusing on the induction of e-bikes in their fleets. These service providers are also preferring e-bikes over pedal bikes as the former offer higher speed while covering short distances. Additionally, the enhanced convenience, effortless driving, and variable motor power according to the road conditions have added to the popularity of e-bikes globally. Moreover, service providers are also inducting e-scooters into their fleets, including those that are integrated with internet of things (IoT) devices for smart unlocking.
The type segment of the bike sharing market is bifurcated into station-based and dock-less. Of these, the dock-less category dominated the market in 2018, as this concept requires lesser capital and involves lesser operational expenses in comparison to a station-based system. However, the station-based category will witness the faster growth in the coming years, due to the increasing acceptance of this model by the governments of different countries. This concept reduces the chances of the chaos generated by the improper parking of dock-less bikes.
Geographically, the Asia-Pacific (APAC) region witnessed the highest adoption of bike sharing services in the past, and it will continue to do so in the foreseeable future. This can be attributed to the enormous fleet size of the bike sharing companies operating in the region. Currently, China has the largest fleet size in the region due to the presence of established bike sharing operators like Mobike and Hellobike and the hefty investments they have received in the last few years.
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Furthermore, the European bike sharing market is expected to display the highest growth rate during the forecast period, owing to the soaring number of such schemes in regional nations. For example, Jump introduced its bike sharing services in Rome, Italy, in October 2019. Under this service, 700 bikes were deployed in the initial phase, with the number being increased to nearly 2,800 by November 2019. Moreover, the increasing preference for e-bikes in the region will support the market growth during the forecast period.
Thus, the cost-effectiveness and high convenience of bike sharing services will increase their penetration in the coming years.
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