According to a new market research report published by Credence Research, “Bike-sharing Services Market (By Bike Type (Bicycles & E-bikes), By Model (Station-based & Dockless), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global bike-sharing services market expected to expand at a CAGR of 12.5% during the forecast period from 2018 to 2026.
Browse the full Bike-sharing Services Market – Growth, Future Prospects, and Competitive Landscape, 2018 -2026 report at https://www.credenceresearch.com/report/bike-sharing-services-market
Investments made by the governments worldwide in developing reliable bike-sharing infrastructure and encouraging concepts like smart cities augurs well with the market growth. The governments are offering subsidies to service providers for setting-up stations and expanding reach to more number of commuters. With rapid growth in urbanization, travel demand and the number of vehicles have grown considerably. Today, many cities across the globe are battling traffic congestion, increased fuel consumption, and deteriorated air quality. Rising fuel consumption has endangered long-term energy security of several countries, making them increasingly susceptible to global oil supply fluctuations. Bike-sharing services significantly reduces the long streaks of traffic, thereby allowing countries to manage environmental challenges and energy dependency effectively.
In terms of business model, station-based bike-sharing model was preferred over dockless bike-sharing by service providers. The value contribution from station-based bike sharing services stood at over 86% in 2017. The trend will prolong and station-based bike-sharing model will continue to generate majority of the revenue stream throughout the forecast period. On the other hand, dockless bike sharing offers more convenience for users since thy need not worry about full stations upon arrival or empty stations at the front-end of the trip. On the contrary, vandalism and theft remains the biggest challenges for dockless bike-sharing service providers. Various incidence of vandalism and bike theft have been reported in several companies across the globe. For instance, in Europe, a leading dockless bike-sharing service provider, Gobee.bike was forced to abandon its operations in Paris after thousands of its bikes were either vandalized or stolen. Similarly, the company had also abandoned its operations in Rome and Brussels because of significant vandalism to its fleet. Service providers are trying to address these issues by installing GPS trackers in their bicycles.
The global bike-sharing services market is in the nascent stage of development and poised to offer significant investment opportunities for all participants (operators, federal agencies, etc.) across the ecosystem. In view of positive outlook and to gain first movers advantage, established companies in other fields are striving to enter bike-sharing business. For instance, Uber’s recent acquisition of Jump will allow the company to gain first movers advantage in the U.S. market and prove its dedication towards becoming an urban mobility company instead of just a taxi alternative. The bike-sharing services business being in the nascent stage of development, early movers with best consumer experience, flexibility, and quality offerings will gain early advantage in the market. Some of the leading vendors profiled in the study include NYC Bike Share, LLC, Hangzhou Public Transport Corporation, Gobee.bike, LimeBike, Dropbike, Ofo, Beijing Mobike Technology Co., Ltd., Uber Technologies Inc., Zagster, and GrabTaxi Holdings Pte Ltd. among others.