The bike sharing market is a highly competitive industry. Companies that are involved in the industry are facing huge competition and are implementing a number of strategic measures to expand their business operations. These strategies include partnerships, product approvals, new products, collaborations, events, and organic growth. They also focus on new technological developments and innovative manufacturing processes.
Bike sharing companies are introducing a large number of shared bikes into cities. They provide riders with the convenience of riding a bicycle at any time, anywhere. In addition, they provide the consumer with a low cost way of transportation. This form of transportation is gaining popularity, especially in countries that have high per capita incomes. As a result, the Bike Sharing Market is expected to record massive growth over the review period.
Asia Pacific is a dominant region in the global bike sharing market. Countries such as China and Singapore are focusing on expanding their bike infrastructure. Due to the increasing demand for low-cost transportation alternatives, this region is expected to offer lucrative opportunities for industry expansion. It is estimated that the regional market will grow at a rate of 13.1% over the forecast period.
Europe is the second largest region in the global bike sharing market. Countries in this region are experiencing rapid growth due to the increase in per capita disposable incomes. Additionally, the e-bike sharing industry is advancing rapidly, as many consumers are switching to this mode of transportation. Electric bikes are easier to operate than pedal-powered bikes, and are also more convenient for short-distance commuting.
Latin America is an emerging region in the bike sharing market. Developing economies, such as those in Mexico, Peru, and Colombia, have a substantial two-wheeler user base. In addition, several start-ups are investing in this market. Although the industry is still a young one, it is expected to develop into a major revenue-generating segment over the next few years.
North America is the third-largest region in the global bike sharing market. Several factors are contributing to the market’s rapid growth, including the rising demand for fuel-efficient vehicles and the increased awareness of environmental concerns.
Increasing demand for low-cost alternative forms of transportation, along with the growing presence of prominent players in the market, is anticipated to drive the regional market. Dock based system networks are the dominant type in the Bike Sharing Market. These types of bicycles require less capital and are less expensive to operate than dockless models. Generally, dock based system networks have an average density of about 23 bicycles per square kilometer. Compared to dockless models, dock based system networks are easier to administer and provide more customer reliability.
Major players operating in the bike sharing market are Ofo, Lime, JUMP, SG Bikes, DiDi Bike, Lyft, and Tembici. Their strategies for expanding their businesses include mergers and acquisitions, partnerships, and product approvals. Several bike sharing companies are also experimenting with new products and technologies to expand their operations. Some companies in the bike sharing industry are investing in R&D activities to improve the quality of their products.