Bike Sharing Market Size

Bike Sharing Market Analysis

The Bike Sharing Market size is estimated at USD 7.85 billion in 2024, and is expected to reach USD 12.44 billion by 2029, growing at a CAGR of 9.65% during the forecast period (2024-2029).

The rise in vehicular gas emissions and noise is leading to high levels of pollution in major cities worldwide. The demand for clean energy and high-powered vehicles is simultaneously witnessing a healthy growth rate, and this is anticipated to drive the global market for bike-sharing.

Moreover, the growing need for urban transportation periodically increases the number of vehicles on roads, which leads to heavy traffic congestion and high environmental pollution. Bike-sharing programs have been widely adopted by regions like Asia-Pacific, North America, and Europe to alleviate the abovementioned issues. Many bike-sharing operators have started focusing on expanding their fleet of e-bike services to sustain themselves in the growing competition in the bike-sharing market.

The growing number of technological advancements, such as the proliferation of GPS technology, consumer-ready mobile payments, and the Internet of Things (IoT), and the reduction in investment costs of locking and tracking systems for bikes have led to the introduction of dockless bike-sharing systems in the market.

The dockless bike-sharing system has resulted in better bike-sharing services for the growing urban commutes. The system 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 lot instead of the operator’s bike stations.