The Surge In E-Bike Demand Is Expected To Drive Growth In The Bike Sharing Market At A CAGR Of More Than 6% As Per The Business Research Company’s Bike Sharing Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Dec. 13, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s bike sharing global market report 2023, the global bike sharing market is gearing up for substantial expansion, projected to surge from $3.56 billion in 2022 to $3.82 billion in 2023 at a commendable Compound Annual Growth Rate (CAGR) of 7.3%. This upward trajectory is anticipated to continue, propelling the bike sharing market to $4.87 billion by 2027, maintaining a robust CAGR of 6.2%.
Driving Force: Surge in E-Bike Demand
The remarkable surge in demand for e-bikes is poised to be the engine driving the growth of the bike-sharing market. E-bikes, equipped with integrated electric motors and battery systems, are playing a pivotal role in bike-sharing programs. These electric marvels enhance accessibility, improve climbing capabilities, and elevate the overall user experience. According to the Bureau of Transportation Statistics (BTS), the number of available e-scooter systems reached 300 in 2022, a notable increase from 281 in 2021, signifying a growing demand for electric alternatives. The rise in e-bike demand emerges as a key driver propelling the growth of the bike-sharing market.
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Industry Leaders Guiding the Ride
Key players shaping the landscape of the bike sharing market include Uber Technologies Inc., Deutsche Bahn AG, and Meituan Inc. These industry giants are instrumental in steering the market’s trajectory through innovation, technological advancement, and strategic partnerships.
Embracing Innovation
Technological advancements have become a defining trend in the bike-sharing market. Major companies are leveraging new technologies to maintain their market dominance. Bird Global Inc., for instance, launched the Bird Bike, a smart and connected addition to its micro-electric vehicle fleet. With features prioritizing safety, durability, and IoT integration, Bird Bike exemplifies the industry’s commitment to embracing technology for enhanced rider experiences.
Strategic Acquisition for Market Dominance
In a strategic move, Lyft Inc. acquired PBSC Urban Solutions for $160 million in May 2022. This acquisition is geared towards strengthening research and development efforts, improving supply chain leverage, and capitalizing on the growing demand for innovative mobility solutions. PBSC Urban Solutions is a Canadian company specializing in bike-sharing systems and solutions.
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This comprehensive report not only outlines the growth trajectory of the bike-sharing market but also provides strategic insights for stakeholders. Industry players can leverage the nuanced insights within this report to identify growth opportunities, stay abreast of technological trends, and make informed decisions. As the bike-sharing market rides the wave of accelerated growth, stakeholders can utilize this report to align their strategies with the dynamic landscape, fostering innovation and sustainable growth.
Bike Sharing Global Market Report 2023 by The Business Research Company provides insights on the bike sharing market size, bike sharing market segments, bike sharing market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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