The proliferation in the smart city development in Asia Pacific and the MEA is expected to drive the bike sharing market growth over the forecast timeline. The increase in incidents of dockless bike theft & vandalism is hampering the industry. The technological advancements in navigation & GPS technology are aiding service providers to track the exact location of bikes, eliminating the chances of bike thefts. The lack of awareness about bike-sharing in rural areas will restrict their use, limiting industry expansion.
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Bike Sharing Market is expected to exceed USD 10 billion by 2025. The growing environmental and health concerns across the globe are leading toward the adoption of environment-friendly transport solutions. Commuters are increasingly adopting bike-sharing, carpooling, and electric vehicle alternatives, to address the challenges of increasing traffic congestion and greenhouse gas emissions. Various governments across the globe are supporting the development of bike-sharing programs by offering infrastructure development subsidies and offering ample parking spaces for bikes.
The demand for free-floating bikes is increasing across the globe due to their benefits such as maximum accessibility and enhanced convenience. Commuters are allowed to park their bikes at any location. Companies are focusing on delivering more dockless bike-sharing services, to expand the customer base. For instance, in April 2018, a Brazilian start-up company, Yellow, announced the deployment of over 20,000 dockless bikes in the bike sharing market. Players are incorporating advanced GPS technologies to increase the security of free-floating bikes. The technology provides alerts to local security teams when bikes are moved without being unlocked.
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The working professionals in North America are increasingly opting for these services to commute to and from their workplace. As per the statistics revealed by the National Association of City Transportation Officials, in August 2019, approximately 84 million shared bikes & scooters trips were taken across the U.S. in 2018, with e-bikes used twice as frequently as pedal bikes. Players in the region are majorly focusing on the deployment of more e-bikes over traditional pedal bicycles to enhance the users' experience. For instance, in April 2019, Citi Bike announced the deployment of 4,000 electric bikes and 13 new bike stations across the U.S. The company is planning to replace its one-third fleet size to electric bikes over the coming years.
Major players operating in the bike sharing market are Lime, Mobike, Youon, Lyft, Jump, and ofo. Companies are delivering advanced bikes with IoT and AI technologies to gain competitive edge over the rivals. For instance, in January 2019, Tembici announced the utilization of Stage Intelligence BICO AI optimization technology in its bike-sharing services. The technology provides actionable insights regarding bike usage, addressing several challenges in bike-sharing.
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