Pedaling Forward: Bike Sharing Market Trends and Sustainable Urban Mobility
The bike sharing market is growing at present. And this trend will continue in the future as well.
One of the major industrial trends is the increasing count of partnerships between MaaS providers and bike sharing corporations. Through this union, companies can increase the ridership and consequently their revenue.
The insertion of e-bikes in the sharing fleet is a key factor powering the growth of the industry. An e-bike is the -preferred option, as it better fulfils the necessity for higher speed in short-distance commuting, as opposed to a pedal alternative.
Features for instance higher speed, more comfort, effortlessness in driving, and variable motor power according to the conditions of the road make e-bikes more favored for sharing.
The integration of other modes of transport in service offerings by bike sharing service providers presents a huge opportunity for the bike sharing market ecosystem.
The dock-less category led the industry in the past. It has a lot to with the growing count of companies choosing the dock-less bike sharing concept, as it needs lesser capital and involves lesser spending than a station-based system.
Moreover, dock-less bike sharing is more enticing to the users because to its affordability and suitable features, for example advanced parking flexibility in the station-based system.
APAC was the leader of the bike sharing market in the past, and this trend will continue in the years to come as well. It has a lot to do with the vast fleet size of the numerous players providing bike sharing schemes, mostly in China.
About four years back, Jump introduced bike sharing services in Rome. For the service, 700 bikes were intended to be deployed all across the city, initially, and the number was intended to increase to 2,800. Around four years back, Hellobike made a partnership with CATL and Ant Financial Services to cumulatively invest USD 144 million for the establishment of a joint venture. With the help of this joint venture, a network of storage units lets bike riders to get their hands on charged batteries throughout their commute.
It is because of the growing road congestion all over the globe, the requirement for bike sharing will continue to grow in the years to come.