Bike Sharing Market Business Opportunities, Key Players and Forecast Report by 2025

1. Bike Sharing Market Trend, Growth Opportunities Created by COVID19 Outbreak The global bike sharing market generated a revenue of $2.7 billion in 2018 and is expected tosurpass $5.0 billion by 2025, advancing at a 10.2% CAGR during the forecast period (2019-2025). The market is growing due to the greater convenience of bike sharing, economical mobility option, urban road congestion, and deployment of e-bikes. In terms of type, the market is divided into dock-lessand station-based, between which, the dock-less division is predicted to dominate the market during the forecast period. The faster growth is projected to be registered by the station-baseddivision. A primary driving factor of the bike sharing marketis the urban road congestion due to the surging population in urban cities. Because of the increased number of daily commuters in urban areas, the roads are heavily congested especially during peak hours. Hence, several countries are focusing on introducing new alternatives in order to deal with this problem. The countries are encouraging the use of bikes as a solution for the first and last-mile connectivity for daily commuters. In addition, bikes take lesser space on roads which can significantly reduce the traffic onroads. Request to Get the Sample Report@ https://www.psmarketresearch.com/market-analysis/bike- sharing-market/report-sample Another factor driving the bike sharing market is the economic viability of this mobility option. The typical revenue structure of a bike sharing service includes an initial fee for unlocking the bike and $0.15 per 30 minutes of travel on an average, which is less than that of other public shared mobility options, including ride sharing services, car rental services, and taxi services. Furthermore, several companies have started providing subscription-based sharing services on a monthly, weekly, and daily basis, thereby making commuting more economical for regularusers. Both electric and pedal bikes are convenient mobility options for the general public which is further resulting in the growth of the bike sharing market. People who commute on a daily basis can reach their destination faster, with e-bikes, at a minimal cost. In addition, dock-less bike sharing services provide more convenience to the users than station-based system, as with this option, the users are not required to park the bikes at specific stations. These services are moreover available on 24/7 basis, thereby making the users assured of the availability of the bikes wheneverrequired. Hence, the market is growing due to the several advantages of bike sharing services such as greater convenience and economicviability.