With
urbanization, the demand for daily commuting is also growing. People need an
efficient transportation mode to travel from their homes to an intermediate point,
such as a bus stop or metro station, and then from that intermediate point to
work, college or any other destination. Additionally, a large number of people
also travel directly between their home and destination, without using
intermediary modes of transport. Hiring a cab or using other public transit
services can be slightly expensive and not always reliable, in terms of
efficiency, which is why the demand for micromobility services, including bike
(bicycle) sharing, is rising.
From $2.7 billion in 2018, the bike sharing market is expected to grow to $5.0 billion by 2025, at a 10.2% CAGR during 2019–2025 (forecast period). Dock-less and station-based are the two types of bike sharing services available across the world, of which dock-less services were more popular in 2017–2018. This is because dock-less bikes can be picked up and dropped off anywhere, as per the convenience of riders, which makes them more popular. Even service providers prefer dock-less bikes, as these require less capital expenditure than the station-based system.
Among the two types of bikes available for
sharing purposes — pedal and electric — e-bikes are rapidly gaining popularity.
The major reason behind it is that such vehicles are capable of higher speeds,
compared to manually operated bikes. As the demand for higher speeds for
short-distance traveling is increasing, so is the preference for e-bikes.
People are ignoring the fact that sharing services on pedal-assisted bikes are
cheaper than e-bikes, as the latter offer effortless driving, more convenience,
and variable motor power, apart from higher speed.
Along with offering commuters cost
efficiency, bike sharing also helps in tackling the problem of road congestion.
With the increasing population, especially in cities, the number of vehicles on
the roads is also going up. This is leading to the growing problem of urban
congestion, which is prompting governments across the world to encourage the
usage of bikes for first- and last-mile commute. As such vehicles take up
significantly less space on roads and also require smaller parking slots, these
help in controlling the traffic congestion.
Yet another factor tipping the scales in
shared bikes’ favor is the convenience they offer to users. Commuters have to
pay a small registration fee, followed by additional charges for every 30
minutes of travel. Additionally, bicycles are available 24 hours a day, making
round-the-clock commute possible. Service providers have mobile applications,
which provide important details, regarding the bikes, to users, along with instant
booking facility. As there are no fixed parking spots (for dock-less services),
people can keep the vehicles anywhere, after the end of their journey, which
saves the time, otherwise spent in locating parking stations.
The bike sharing market growth in Europe is
predicted to be the fastest across the globe, as a large number of service
providers would venture into the region in the coming years. In regional
countries, bikes are being rapidly made available near major transit hubs, such
as railway stations, thereby offering users convenience and ease of travel.
Additionally, the European Union (EU) also promotes such services, as they are
environment-friendly and help reduce traffic.
Therefore, with an increasing number of
people demanding cost-effective daily commuting options, the popularity of bike
sharing services would continue increasing.
