According to market research conducted by Allied, the global bicycle rental market reached 1.37 billion US dollars in 2017, increased to 2.1 billion US dollars in 2021, and is expected to reach 11.3 billion US dollars in 2031, with a compound annual growth rate of 18.5%.
As a transportation service, bike sharing provides multiple users with low-cost travel opportunities in a very simple and convenient way, and requires no follow-up maintenance. Compared with the air pollution and resource waste easily caused by the use of multiple cars, bike sharing is obviously more environmentally friendly.
During the epidemic, the number of bike sharing trips decreased by nearly one third compared with that of public transport. According to Apple’s mobile data, in Boston, by the end of May 2020, the number of public transport passengers had decreased by 71%, while the number of bike sharing trips had only decreased by 33%. Similarly, in the San Francisco Bay Area, the use of public transport fell by 75%, while the share of bicycles fell by only 10%. The number of public transport passengers in New York City decreased by 77%, but the bicycle share decreased by only 4%.
It has occupied the largest market share in the rental market in the Asia Pacific region. Population growth in developing countries and increased demand for electric bicycles are important reasons for market growth.
Consumers are becoming more and more inclined to cost-effective and environment-friendly means of transportation. Electric bicycles have become the first choice for travel, which has well met the requirements of short commute. The government is also implementing various measures to promote the use of electric bicycles. Not only are various subsidy policies introduced, but also some automobile manufacturers have begun to enter the electric industry. Large automobile enterprises such as Porsche and Mercedes Benz have launched their own brands of electric bicycles.