As the disposable income of people has risen considerably over the past few years, the affordability of automobiles has increased as well. Today, a larger number of people are able to buy private vehicles than say 10 years ago. A direct result of this increased ownership of vehicles is the increased number of vehicles on the roads. Major cities across the globe a witnessing surging traffic congestion, which further cause immense inconvenience. Several people have now started making use of public transport and shared mobility services in order to avoid the increased amount of traffic on roads.
While car sharing services have been immensely popular in the past, these days, bike sharing services are also gaining traction among the general public. It is much easier to navigate through traffic if a person is making use of bikes instead of cars, owing to which, the demand for these services is growing rapidly. As per a report by P&S Intelligence, the global bike sharing market of predicted to generate a revenue of over $5.0 billion by 2025, increasing from $2.7 billion in 2018, and is expected to demonstrate a 10.2% CAGR during the forecast period (2019–2025).
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Geographically, Asia-Pacific has been the largest bike sharing market up till now and the situation is projected to be the same in the coming years as well. This is because of the vast fleet size of several players that are providing bike sharing schemes in the region, primarily in China. Apart from this, the demand for these services is also expected to increase significantly in the European region as well during the forecast period. This can be attributed to the increasing number of bike sharing schemes in several countries and growing deployment of e-bikes in the region.
In conclusion, the demand for bike sharing services is growing due to the surging traffic congestion across the globe.