South Korea Bike Sharing Market Research Report 2023

South Korea Bike Sharing Market Synopsis

The South Korea Bike Sharing Market size was reasonably estimated to be approximately USD 3.6 Million in 2022 and is poised to generate revenue of over USD 4.93 Million by the end of 2030, projecting a CAGR of around 4 % from 2023 to 2030.

• The bike-sharing market in South Korea had been growing steadily and gaining popularity. Bike-sharing services continued to be an attractive transportation option for short-distance travel within cities, providing commuters, residents, and tourists with a convenient and eco-friendly mode of transportation.
• Smart technology played a crucial role in the success of bike-sharing in South Korea. User-friendly smartphone apps with GPS tracking and digital payment systems made it easy for users to locate, unlock, and use bikes, contributing to the widespread adoption of bike-sharing across various demographics.
• Safety and infrastructure were areas of focus for both the government and bike-sharing operators. Investments in cycling infrastructure, dedicated bike lanes, and educational programs for cyclists were implemented to improve user experience and ensure the safety of riders.
• However, the bike-sharing market in South Korea was not without its challenges. Increased competition among operators could lead to some consolidation or changes in the market dynamics. Bike theft, vandalism, and maintenance costs were also concerns that operators had to address to maintain the sustainability of their services.

Top Key Players:

Seoul Public Bike (South Korea), Ttareungyi (China), Jeju Sharing Bike (South Korea), MObike (China), Kakao Mobility (South Korea), Socar (South Korea), Greenwheels (China), Naver Map (South Korea), Hancom Mobility (South Korea), Ddareungi (South Korea), Orento (South Korea), Green Bike (South Korea), Green Eco Bike (South Korea), K Bike (China), Seoul Bike (South Korea), Seoul E-Bike (South Korea), PUMP (Germany), Oullim (South Korea), Smart Bike (Germany), Webike (China), and Other Major Players.

The South Korea Bike Sharing Market Trend Analysis

Increasing Adoption of Bike Sharing as A Sustainable and Convenient Mode of Transportation

• Many urban areas face severe traffic congestion, resulting in longer commute times, increased fuel consumption, and air pollution. Bike sharing offers a practical alternative for short-distance travel, allowing commuters to bypass traffic jams and reach their destinations faster.
• The promotion of health and wellness has become a priority for individuals and communities alike. Cycling provides an excellent opportunity for physical exercise, which can lead to improved fitness levels, weight management, and overall well-being. Bike sharing allows people to incorporate physical activity into their daily routines easily.
• Bike sharing is generally a cost-effective transportation option, especially for short trips within cities. Compared to owning a personal vehicle or using ride-hailing services, bike sharing incurs lower expenses, making it an attractive choice for budget-conscious individuals.
• Many cities have invested in cycling infrastructure, such as dedicated bike lanes, bike racks, and bike-friendly roads. These enhancements make cycling safer and more appealing, encouraging more people to opt for bike sharing as a reliable means of transportation.

The Increasing Integration of Bike Sharing with Other Transportation Modes

• By integrating bike sharing with other transportation modes such as buses, trains, and subways, commuters can enjoy a seamless and efficient multimodal transportation experience. Bike sharing serves as a valuable last-mile solution, bridging the gap between public transit stations and final destinations. This convenience encourages more people to use public transportation as they know they can easily access bikes to complete their journeys.
• The integration of bike sharing with other transportation modes allows for expanded coverage in areas where direct public transportation routes may not be available or are limited. As a result, bike-sharing services can reach a broader audience, including those living in suburban or less densely populated areas.
• By integrating bike sharing with other transportation modes such as buses, trains, and subways, commuters can enjoy a seamless and efficient multimodal transportation experience. Bike sharing serves as a valuable last-mile solution, bridging the gap between public transit stations and final destinations.
• The integration of bike sharing with other transportation modes allows for expanded coverage in areas where direct public transportation routes may not be available or are limited. As a result, bike-sharing services can reach a broader audience, including those living in suburban or less densely populated areas.

Segmentation Analysis of The South Korea Bike Sharing Market

Bike Sharing market is segmented into the Bike Type, Sharing System, and User Type. By Bike Type, E-bike segment is Anticipated to Dominate the Market Over the Forecast Period.

• This dominance is attributed to several factors that make e-bikes increasingly popular among bike-sharing users. E-bikes offer enhanced convenience with their electric motor assistance, making it easier for riders to cover longer distances without excessive physical exertion.
• Moreover, e-bikes' ability to navigate hilly terrain with ease expands the reach and usability of bike-sharing services to a wider geographical area. Their versatility appeals to various demographics, including less physically fit individuals and those with limited cycling experience, making them accessible to a broader market segment.
• Technological advancements in e-bikes, such as GPS tracking, mobile apps, and digital payment systems, enhance the user experience and convenience. The South Korean government's focus on promoting eco-friendly transportation and reducing carbon emissions further encourages the adoption of e-bikes, with potential subsidies and incentives provided to support their usage.

Country Analysis of The South Korea Bike Sharing Market

Seoul is Expected to Dominate the Market Over the Forecast Period.

• Seoul is the most populous city in South Korea, with a dense urban population. The high population density creates a large customer base and demand for alternative transportation solutions like bike sharing. With millions of residents and commuters, the city offers a significant market for bike-sharing operators.
• Seoul boasts a well-developed and extensive public transportation system, including buses and subways. Bike sharing complements this network, providing a convenient last-mile solution for commuters to reach their final destinations from public transport stations.
• Seoul invested in improving cycling infrastructure, such as dedicated bike lanes and bike racks. These efforts made it safer and more appealing for cyclists to use bike-sharing services. The availability of well-maintained cycling paths and bike-friendly infrastructure encouraged more people to opt for bike sharing as a reliable mode of transportation.

COVID-19 Impact Analysis on South Korea Bike Sharing Market

• During the early stages of the pandemic, there was a sharp decline in demand for bike-sharing services in South Korea. The implementation of lockdowns, social distancing measures, and travel restrictions led to reduced mobility and fewer commuters and tourists using bike-sharing services.
• With the avoidance of public transportation to reduce the risk of infection, there was a noticeable shift in usage patterns. Bike sharing became an appealing alternative for short-distance commuting and essential travel. Some individuals turned to cycling as a form of outdoor exercise and a way to travel safely within their neighborhoods during lockdowns.
• Shift in Usage Patterns: With the avoidance of public transportation to reduce the risk of infection, there was a noticeable shift in usage patterns. Bike sharing became an appealing alternative for short-distance commuting and essential travel. Some individuals turned to cycling as a form of outdoor exercise and a way to travel safely within their neighborhoods during lockdowns.

The Revenue of the Bike-sharing Market in South Korea exhibited a steady upward trend from 2018 to 2021, with figures rising from 21.93 million USD to 28.82 million USD. This positive growth trajectory showcased the market's resilience and adaptability, even amidst challenges posed by the COVID-19 pandemic. However, in 2022, there was a slight decrease in revenue to 26.7 million USD, indicating potential fluctuations and the need for stakeholders to closely analyze market dynamics to sustain growth in the future. Overall, the data highlights the overall positive performance of the South Korea bike-sharing market during the given period.

Top Key Players Covered in The South Korea Bike Sharing Market

• Seoul Public Bike (South Korea)
• Ttareungyi (China)
• Jeju Sharing Bike (South Korea)
• MObike (China)
• Kakao Mobility (South Korea)
• Socar (South Korea)
• Greenwheels (China)
• Naver Map (South Korea)
• Hancom Mobility (South Korea)
• Ddareungi (South Korea)
• Orento (South Korea)
• Green Bike (South Korea)
• Green Eco Bike (South Korea)
• K Bike (China)
• Seoul Bike (South Korea)
• Seoul E-Bike (South Korea)
• PUMP (Germany)
• Oullim (South Korea)
• Smart Bike (Germany)
• Webike (China), and Other Major Players.

Key Industry Developments in the South Korea Bike Sharing Market

In March 2023, Kakao Mobility, the ride-hailing subsidiary of South Korean messaging and internet giant Kakao, made its first acquisition to bolster its international presence. The company successfully acquired Splyt, a London-based startup known for its expertise in collaborating with apps across various sectors, including travel, ride-hailing, and finance.

In December 2021, mobility innovation platform Sokka, announced its acquisition of Nine-to-One, the operator of the shared personal mobility platform 'Elecle.' The acquisition aimed to strengthen the 'streaming mobility' service ecosystem, which serves as the foundation for the 'Mobility Super App.' Under the acquisition deal, Sokka acquired 100% of the shares of Nine-to-One.