US Bike Sharing Market Research Report 2023

US Bike Sharing Market Synopsis

The US Bike Sharing is Expected to Grow at a Significant Growth Rate, and the Forecast Period is 2023-2030, Considering the Base Year as 2022.

The bike-sharing market refers to the industry and ecosystem of shared bicycle services that operate in a specific region or globally. It involves the provision of bicycles for short-term use to the public on a pay-as-you-go or subscription basis. US Bike Sharing enables individuals to rent bicycles for brief periods, typically ranging from a few minutes to a few hours, and use them for short-distance trips within urban areas.

• Over the years, the US bike-sharing business has seen substantial expansion and adoption, particularly in metropolitan centres where inhabitants are looking for more eco-friendly and alternative modes of transportation. With US Bike Sharing, users can borrow bikes for short trips and return them to predetermined stations or drop-off places.
• Bikes are made available for short-term use. This transportation strategy promotes sustainability, lessens traffic, and provides a convenient and effective way to get around cities. Both docked and dockless bike-sharing programs are common, accommodating different user preferences and offering a variety of solutions for problems with urban mobility.
• Different forms of bike-sharing programs are available in the US. Fixed stations where users can borrow and return bikes are a feature of docked bike-sharing systems. In contrast, dockless bike-sharing systems make use of modern innovations like GPS and smart locks to let bikes be parked and leased from a variety of locations.

Top Key Players Involved Are:

"Motivate (US), Lime (US), Bird (US), Jump (US), Citi Bike (US), Divvy (US), Capital Bikeshare (US), Bluebikes (US), Indego (US), Nice Ride Minnesota (US), Breeze Bike Share (US),CoGo Bike Share (US), Bublr Bikes (US), Houston BCycle (US), Bike Chattanooga (US), Portland Bike Share (US), WeHo Pedals (US), Relay Bike Share (US), Zagster (US), Spin (US) and Other Major Players."

The US Bike Sharing Market Trend Analysis

Increasing Urbanization of Cities

• Increasing urbanization refers to the process of a population moving from rural areas to urban areas, leading to the growth and expansion of cities. This trend is observed worldwide, with a significant concentration of the population living in urban centers. The urbanization process is driven by various factors, including economic opportunities, better access to services, and improved quality of life in urban areas.
• Urban areas often offer a more diverse range of job opportunities compared to rural regions. Industries, businesses, and services tend to cluster in cities, attracting people from rural areas in search of employment and higher wages.
• Urban areas offer a higher standard of living, with access to amenities, cultural experiences, recreational facilities, and entertainment options. The allure of a vibrant urban lifestyle attracts individuals and families seeking better living conditions. Moreover, Cities often host a concentration of educational institutions, including universities, colleges, and specialized schools.

Increasing Demand for Efficient Transportation and Mobility Solutions

• The increasing demand for efficient transportation and mobility solutions in urban areas presents a significant opportunity for various industries and businesses. As cities continue to grow and face challenges related to traffic congestion, environmental sustainability, and transportation efficiency, there is a strong need for innovative solutions to meet the urban population's mobility needs.
• The rising demand for alternative transportation options has led to the popularity of bike-sharing services, electric scooters, and other micro-mobility solutions. Companies specializing in bike-sharing and micro-mobility have the opportunity to expand their operations and introduce new technologies to cater to the growing urban market.
• With the increasing emphasis on reducing carbon emissions, the demand for electric vehicles (EVs) is on the rise. This creates opportunities for manufacturers and companies involved in EV production, as well as businesses focusing on EV charging infrastructure development and maintenance.
• Ride-sharing and carpooling services have gained popularity as efficient and cost-effective transportation options. Companies operating in this space have the opportunity to improve and expand their services to accommodate the growing demand for shared rides.

Segmentation Analysis of The US Bike Sharing Market

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

• E-bikes have gained significant popularity in recent years due to their numerous benefits. E-bikes are equipped with electric motors that provide pedal-assistance, making it easier for users to navigate through various terrains and cover longer distances with less physical effort. The added convenience and comfort have attracted a broader range of users, including those who may not have considered traditional bicycles.
• E-bikes offer a faster and more efficient mode of transportation compared to traditional bicycles, especially for longer commutes or hilly terrains. Commuters and city dwellers can cover more significant distances in less time, making E-bikes a practical choice for urban mobility and last-mile connectivity.
• As cities aim to reduce carbon emissions and promote sustainable transportation, E-bikes are seen as a greener alternative to cars and other motorized vehicles. Their electric motors are powered by batteries, and when charged with renewable energy sources, E-bikes can significantly contribute to reducing the environmental impact of urban transportation.

Country Analysis of The US Bike Sharing Market

New York is Expected to Dominate the Market Over the Forecast Period.

• New York City is the most populous city in the United States, with a high concentration of residents within a relatively small geographic area. The dense urban environment creates a strong demand for efficient transportation options, making US Bike Sharing a practical and convenient choice for many New Yorkers.
• Citi Bike, one of the largest and most well-known bike-sharing systems in the US, operates in New York City. Launched in 2013, Citi Bike has expanded its fleet and coverage area over the years, becoming an integral part of New York City's transportation options.
• New York City has made significant investments in bike infrastructure, including bike lanes, bike paths, and bike-friendly streets, making it safer and more appealing for cyclists to use bike-sharing services.
• The city government has been supportive of sustainable transportation initiatives, including US Bike Sharing, by encouraging cycling, promoting active transportation, and improving bike-friendly infrastructure.

Covid-19 Impact Analysis on US Bike Sharing Market

• The COVID-19 pandemic had a major impact on various industries, including the bike-sharing market in the United States. During the early stages of the pandemic, many bike-sharing operators in the US temporarily suspended their services to comply with lockdown measures and reduce the risk of virus transmission.
• With many people working remotely or facing job disruptions, the demand for bike-sharing services for commuting purposes decreased. As a result, bike-sharing companies saw a decline in ridership as fewer people needed shared bikes for daily commuting.
• Despite the initial decline, some bike-sharing companies adapted by promoting their services as a safe and socially-distanced transportation option during the pandemic. They emphasized the benefits of outdoor activities and individual mobility while maintaining physical distance from others.

                                                                                                                                                                                                  Source - Statista

The revenue of the US bike-sharing market showed steady growth from 2018 to 2019, increasing by $7.5 million (2.8%). However, the year 2020 witnessed a significant impact of the COVID-19 pandemic, with revenue declining by $58.9 million (21.1%) compared to the previous year. The pandemic-induced lockdowns, safety concerns, and changes in commuting patterns resulted in reduced ridership and temporary suspension of services. Despite the challenges, the bike-sharing market demonstrated resilience and adaptability, with revenue rebounding to $279.6 million in 2021, reaching the same level as in 2019. The positive trajectory continued in 2022, surpassing the previous revenue peak and reaching $298.5 million, indicating a strong recovery and positive prospects for the industry. The data showcases the market's ability to recover and thrive despite the setbacks caused by the pandemic, highlighting its potential for further growth in the coming years.

Top Key Players Covered in The US Bike Sharing Market

• Motivate (US)
• Lime (US)
• Bird (US)
• Jump (US)
• Citi Bike (US)
• Divvy (US)
• Capital Bikeshare (US)
• Bluebikes (US)
• Indego (US)
• Nice Ride Minnesota (US)
• Breeze Bike Share (US)
• CoGo Bike Share (US)
• Bublr Bikes (US)
• Houston BCycle (US)
• Bike Chattanooga (US)
• Portland Bike Share (US)
• WeHo Pedals (US)
• Relay Bike Share (US)
• Zagster (US)
• Spin (US) and Other Major Players.

Key Industry Developments in the US Bike Sharing Market

In April 2023, the Portland Bureau of Transportation made an announcement stating that Biketown, Portland's bike share service, would be expanding its fleet by 30% to 2,000 electric bikes by the end of summer. In 2022, Biketown achieved a significant milestone by setting a record of more than half a million rides.

In March 2023, Capital Bikeshare added 850 e-bikes to its fleet. This marked the first iteration of a planned expansion of the regional bike-sharing system in the district since the pandemic began. In 2021, the district had announced $19 million towards a six-year plan to add 80 stations and 2,500 electric bikes.