In 2023, the bike-sharing market achieved a valuation of USD 7,390.2 million, and it is anticipated to exhibit a compound annual growth rate (CAGR) of 10.6% from 2024 to 2030. This growth trajectory is expected to lead to a market value of USD 14,915.0 million by the year 2030. This growth of the market can be credited to the increasing count of service providers, growth in technologies, and growing demand for bike-sharing facilities.

On the basis of the sharing system, the dockless category impacted the bike-sharing industry, and rising at a quicker rate. This growth can be credited to the growing count of players that are settling for the dockless bike-sharing method, as it requires less money and includes reduced investment than a system based on station.

Worldwide, the APAC region is the largest industry for bike sharing and it is estimated to experience the same trend over the projection period. This can be mainly credited to the rising count of bike-sharing arrangements in the area and the growing expenditure in this field. For example, Chinese technologists of bike sharing, like Mobike and Hellobike, have attained extraordinary funds in the past few years. Also, the count of bike fleets, with the funded amount, and docking stations is growing.

Customers' rapid embrace of bike-sharing services in various nations like China, India, Vietnam, and Singapore has been notable, driven by the escalating demand for such services. As an illustration, in December 2020, Chandigarh Smart City Limited (CSCL) launched a trial project featuring 225 bicycles across at least 25 docking stations in India. Subsequently, in the following stage of the initiative in May 2021, the total number of cycles expanded to 1,250, and the count of docking stations surged from 25 to 155.

Hence, the key propellers of the bike-sharing industry include the increasing sharing bike fleet size, increasing count of sharing bike service providers, growing demand for bike-sharing services, and growth in technologies.