Global Bicycle Subscription Market Outlook 2024, Forecast To 2033
12 Nov, 2024
The bicycle subscription market has expanded considerably, expected to grow from $68.23 billion in 2023 to $74.34 billion in 2024 at a CAGR of 8.9%. This growth is attributed to urbanization, environmental awareness, rising fuel prices, advancements in bicycle technology, government incentives, and demand for alternative transportation. The bicycle subscription market is expected to grow strongly, reaching $105.24 billion by 2028, at a CAGR of 9.1%. Growth drivers include expanding urban mobility solutions, technological advancements in e-bikes, rising consumer preference for subscription models, focus on sustainability, government support for green transportation, and growth in last-mile delivery services. Key trends include the adoption of smart bike technologies, expansion of subscription services, integration with public transport, custom subscription plans, data-driven bike management, and enhanced user experience via apps.
Major Driver In The Bicycle Subscription Market
The increasing number of bicycle-related accidents is expected to drive the growth of the bicycle insurance market. Bicycle-related accidents, which include crashes and collisions with motor vehicles, have become a growing concern due to factors like infrastructure challenges, distracted driving, and lack of safety education. Bicycle insurance offers protection against repair costs, medical expenses, and liability in the event of an accident. According to the National Coalition for Safety Roadways, approximately 850 cyclists were killed in 2022 in accidents with cars and trucks, a 12% increase from the previous year. As bicycle-related accidents continue to rise, the demand for bicycle insurance is expected to grow. The market size in 2023 was valued at $1.5 billion, projected to reach $1.9 billion by 2024, and is expected to grow to $3.5 billion by 2028.
Request A Free Sample Of The Bicycle Subscription Market ReportBicycle Subscription Market Competitive Landscape
LimeBike Inc., Swapfiets B.V., Dance Mobility GmbH, Hurrecane Ltd., Brompton Bicycle Ltd., Cowboy Bikes, JUMP Bikes Inc., Capital Bikeshare, Mobi by Shaw Go, CycleOn, Zoomo Pty Ltd., Revel Transit, Dash Mobility, Moby Bikes Ltd., Stromer AG, BIXI Montreal, Fort Wayne Bike Share, CYCLE Mobility Holding GmbH, Buzzbike Ltd., Friiway, Spinlister Inc., Yulu Bikes Pvt Ltd., Cyclocity
Key Bicycle Subscription Market Trend
Companies in the bicycle subscription market are enhancing navigation and route optimization systems for cyclists. In June 2023, Cowboy integrated Google Maps into its e-bike system, offering bike-specific routes and real-time data on speed and battery life. This update, available for iOS and soon on Android, improves urban cycling by providing more precise navigation and enhancing the e-bike user experience with features like wireless charging.
Purchase The Global Bicycle Subscription Market Report Directly And Get A Swift DeliveryGlobal Bicycle Subscription Market Segmentation
The bicycle subscription market covered in this report is segmented –
1) By Subscription Type: Weekly, Monthly, Yearly, One-Way Pass
2) By Bicycle Type: Roadsters, Kids, Premium, E-Bikes
3) By Fleet Location: Personal, Dedicated
4) By Use Case: Individual, Enterprise
By Geography:The regions covered in the bicycle subscription market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the bicycle subscription market in 2023.
The Bicycle Subscription Global Market Report 2024 furnishes information about the global bicycle subscription market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.