The dock-based and dockless smart bicycle sharing systems have become popular in recent years. The demand for last-mile connectivity by enabling multi-modal transit is fostering the need for smart bicycle sharing services across the regions.
More than dock-based bicycles, dockless bicycles are gaining popularity mainly due to the low-cost infrastructure. However, the dockless ride-sharing companies have faced tough regulatory challenges in Europe and North America as on-demand smart bicycles caused congestion. Often, consumers seem to be the key challenge for dockless bicycle sharing companies, through:
- Theft and misuse of vehicles
- Not parking it in the allocated parking spaces, leading to road congestion
- Fines imposed on ride-sharing service providers by local transportation authorities for not parking bicycles properly
Due to the above reasons, dockless bicycle sharing providers had to close their operations in few of the cities they were operating. These companies are highlighting a need for enabling public spaces for their parking uses; however, it needs a high level of support from regulatory bodies.
Recently, the smart bicycle sharing vendors are moving toward coexisting strategy that focuses on enabling parking facility for dockless bicycles at dock-based stations and sharing the navigation and parking information. Local regulatory authorities in China, Finland, and the US have created guidelines for sharing data between smart bicycle sharing companies. However, the ride-sharing companies are expected to collaborate to bring private data platforms for government use.
According to Infoholic Research, the “global smart bicycles” market is expected to grow at a CAGR of 4.7% during the forecast period 2017–2023.
The study offers a comprehensive analysis of the “global smart bicycles” market. Bringing out the most prominent and relevant insights of the industry, the report aims to provide an opportunity for the players in this domain to understand the latest trends, current market scenario, government initiatives, industries, and technologies related to the market. In addition, it will help the venture capitalist in understanding the companies better and take informed decisions.