The transportation sector is going through a transformative period. Electric vehicles are taking off, micromobility is on the rise, and consumers are demanding more sustainable means of transportation.
One type of transportation that is both popular and fits comfortably within all three of these parameters is bike-sharing. This growing market has proven that it's here to stay, and with the right IoT investments, businesses can secure their place in this expanding market.
The bike-sharing market
Let's take a look at that market. Here are a handful of key insights and statistics surrounding the growth of the bike-sharing market. By understanding these insights, you can better understand how your business fits into the global marketplace.
The market is growing
The first thing to know is that the market is growing. The bike-sharing market was valued at $3 billion in 2020 and is expected to reach $4 billion by 2026. That is substantial growth for a relatively new market that has a relatively low barrier to entry.
This means that businesses that get in now will be able to grow with the market, starting small and experiencing significant gains in just a few short years.
The demand for sustainable transportation is growing
The bike-sharing market is growing, and so is the demand for planet-friendly transport. We already know that electric vehicles are taking off. What started as a futuristic trend has now become a goalpost for nations worldwide. And with prices coming down and options increasing, consumers are becoming more aware and excited about sustainable transportation.
Bike-sharing represents a unique and affordable sustainable transportation solution for last-mile trips.
Local and national governments subsidise bike-sharing
In addition to the above points, another reason to invest in bike-sharing is that local and national governments are beginning to subsidise bike-sharing programmes. Unlike electric scooters, bike-sharing fits neatly into the existing city infrastructures.
Bikes present a safer, more familiar alternative that can help free up roads and reduce citywide emissions. This government support can make it easier for businesses to find their footing within the bike-sharing marketplace.
Why is IoT necessary for the growth of bike-sharing?
IoT is an increasingly important component of bike-sharing success. IoT offers the ideal solution for many of bike sharing's most significant challenges and value offerings. Below are some key ways that IoT and bike-sharing can work together.
Users can quickly book bikes
IoT gives bike-share users a quick way to book bikes. All users need to do is download an app, and they can instantly see how much a ride will cost, which bikes are available nearby, and they can unlock these bikes quickly from their smartphone.
Businesses can track bike locations
IoT also makes it easy for bike-sharing businesses to keep track of bike locations. This can reduce theft and losses, which are significant concerns within the smart mobility industry.
Understand where bikes are being ridden
Tracking the location of your bikes also gives you access to rich data. You can use this data to understand where users are riding your bikes most often, allowing you to strategically deploy, charge, and station your bikes around a city.
Secure bikes through alarms
Bike-sharing services can benefit from IoT by using IoT to secure their bicycles. Whenever a bike is suspected of having been stolen, IoT connectivity can help set off smart alarms or remotely lock bike wheels, rendering the bike useless until you recover it.
How Velos IoT can help bike-sharing businesses
If your bike-sharing business is looking for IoT support, Velos IoT has the infrastructure to help. Velos IoT can provide great connectivity worldwide, excellent support for your business, and expert knowledge.
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