Market Overview:
The South Korea Bike Sharing Market size was reasonably estimated to be approximately USD 3.6 Million in 2022 and is poised to generate revenue of over USD 4.93 Million by the end of 2030, projecting a CAGR of around 4 % from 2023 to 2030.
The bike-sharing industry in South Korea has been on a consistent upward path, gaining favor among commuters, locals, and tourists alike as a convenient and environmentally friendly means of short-distance transportation within urban areas. Integral to this growth has the integration of smart technology. Smartphone applications equipped with GPS tracking and digital payment systems have streamlined the process of locating, accessing, and utilizing bikes, thereby facilitating widespread adoption across diverse demographics. Efforts to enhance safety and infrastructure have been a priority for both governmental bodies and bike-sharing providers. Investments in cycling infrastructure, including designated lanes and educational initiatives for cyclists, have been instrumental in improving the overall user experience and ensuring rider safety. The South Korean bike-sharing market is not devoid of challenges. Intensifying competition among operators may necessitate market consolidation or shifts in dynamics. Additionally, concerns such as bike theft, vandalism, and maintenance expenses require ongoing attention from operators to sustain the viability of their services.
Top Key Players Covered in The South Korea Bike Sharing Market:
- Seoul Public Bike (South Korea)
- Ttareungyi (China)
- Jeju Sharing Bike (South Korea)
- MObike (China)
- Kakao Mobility (South Korea)
- Socar (South Korea)
- Greenwheels (China)
- Naver Map (South Korea), and Other Major Players
Market Dynamics and Factors:
Bike sharing emerges as a sustainable and convenient solution amidst urban congestion, offering a swift alternative to traditional modes of transportation. Beyond easing traffic woes, it promotes wellness by seamlessly incorporating physical activity into daily routines, fostering improved fitness and well-being. Its affordability, particularly for short city trips, stands out compared to owning vehicles or relying on ride-hailing services. Cities' investments in cycling infrastructure, like dedicated lanes and racks, bolster safety and allure, further driving its appeal.
Integration with other transportation modes enriches the biking experience, facilitating seamless transitions between bikes and buses, trains, or subways. As a crucial last-mile link, it bridges gaps between public transit stops and destinations, encouraging more widespread public transportation usage. This integration also extends bike-sharing reach to areas underserved by direct transit routes, including suburban or less densely populated regions. Such enhancements expand access to bike-sharing services, making sustainable transportation options accessible to a broader demographic.
The South Korea Bike Sharing Market Report Highlight:
- By Bike Type, E-bikes are gaining dominance in bike-sharing due to several key factors. Their electric motor assistance provides enhanced convenience, allowing riders to cover longer distances with less physical effort. Additionally, they easily navigate hilly terrain, expanding the reach of bike-sharing services. E-bikes appeal to a wide range of users, including those less physically fit or inexperienced in cycling. Technological advancements like GPS tracking and mobile apps improve the user experience. Furthermore, the South Korean government's emphasis on eco-friendly transportation and potential subsidies encourages e-bike adoption, contributing to their popularity in the market.
- By Country, Seoul, South Korea's most populous city, presents a prime market for bike-sharing services due to its dense urban population and robust demand for alternative transportation solutions. With millions of residents and commuters, the city offers a significant customer base for bike-sharing operators. Complemented by a well-established public transportation network of buses and subways, bike sharing serves as a convenient last-mile solution for commuters. Seoul's commitment to enhancing cycling infrastructure, including dedicated lanes and bike racks, has bolstered safety and attractiveness for cyclists, encouraging greater adoption of bike-sharing services as a reliable transportation option.
Key Industry Development:
- In March 2023, Kakao Mobility, the ride-hailing subsidiary of South Korean messaging and internet giant Kakao, made its first acquisition to bolster its international presence. The company successfully acquired Splyt, a London-based startup known for its expertise in collaborating with apps across various sectors, including travel, ride-hailing, and finance.
- In December 2021, mobility innovation platform Sokka, announced its acquisition of Nine-to-One, the operator of the shared personal mobility platform 'Elecle.' The acquisition aimed to strengthen the 'streaming mobility' service ecosystem, which serves as the foundation for the 'Mobility Super App.' Under the acquisition deal, Sokka acquired 100% of the shares of Nine-to-One.
The South Korea Bike Sharing Market Segmentation:
By Bike Type
- Traditional Bike
- E-bike
By Sharing System
- Docked
- Dockless
By User Type
- Tourists and Visitors
- Regular Commuters
For this report, Pristine Intelligence Research has segmented the South Korea Bike Sharing Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
- North America
- The U.S.
- Canada
- Mexico
- Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
- Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
- Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
- Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- South America
- Brazil
- Argentina
- Rest of SA
