Vietnam Bike-Sharing Market Size (2024 - 2029)

Vietnam Bike-Sharing Market Analysis

The Vietnam Bike-Sharing Market size is estimated at USD 88.97 million in 2024, and is expected to reach USD 143.61 million by 2029, growing at a CAGR of 10.05% during the forecast period (2024-2029).

Over the long term, the increasing traffic congestion and consumers' growing preference for sustainable transportation are expected to act as significant determinants for the growth of the bike-sharing market in Vietnam. Due to the lack of an efficient traffic management system and the growing urban population, consumers face immense difficulties in traveling between places for a shorter duration. Therefore, to reduce traffic congestion and complement the government's efforts to promote the decarbonization of the transport sector, there exists a massive demand for bike-sharing services across the country.

• According to the General Statistics Office of Vietnam, the urban population in Vietnam stood at 38.23 million in 2023 compared to 37.35 million in 2022, representing a Y-o-Y growth of 2.35% between 2022 and 2023.
• The government's aggressive focus on investing hefty sums in enhancing the country's bicycling infrastructure also facilitates the creation of an efficient ecosystem for bicycle riders, thereby positively impacting the demand for bike-sharing services.
• Consumers prefer using bike-sharing services rather than purchasing a new bicycle owing to their cost-effectiveness, which allows them to use bicycles at a lower price. Various organizations, such as the United Nations Development Programme and Transport Authorities of cities in Vietnam, are organizing events to enable the construction of optimal bicycling infrastructure, which is expected to contribute to the surging growth of the bike-sharing market.
• One of the major challenges that the market faces is the growing incidents of bike damage and theft. Since these bicycles are lightweight and are deployed in open public spaces, the incidents of thefts can increase. Moreover, the lack of accountability of customers in returning the bicycles in a proper condition poses a significant threat to the industry since these companies charge a lower deposit and usage cost. To mitigate such adverse effects, companies are actively pursuing the integration of technologies, such as advanced lock systems, ID verifications, etc., into their fleet. In the coming years, various players are expected to integrate into the market as there remain low barriers to entry.

Vietnam Bike-Sharing Industry Segmentation

Bike-sharing refers to a shared transportation service wherein individuals gain access to conventional or electric bikes for commuting purposes at a specified rent.

The Vietnamese bike-sharing market is segmented by bike type, sharing system, sharing duration, and application. By bike type, the market is segmented into traditional/conventional bikes and e-bikes. By sharing system, the market is segmented into docked/station-based, dockless, and hybrid. By sharing duration, the market is segmented into short-term and long-term. By application, the market is segmented into regular commutes and recreation, and tourism. The report offers market size and forecasts in value (USD) for all the above segments.