In 2023, Meituan generated about 276.7 billion yuan in revenue, a significant increase from just four billion in 2015. As of 2023, Meituan ranked seventh globally among internet companies in market capitalization.China’s local service leaderFounded in 2010, Meituan is China's leading q-commerce and online food delivery service provider. The company generates the most revenue from its core local commerce businesses, such as food delivery and e-commerce. The company’s revenue and user numbers have seen prominent growth in recent years, especially after the outbreak of the coronavirus pandemic. As of the end of 2022, Meituan had more than nine million merchants and 680 million users.From local to globalMeituan's success was largely due to its change in strategy, which focused on cultivating the local market. The company expanded rapidly in various online-to-offline on-demand services, including online food delivery, car hauling, event ticket booking, and quick commerce. In 2022, the company recorded more than 17 billion on-demand transactions, roughly equals to more than 40 transactions per user. Resulting from a saturated domestic market and growth slow-down, Meituan is reported to seek for global expansion. In May 2023, Meituan officially announced the launch of its food delivery brand, KeeTa, in Hong Kong.

Product Market size is rising upward in the past few years And it is estimated that the market will grow significantly in the forecasted period

The global dockless bike sharing market is projected to witness a substantial growth over the forecast period from 2023 to 2030. The market is driven by the increasing adoption of dockless bike sharing as a convenient and eco-friendly mode of transportation. Governments and municipalities worldwide are encouraging the use of dockless bike sharing systems to reduce traffic congestion and improve air quality. The rising demand for last-mile connectivity and increasing urbanization are further propelling the growth of the market. However, the market is facing certain challenges that may hinder its growth. These include regulatory restrictions, vandalism, and theft of bikes. Additionally, the emergence of ride-sharing services poses a competitive threat to dockless bike sharing. Despite these challenges, the market is expected to continue expanding as governments and businesses recognize the benefits of dockless bike sharing and implement measures to address the challenges. Key players in the market include Meituan Dianping, ofo, Hamilton Bike Share, DiDi Chuxing, and Shanghai Jun Zheng Network.

According to Cognitive Market Research, The global bicycle market size is USD 65.2 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 10.2% from 2023 to 2030.

The demand for bicycle is rising due to the numerous strategies adopted by key participants.
Demand for electric bicycles remains higher in the bicycle market.
The men category held the highest bicycle market revenue share in 2023.
Asia Pacific bicycle will continue to lead, whereas the European bicycle market will experience the most substantial growth until 2030.

Urbanization and Government Initiatives to Provide Viable Market Output

The trend of urbanization is leading to increased demand for bicycles as a practical and efficient mode of transportation in crowded urban areas. Bicycles can be faster and more convenient than cars or public transportation in city traffic, and they take up less space, making them a popular choice for city dwellers. Government initiatives to promote sustainable transportation and reduce carbon emissions are also driving growth in the bicycle market. Governments are investing in infrastructure, such as bike lanes and bike-sharing programs, and providing incentives for consumers to choose bicycles over other modes of transportation, such as tax incentives or subsidies.

For instance, in 2018, Chinese bike-sharing company Mobike was acquired by Meituan-Dianping, a Chinese online food delivery and local services platform. The acquisition allowed Meituan-Dianping to expand its offerings and provide customers with a more comprehensive range of services.

(Source:www.reuters.com/article/us-mobike-m-a-meituan-idUSKCN1HB0DU/)

Increasing Awareness of Health and Fitness and Technological Advancements to Propel Market Growth

Increased awareness of the health benefits of cycling, such as improved cardiovascular health, weight loss, and reduced stress, is driving demand for bicycles. More people are looking for ways to stay active and improve their overall health, and cycling is a convenient and enjoyable way to achieve those goals. Moreover, advancements in bicycle technology, such as e-bikes and other electric-powered bicycles, are driving innovation and growth in the market. E-bikes, in particular, are becoming increasingly popular as they provide an easier and more convenient cycling experience, making cycling accessible to a wider range of consumers.

For instance, in 2020, Specialized launched its Turbo Creo SL e-road bike, which is designed to provide a smooth and efficient ride on both paved and unpaved roads. The bike features a lightweight carbon frame, a powerful motor, and long-lasting battery, making it ideal for both commuting and recreational riding.

(Source:www.bikeradar.com/news/specialized-turbo-creo-sl/)

Increasing traffic congestion in urban areas is driving the demand for bicycles for short distance travelling

Market Dynamics of Bicycle

High Cost, Limited Infrastructure and Weather Conditions to Restrict Market Growth

The high cost of high-end bicycles and e-bikes makes them less accessible to some consumers, which can limit the market's growth potential, particularly in developing countries. In addition, limited infrastructure, such as bike lanes and secure bike parking, can discourage consumers from using bicycles, particularly in areas with high traffic or safety concerns. Weather conditions, such as rain, snow, and extreme heat, can also limit the usability of bicycles and discourage consumers from using them as a mode of transportation. Furthermore, concerns about safety, particularly among new or inexperienced cyclists, can limit the market's growth potential, as accidents involving bicycles and motor vehicles can discourage consumers from using bicycles as a mode of transportation.

Impact of COVID–19 on the Bicycle Market

The COVID-19 pandemic has had a significant impact on the bicycle market. With the pandemic limiting travel and public transportation, more people have turned to bicycles as a safe and sustainable mode of transportation, leading to an increase in bicycle sales, particularly in the entry-level and mid-range segments. However, the surge in demand has also led to a shortage of bicycles in many parts of the world, as manufacturers struggle to keep up with the sudden increase in demand. The e-bike market has seen significant growth during the pandemic, as consumers seek out alternati...