The bike-sharing economy is shaking up the transportation market worldwide

Bike-sharing services are becoming a fast-growing market.

Just this week, Uber acquired bike-share startup Jump, adding the company’s fleet of 12,000 dockless bikes to its transportation offerings. There’s no doubt that Uber is paying close attention to the growing popularity of bike-sharing services, which are taking off in cities worldwide.

A report compiled by Bike-sharing Blog reveals just how significant the increase in bike-sharing services has been in recent years. As this chart by Statista shows, the number of public-use bikes has experienced massive growth since 2013, when there were only 700,000 public-use bikes in circulation worldwide. By 2016, that number had more than tripled to 2.3 million. The most significant growth took place in China, which in 2016 had 430 public-use bike programs in operation.

Chart of the dayShayanne Gal/Business Insider

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.