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00:00:01
>> Asia's booming bike sharing market is now so big analysts say it could be eating into demand for oil and gas. In China alone the two major bicycle tech startups, Ofo and Mobike, have put more than 16 million sharable bikes on the streets in just two years with more than 100 million people registered to use them.
00:00:20
The industry is moving so fast analysts can't keep up with the exact numbers. But what's clear is economists are readjusting their forecast for car sales and fuel demand as people opt for pedal power instead. As Jessica Jaganathan reports from Singapore, a Reuters survey shows a similar trend across the region.
00:00:39
>> So Reuters did a very informal poll of 60 people around Asia. And we found that a little over 10% say that they will not consider buying a car because of bike sharing. And 18% have said that they will have taken a car, a motorcycle, or a taxi if these bike sharing apps were not available.
00:00:57
So these are staggering statistics. And a survey by Mobike of 100,000 people in just China found that car trips have more than halved, since bike sharing started, amongst their survey respondents. So I think that has huge potential to cut fuel consumption.>> One person to take the survey told Reuters, he no longer sees taxi lines outside Beijing train stations, which may point to a key to success for bike sharing apps across Asia.
00:01:23
>> From our survey, it's also shown that people are using it as a last mile of connectivity. What this means is that they are riding the bicycles to connect to the public transport. I think this is gonna significantly reduce the car usage because public transport is better connected, so no reason to drive, really.
00:01:41
>> If China's big two bike shares are any indication, the trend shows no sign of stopping. Mobike is in 100 cities worldwide, rolling out its services in Malaysia, Thailand, even Washington DC in just the past month. While Beijing-backed app Ofo is on track to hit 20 million bikes by the end of the year.