Since 2015, a vibrant wave of orange, yellow, blue, and green bicycles has taken over the streets of major Chinese cities like Beijing, Guangzhou, and Shenzhen. These bikes, known as "shared bicycles," quickly became a symbol of urban mobility and innovation. With just a smartphone app, users could scan a QR code to unlock a bike and ride anytime, anywhere. This convenience made shared bikes an instant hit, with thousands of them scattered across city streets. As the Internet of Things (IoT) concept gained momentum, several key players in the shared bike industry saw rapid growth, with market values soaring. One of the leading companies, Mobai, even reached a valuation of over 10 billion.
As one of the most visible examples of IoT in action, shared bicycles are not only changing how people move but also influencing technology development. What technologies power these bikes, and how might they shape the future of IoT and semiconductor industries? He Hui, a senior analyst at IHS Markit, breaks down the technological components behind shared bikes and shares insights into the future of connected devices.
The success of shared bikes is closely tied to the widespread use of smartphones and the expansion of wireless networks. Without these foundational elements, the model wouldn’t have been possible. The core of each shared bike lies in its electronic lock system, which has evolved through several generations. Today, NB-IoT is emerging as a strong candidate for next-generation connectivity due to its wide coverage, low power consumption, and large capacity. However, challenges remain in the NB-IoT network between base stations. To address this, eMTC — a low-power solution based on LTE — serves as a complementary technology. In the future, a hybrid model combining NB-IoT and eMTC may become the standard.
Currently, MediaTek (MTK) dominates the shared bike platform market, supplying over 90% of the units. In the second generation, the MT6261 platform was widely used, originally designed for 2G feature phones. Its efficiency and affordability made it ideal for early-stage shared bikes. The third generation saw the continued success of the MT2503, while the newly launched SC6500 has already been integrated into some models.
The following image shows the current leading platform providers in the shared bike industry:
[Image: Shared bike platform vendors]
Looking ahead, the focus of IoT development will be on integrating NB-IoT and eMTC technologies, with 28nm process nodes becoming the norm. Comparing technical specifications and performance metrics reveals the strengths and unique applications of both technologies in the IoT space.
Shared bikes are more than just a transportation solution; they represent a step toward a fully connected world. By linking people and objects through the internet, they generate valuable data that can lead to smarter, more efficient lifestyles. As we move deeper into the IoT era, shared bikes serve as a real-world example of how technology can transform society and everyday life.
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