The bike and scooter rental market is expected to reach USD 11.04 billion by 2028, growing at a CAGR of 20.01% from 2021 to 2028. The rising traffic congestion, strict regulations towards emission, rising demand for an economical mode of transportation, and increasing use of emission-free and micro-mobility vehicles are some of the major factors that fuel the growth of the bike and scooter rental market.
- The dockless segment is incorporated into the high demand for the bike and scooter rental market during the forecast period. The smartphone application is used to locate and unlock the bikes. Due to the lesser requirement of hardware, there is a huge demand for the dockless system segment.
- The pedal propulsion segment is expected to witness the largest share of the bike and scooter rental market during the projected period. This segment is basically useful for shorter distances and the frequency of renting the pedal vehicle is high. These are the reasons to increase the demand for the pedal segment in the market.
- The Asia Pacific has anticipated the fastest growth of bike and scooter rental market than others during the forecast period. Bike-sharing charges as compared to other automotive vehicles are low and this one is also the reason to boost the bike and scooter rental market demand in the region.
Major players that contribute to the growth of the bike and scooter rental market are Cityscoot SAS, Uber Technologies Inc., Lime, Bird Rides, Inc., ofo Inc., COUP Mobility GmbH, Mobycy, Vogo rentals, Nextbike GmbH, Lyft, Inc., MOTOCRUIZER TECHNOLOGIES INDIA PVT. LTD., Mobike, Spin, eCooltra, Bolt Bikes, Yulu Bikes Pvt Ltd, YEGO Urban Mobility SL, Spinlister, Zoomo, VOI Technology AB, and Emmy-sharing, among others.
Increasing demand for micro-mobility services because of their cost-effectiveness is accelerating the demand for the bike and scooter rental market in the coming years. Also, increase focus towards various transportation modes is likely to give a positive response to the growth of the bike and scooter rental market. On the other hand, there is a lack of infrastructure to give better service and this factor is responsible for hindering the market growth. Whereas, an upsurge in the adoption rate of electrically powered vehicles and traffic congestion on roads will provide lots of new opportunities for the growth of the bike and scooter rental market.
Many players are investing heavily in the development of the bike and scooter rental market. For example Bird, a Micro mobility Company launched Bird Cruiser. It is the first seated vehicle, featuring padded seats to make a rider’s journey comfortable. It provides various features such as hydraulic disc brakes for reliable, responsive slowing and stopping; a 52 V battery to help ensure reliability and extend the “last mile”, the option of pedal-assist or peg to meet the preferences of riders, advanced LCD matrix display for easy viewing and many more. In addition, Lyft, Online Ride-Sharing Service Provider, launched its new bike, ‘Bay Wheels'. Nextbike, a German company that develops and operates public bike-sharing systems, launched e-Cargobikes for the first time.