17-Feb-2020 | Zion Market Research
As per Zion Market Research, the global bike and scooter rental market is anticipated to develop to 9.7 billion by 2025 from USD 2.9 billion in 2019 at a CAGR of 17.3%. The increasing traffic congestion, increasing requirement for emission-free and micro mobility vehicles, rising demand for a cost-effective mode of transportation, and strict emission rules are some of the primary growth factors for the global market.
The global market is led by major companies such as Jump, Lime, ofo, Bird, nextbike, Grow Mobility, COUP, and Cityscoot, among others. These firms have solid distribution networks at a worldwide level. Apart from this, these firms provide a wide service range in the market. The main strategies accepted by these firms to maintain their position in the market are collaborations, new product developments, and contracts & agreements.
Dockless Segment Anticipated To Surface As The Quickest Market In The Years To Come
The dockless section is projected to be the quickest developing market in the years to come. The system lets bikes to be unlocked and located with the help of a smartphone app. The requirement for dockless system is more as compared to station-supported owing to the expanded geographical location, lesser need of hardware for managing and securing inventory, and user flexibility in dropping off and picking up bikes. A number of micro mobility sharing companies have marketed the dockless model in late times in Europe and China.
Bike Segment Projected To Top The Bike And Scooter Rental Market In The Coming Years
Bike section is anticipated to rule the market. As micro mobility points to transportation that wraps negligible distances, bike sharing has made an extraordinary alteration in the urban scenery. Besides the convenience of drop-off and pickup anywhere, these bikes are affordable. Lesser norms provide the benefit of the faster implementation of bike sharing, particularly in Asia. China is an instance of the bike sharing development, where almost 60 companies have placed 16–17 million bicycles on the streets of the country. ofo was the first dockless bike sharing firm in China. Shared bikes now are one of the most well-liked public transport modes in China. Other Asian nations such as Singapore, India, South Korea, and Taiwan are also making their way into the market.
Asia Pacific Is Anticipated To Top The Bike And Scooter Rental Market In The Foreseeable Future
The Asia Pacific is projected to be the quickest developing scooter and bike rental market. By 2025, it might also be the biggest market. Asia Pacific is the biggest market for automotive as the area includes of rapidly emerging nations such as India and China. The reason behind the development of the market in India and China are the rising traffic congestion owing to the elevated number of vehicles and increasing concerns over pollution. Also, low fees of bike sharing when evaluated against taxis and cabs create an opportunity in the region.
Browse the full “Bike and Scooter Rental Market- By Propulsion (Electric, Gasoline, and Pedal), By Service (Subscription-Based and Pay As You Go), By Vehicle (Scooter and Bike), By Operational Model (Station-Based and Dockless), and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2025” Report at https://www.zionmarketresearch.com/report/bike-scooter-rental-market
The global bike and scooter rental market is segmented as follows:
By service type
By operational model
By vehicle type
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