Bike and scooter rental is a new concept of riding introduced by the vehicle rental companies. Under this, people easily borrow a bike from their nearest dock and return it to the another dock near their destination point. This is an innovative and cheaper concept of traveling.
To make this even more convenient, bike sharing companies are over app with a functionality to locate nearest dock station in their area.
Transparency Market Research found bike and scooter rental market as one of the fastest growing markets. This is the reason they announced to add a new report on bike and scooter rental market in their fast growing repository. The report will cover a detailed analysis of key market aspect such as prominent trends, winning strategies, important segments and geographical.
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Bike and Scooter Rental Market: Notable Developments and Competitive Landscape
The players in the global bike and scooter rental market is experiencing a cut throat competition. The market is flooded with several local and international players. Some of the prominent players operating in the bike and scooter rental market are Lime, Bird, Jump, Grow Mobility, Cityscoot, and COUP.
These companies are focusing on globally expanding their distribution networks to remain competitive. Besides these, the focus is also on developing new products and collaborations.
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In January 2019, Cityscoot announced that it will expanded its operation in Milan with introduction of 500 self-service electric scooter in the region. With its new service of electric scooters presented in bike sharing. Previously the company expanded its operation in Paris and Nice.
In the same month, Lyft another competitor in the bike and scooter rental market introduced ‘Bay Wheels.’ They are new hybrid e-bikes especially designed for the Bay Area with several features like pedal-assist and advanced locking system.
Bike and Scooter Rental Market: Key Trends
The bike and scooter rental market is at present at nascent stage. Players are increasingly investing on advanced technologies to address demands for micro mobility.
The rising awareness among people towards environment and cheaper transportation mode is expected to drive the bike and scooter market in the coming few years.
Players are offering several discounts and offers to attract consumers. Though consumer retention is one of the major challenge faced by players in the bike and scooter rental market.
Established players are at present spending more money in the marketing and promotion of their brand than the profit they are gaining. Owing to this, small players are facing difficult to survive in the bike and scooter rental market.
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Bike and Scooter Rental Market: Regional Outlook
Geographically, North America is expected to hold maximum share in the bike and scooter rental market. This is mainly due to the presence of several predominant players in the region.
Apart from them, TMR also expects Asia Pacific to emerge as the fastest growing region in the global bike and scooter rental market. This is mainly due to the growing concerns over pollution and rising vehicle volume on the roads of China and India. Further, the fact that bike and scooter are cheaper as compared to other mode transport. In addition, the demand for clean, safe, and smart mobility in Asia Pacific will drive the global bike and scooter rental market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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