The global bike and scooter rental market is projected to grow from USD 2.5 billion in 2019 to 10.1 billion by 2027, at a CAGR of 18.9%. The rising demand for micro mobility and emission-free vehicles, growing traffic congestion, strict emission norms, and increasing demand for an economical mode of transportation are some of the major growth factors for the market.
Dockless segment is expected to emerge as the fastest market during the forecast period
The dockless segment is expected to be the fastest growing market during the forecast period. The system allows bikes to be located and unlocked using a smartphone application. The demand for dockless system is more than station-based due to the lesser requirement of hardware for securing and managing inventory, expanded geographical location, and user flexibility in picking up and dropping off bikes. Many micro mobility sharing players have promoted the dockless model in the past few years in China, Europe, and the US-Mobike and ofo in the Chinese market; Lime and JUMP in the US and; Cityscoot in Europe-have begun expanding their dockless ride sharing model overseas. Other companies like Vogo, VOI, Mobycy, HOPR, and COUP also operate through dockless models.
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Bike segment is expected to lead the bike and scooter rental market during the forecast period
Bike segment is expected to dominate the market. As micro mobility refers to transportation that covers small distances, bike sharing has made a remarkable change in the urban landscape. Apart from the convenience of pickup and drop-off anywhere, these dockless bikes are cheap. Lesser regulations offer the advantage of the quicker implementation of bike sharing, especially in Asia. China is an example of the bike sharing evolution, where around 60 firms have put 16 to 17 million bicycles on the Chinese streets. ofo was China’s first dockless bike sharing company. Shared bikes today are one of the most popular modes of public transport in China. Other Asian countries like India, Singapore, Taiwan, and South Korea are also making their way into micro mobility.
Asia Pacific is expected to lead the market during the forecast period.
The Asia Pacific is expected to be the fastest growing bike and scooter rental market. By 2027, it would also be the largest market. The largest market for automotive is Asia Pacific as the region comprises of rapidly emerging economies like China and India. The reason behind the rise of the market in China and India are the growing concerns over pollution and increasing traffic congestion due to the increased number of vehicles. Also, low charges of bike sharing when compared to cabs and taxis creates an opportunity in Asia Pacific. Moreover, the increased use of smartphones and emerging government regulations on pollution are likely to render a positive impact. The demand for clean, safe, and smart mobility in China, India, and Japan would boost the Asia Pacific market.
Key Market Players
The global bike and scooter rental market is dominated by major players such as Lime (US), Jump (US), Bird (US), ofo (China), Grow Mobility (China), nextbike (Germany), Cityscoot (France), and COUP (Germany), among others. These companies have strong distribution networks at a global level. Besides, these companies offer an extensive service range in the market. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements.
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