CHICAGO, July 31, 2019 /PRNewswire/ -- According to the new market research report "Bike and Scooter Rental Market by Service (Pay as you go and Subscription-based), Propulsion (Pedal, Electric, and Gasoline), Operational Model (Dockless and Station-based), Vehicle (Bike, Scooter), and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Bike and Scooter Rental Market is projected to grow from USD 2.5 billion in 2019 to reach USD 10.1 billion by 2027, at a CAGR of 18.9%. The growth of the Bike and Scooter Rental Market is influenced by the rising demand for micro mobility and shift of consumer preference toward a more economical, convenient, and flexible mode of transport.
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43 – Tables
37 – Figures
127 – Pages
Electric propulsion is expected to be the largest segment of the Bike and Scooter Rental Market, by propulsion type
The increasing efforts to control pollution levels in developing countries have driven the demand for electric-powered vehicles. The decreasing price of batteries and the reliability of electric drivelines have encouraged more people to adopt electric two-wheelers. Countries like China and Norway have invested plenty of resources in providing a wide network of battery charging stations. Government subsidies have also played a major role in the adoption of EVs. In case of electric micro mobility sharing services, companies like Cityscoot, Muving, Bird, Yulu, Skip, and COUP are offering 100% green initiatives toward small distance commuting, thereby making the electric segment dominate the Bike and Scooter Rental Market vy 2027.
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Scooter is expected to be the fastest segment, by vehicle type
The scooter segment is expected to be the fastest market during the forecasted period. Scooters as micro mobility vehicle have evolved after bikes, and now e-scooters have taken over other sharing rentals. The advantages like light weight and compact design, have made scooters replace other modes of public transit, especially for small distance trips. According to the National Association of City Transportation Officials, e-scooters have overtaken bike sharing as it was reported in 2018 that out of 84 million micro mobility trips, 45.8% were of scooters. Most companies like Lime, Bird, VOI Technology, Spin, Skip, nextbike, eCooltra, Mobike, ofo, Yulu, Vogo, and JUMP are operating through bikes and scooters. Investments, acquisitions, and joint ventures made by these companies indicate the alarming concerns over safeguarding non-renewable resources.
Asia Pacific is expected to be the fastest growing market during the forecast period
The Asia Pacific market is the largest because of the growth in India, China, Japan, and South Korea. Governments from different countries in the region have taken various initiatives to promote renewable sources of energy to reduce carbon emissions. Electric vehicles are perfectly suited for micro mobility as they are eco-friendly, easy to maintain, and have a lower cost of operation. The major reason for the growth of Bike and Scooter Rental Market in China and India is the growing concerns over pollution and increasing traffic congestion due to the number of vehicles. China has embraced bike and scooter rental services as a necessary measure to reduce carbon emissions and traffic congestion. The increased use of application-based services and internet penetration has led to ride sharing.
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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.
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